Deepwater oil and gas projects embody high risks from geology and engineering aspects, which exert substantial influence on project valuation. But the uncer- tainties may be converted to additional value to the projec...Deepwater oil and gas projects embody high risks from geology and engineering aspects, which exert substantial influence on project valuation. But the uncer- tainties may be converted to additional value to the projects in the case of flexible management. Given the flexibility of project management, this paper extends the classical real options model to a multi-factor model which contains oil price, geology, and engineering uncertainties. It then gives an application example of the new model to evaluate deepwater oil and gas projects with a numerical analytical method. Compared with other methods and models, this multi-factor real options model contains more project information. It reflects the potential value deriving not only from oil price variation but also from geology and engi- neering uncertainties, which provides more accurate and reliable valuation information for decision makers.展开更多
The Bohai Bay Basin is a typical oil-prone basin, in which natural gas geological reserves have a small proportion. In this basin, the gas source rock is largely medium-deep lake mudstone with oil-prone type Ⅱ2-Ⅱ1 k...The Bohai Bay Basin is a typical oil-prone basin, in which natural gas geological reserves have a small proportion. In this basin, the gas source rock is largely medium-deep lake mudstone with oil-prone type Ⅱ2-Ⅱ1 kerogens, and natural gas preservation conditions are poor due to active late tectonic movements. The formation conditions of large natural gas fields in the Bohai Bay Basin have been elusive. Based on the exploration results of Bohai Bay Basin and comparison with large gas fields in China and abroad, the formation conditions of conventional large-scale natural gas reservoirs in the Bohai Bay Basin were examined from accumulation dynamics, structure and sedimentation. The results show that the formation conditions of conventional large natural gas reservoirs in Bohai Bay Basin mainly include one core element and two key elements. The core factor is the strong sealing of Paleogene "quilt-like" overpressure mudstone. The two key factors include the rapid maturation and high-intensity gas generation of source rock in the late stage and large scale reservoir. On this basis, large-scale nature gas accumulation models in the Bohai Bay Basin have been worked out, including regional overpressure mudstone enriching model, local overpressure mudstone depleting model, sand-rich sedimentary subsag depleting model and late strongly-developed fault depleting model. It is found that Bozhong sag, northern Liaozhong sag and Banqiao sag have favorable conditions for the formation of large-scale natural gas reservoirs, and are worth exploring. The study results have important guidance for exploration of large scale natural gas reservoirs in the Bohai Bay Basin.展开更多
In order to analyze and compare the differences in pore structures between shale gas and shale oil formations, a few samples from the Longmaxi and Bakken Formations were collected and studied using X-ray diffraction, ...In order to analyze and compare the differences in pore structures between shale gas and shale oil formations, a few samples from the Longmaxi and Bakken Formations were collected and studied using X-ray diffraction, LECO TOC measurement, gas adsorption and field-emission scanning electron microscope. The results show that samples from the Bakken Formation have a higher TOC than those from the Longmaxi Formation. The Longmaxi Formation has higher micropore volume and larger micropore surface area and exhibited a smaller average distribution of microsize pores compared to the Bakken Formation. Both formations have similar meso-macropore volume. The Longmaxi Formation has a much larger meso-macropore surface area, which is corresponding to a smaller average meso-macropore size. CO_2 adsorption data processing shows that the pore size of the majority of the micropores in the samples from the Longmaxi Formation is less than 1 nm, while the pore size of the most of the micropores in the samples from the Bakken Formation is larger than 1 nm. Both formations have the same number of pore clusters in the 2–20 nm range, but the Bakken Formation has two additional pore size groups with mean pore size diameters larger than 20 nm. Multifractal analysis of pore size distribution curves that was derived from gas adsorption indicates that the samples from the Longmaxi Formation have more significant micropore heterogeneity and less meso-macropore heterogeneity. Abundant micropores as well as mesomacropores exist in the organic matter in the Longmaxi Formation, while the organic matter of the Bakken Formation hosts mainly micropores.展开更多
International oil and gas projects feature high capital-intensity, high risks and contract diversity. Therefore, in order to help decision makers make more reasonable decisions under uncertainty, it is necessary to me...International oil and gas projects feature high capital-intensity, high risks and contract diversity. Therefore, in order to help decision makers make more reasonable decisions under uncertainty, it is necessary to measure the risks of international oil and gas projects. For this purpose, this paper constructs a probabilistic model that is based on the traditional economic evaluation model, and introduces value at risk(VaR) which is a valuable risk measure tool in finance, and applies Va R to measure the risks of royalty contracts, production share contracts and service contracts of an international oil and gas project. Besides, this paper compares the influences of different risk factors on the net present value(NPV) of the project by using the simulation results. The results indicate:(1) risks have great impacts on the project's NPV, therefore, if risks are overlooked, the decision may be wrong.(2) A simulation method is applied to simulate the stochastic distribution of risk factors in the probabilistic model. Therefore, the probability is related to the project's NPV, overcoming the inherent limitation of the traditional economic evaluation method.(3) VaR is a straightforward risk measure tool, and can be applied to evaluate the risks of international oil and gas projects. It is helpful for decision making.展开更多
The diffusion coefficient of natural gas in foamy oil is one of the key parameters to evaluate the feasibility of gas injection for enhanced oil recovery in foamy oil reservoirs. In this paper, a PVT cell was used to ...The diffusion coefficient of natural gas in foamy oil is one of the key parameters to evaluate the feasibility of gas injection for enhanced oil recovery in foamy oil reservoirs. In this paper, a PVT cell was used to measure diffusion coefficients of natural gas in Venezuela foamy oil at high pressures, and a new method for deter- mining the diffusion coefficient in the foamy oil was de- veloped on the basis of experimental data. The effects of pressure and the types of the liquid phase on the diffusion coefficient of the natural gas were discussed. The results indicate that the diffusion coefficients of natural gas in foamy oil, saturated oil, and dead oil increase linearly with increasing pressure. The diffusion coefficient of natural gas in the foamy oil at 20 MPa was 2.93 times larger than that at 8.65 MPa. The diffusion coefficient of the natural gas in dead oil was 3.02 and 4.02 times than that of the natural gas in saturated oil and foamy oil when the pressure was 20 MPa. However, the gas content of foamy oil was 16.9 times higher than that of dead oil when the dissolution time and pressure were 20 MPa and 35.22 h, respectively.展开更多
The natural cracking of crude oils in deep reservoirs has gained great interest due to continuously increasing depth of petroleum exploration and exploitation.Complex oil compositions and surroundings as well as compl...The natural cracking of crude oils in deep reservoirs has gained great interest due to continuously increasing depth of petroleum exploration and exploitation.Complex oil compositions and surroundings as well as complicated geological evolutions make oil cracking in nature much more complex than industrial pyrolysis.So far,numerous studies,focused on this topic,have made considerable progress although there still exist some drawbacks.However,a comprehensive review on crude oil cracking is yet to be conducted.This article systematically reviews the controlling factors of oil cracking from six aspects,namely,oil compositions,temperature and time,pressure,water,minerals and solid organic matter.We compare previous experimental and modelling results and present new field cases.In the following,we evaluate the prevailing estimation methods for the extent of oil cracking,and elucidate other factors that may interfere with the application of these estimation methods.This review will be helpful for further investigations of crude oil cracking and provides a guide for estimation of the cracking extent of crude oils.展开更多
CO2 flooding is regarded as an important method for enhanced oil recovery （EOR） and greenhouse gas control. However, the heterogeneity prevalently dis- tributed in reservoirs inhibits the performance of this technol...CO2 flooding is regarded as an important method for enhanced oil recovery （EOR） and greenhouse gas control. However, the heterogeneity prevalently dis- tributed in reservoirs inhibits the performance of this technology. The sweep efficiency can be significantly reduced especially in the presence of ＂thief zones＂. Hence, gas channeling blocking and mobility control are important technical issues for the success of CO2 injection. Normally, crosslinked gels have the potential to block gas channels, but the gelation time control poses challenges to this method. In this study, a new method for selectively blocking CO2 channeling is proposed, which is based on a type of CO2-sensitive gel system （modified polyacry- lamide-methenamine-resorcinol gel system） to form gel in situ. A CO2-sensitive gel system is when gelation or solidification will be triggered by CO2 in the reservoir to block gas channels. The CO2-sensitivity of the gel system was demonstrated in parallel bottle tests of gel in N2 and CO2 atmospheres. Sand pack flow experiments were con- ducted to investigate the shutoff capacity of the gel system under different conditions. The injectivity of the gel system was studied via viscosity measurements. The results indi- cate that this gel system was sensitive to CO2 and had good performance of channeling blocking in porous media. Advantageous viscosity-temperature characteristics were achieved in this work. The effectiveness for EOR in heterogeneous formations based on this gel system was demonstrated using displacement tests conducted in double sand packs. The experimental results can provide guideli- nes for the deployment of theCO2-sensitive gel system for field applications.展开更多
基金supported from the National Science and Technology Major Project under Grant No.2011ZX05030
文摘Deepwater oil and gas projects embody high risks from geology and engineering aspects, which exert substantial influence on project valuation. But the uncer- tainties may be converted to additional value to the projects in the case of flexible management. Given the flexibility of project management, this paper extends the classical real options model to a multi-factor model which contains oil price, geology, and engineering uncertainties. It then gives an application example of the new model to evaluate deepwater oil and gas projects with a numerical analytical method. Compared with other methods and models, this multi-factor real options model contains more project information. It reflects the potential value deriving not only from oil price variation but also from geology and engi- neering uncertainties, which provides more accurate and reliable valuation information for decision makers.
基金Supported by the China National Science and Technology Major Project (2016ZX05024-003)
文摘The Bohai Bay Basin is a typical oil-prone basin, in which natural gas geological reserves have a small proportion. In this basin, the gas source rock is largely medium-deep lake mudstone with oil-prone type Ⅱ2-Ⅱ1 kerogens, and natural gas preservation conditions are poor due to active late tectonic movements. The formation conditions of large natural gas fields in the Bohai Bay Basin have been elusive. Based on the exploration results of Bohai Bay Basin and comparison with large gas fields in China and abroad, the formation conditions of conventional large-scale natural gas reservoirs in the Bohai Bay Basin were examined from accumulation dynamics, structure and sedimentation. The results show that the formation conditions of conventional large natural gas reservoirs in Bohai Bay Basin mainly include one core element and two key elements. The core factor is the strong sealing of Paleogene "quilt-like" overpressure mudstone. The two key factors include the rapid maturation and high-intensity gas generation of source rock in the late stage and large scale reservoir. On this basis, large-scale nature gas accumulation models in the Bohai Bay Basin have been worked out, including regional overpressure mudstone enriching model, local overpressure mudstone depleting model, sand-rich sedimentary subsag depleting model and late strongly-developed fault depleting model. It is found that Bozhong sag, northern Liaozhong sag and Banqiao sag have favorable conditions for the formation of large-scale natural gas reservoirs, and are worth exploring. The study results have important guidance for exploration of large scale natural gas reservoirs in the Bohai Bay Basin.
基金the joint support from China Scholarship Council(201406450029)National Natural Science Foundation of China(Grant No.41504108)China Postdoctoral Science Foundation(Grant No.2015M582568)
文摘In order to analyze and compare the differences in pore structures between shale gas and shale oil formations, a few samples from the Longmaxi and Bakken Formations were collected and studied using X-ray diffraction, LECO TOC measurement, gas adsorption and field-emission scanning electron microscope. The results show that samples from the Bakken Formation have a higher TOC than those from the Longmaxi Formation. The Longmaxi Formation has higher micropore volume and larger micropore surface area and exhibited a smaller average distribution of microsize pores compared to the Bakken Formation. Both formations have similar meso-macropore volume. The Longmaxi Formation has a much larger meso-macropore surface area, which is corresponding to a smaller average meso-macropore size. CO_2 adsorption data processing shows that the pore size of the majority of the micropores in the samples from the Longmaxi Formation is less than 1 nm, while the pore size of the most of the micropores in the samples from the Bakken Formation is larger than 1 nm. Both formations have the same number of pore clusters in the 2–20 nm range, but the Bakken Formation has two additional pore size groups with mean pore size diameters larger than 20 nm. Multifractal analysis of pore size distribution curves that was derived from gas adsorption indicates that the samples from the Longmaxi Formation have more significant micropore heterogeneity and less meso-macropore heterogeneity. Abundant micropores as well as mesomacropores exist in the organic matter in the Longmaxi Formation, while the organic matter of the Bakken Formation hosts mainly micropores.
基金supported by the Young Fund of Shanxi University of Finance and Economics(No.QN-2018002)National Natural Science Foundation of China(No.71774105)the Fund for Shanxi Key Subjects Construction(FSKSC)and Shanxi Repatriate Study Abroad Foundation(No.2016-3)
文摘International oil and gas projects feature high capital-intensity, high risks and contract diversity. Therefore, in order to help decision makers make more reasonable decisions under uncertainty, it is necessary to measure the risks of international oil and gas projects. For this purpose, this paper constructs a probabilistic model that is based on the traditional economic evaluation model, and introduces value at risk(VaR) which is a valuable risk measure tool in finance, and applies Va R to measure the risks of royalty contracts, production share contracts and service contracts of an international oil and gas project. Besides, this paper compares the influences of different risk factors on the net present value(NPV) of the project by using the simulation results. The results indicate:(1) risks have great impacts on the project's NPV, therefore, if risks are overlooked, the decision may be wrong.(2) A simulation method is applied to simulate the stochastic distribution of risk factors in the probabilistic model. Therefore, the probability is related to the project's NPV, overcoming the inherent limitation of the traditional economic evaluation method.(3) VaR is a straightforward risk measure tool, and can be applied to evaluate the risks of international oil and gas projects. It is helpful for decision making.
基金financial support from the Major Subject of National Science and Technology (2011ZX05032-001)the Fundamental Research Funds for the Central Universities(NO.11CX06022A)
文摘The diffusion coefficient of natural gas in foamy oil is one of the key parameters to evaluate the feasibility of gas injection for enhanced oil recovery in foamy oil reservoirs. In this paper, a PVT cell was used to measure diffusion coefficients of natural gas in Venezuela foamy oil at high pressures, and a new method for deter- mining the diffusion coefficient in the foamy oil was de- veloped on the basis of experimental data. The effects of pressure and the types of the liquid phase on the diffusion coefficient of the natural gas were discussed. The results indicate that the diffusion coefficients of natural gas in foamy oil, saturated oil, and dead oil increase linearly with increasing pressure. The diffusion coefficient of natural gas in the foamy oil at 20 MPa was 2.93 times larger than that at 8.65 MPa. The diffusion coefficient of the natural gas in dead oil was 3.02 and 4.02 times than that of the natural gas in saturated oil and foamy oil when the pressure was 20 MPa. However, the gas content of foamy oil was 16.9 times higher than that of dead oil when the dissolution time and pressure were 20 MPa and 35.22 h, respectively.
基金This study is supported by the National Natural Science Foundation of China(Grants 41730424,41961144023 and 42002162)。
文摘The natural cracking of crude oils in deep reservoirs has gained great interest due to continuously increasing depth of petroleum exploration and exploitation.Complex oil compositions and surroundings as well as complicated geological evolutions make oil cracking in nature much more complex than industrial pyrolysis.So far,numerous studies,focused on this topic,have made considerable progress although there still exist some drawbacks.However,a comprehensive review on crude oil cracking is yet to be conducted.This article systematically reviews the controlling factors of oil cracking from six aspects,namely,oil compositions,temperature and time,pressure,water,minerals and solid organic matter.We compare previous experimental and modelling results and present new field cases.In the following,we evaluate the prevailing estimation methods for the extent of oil cracking,and elucidate other factors that may interfere with the application of these estimation methods.This review will be helpful for further investigations of crude oil cracking and provides a guide for estimation of the cracking extent of crude oils.
基金financial support from the National Basic Research Program of China(2015CB251201)the Fundamental Research Funds for the Central Universities(15CX06024A)the Program for Changjiang Scholars and Innovative Research Team in University(IRT1294 and IRT1086)
文摘CO2 flooding is regarded as an important method for enhanced oil recovery （EOR） and greenhouse gas control. However, the heterogeneity prevalently dis- tributed in reservoirs inhibits the performance of this technology. The sweep efficiency can be significantly reduced especially in the presence of ＂thief zones＂. Hence, gas channeling blocking and mobility control are important technical issues for the success of CO2 injection. Normally, crosslinked gels have the potential to block gas channels, but the gelation time control poses challenges to this method. In this study, a new method for selectively blocking CO2 channeling is proposed, which is based on a type of CO2-sensitive gel system （modified polyacry- lamide-methenamine-resorcinol gel system） to form gel in situ. A CO2-sensitive gel system is when gelation or solidification will be triggered by CO2 in the reservoir to block gas channels. The CO2-sensitivity of the gel system was demonstrated in parallel bottle tests of gel in N2 and CO2 atmospheres. Sand pack flow experiments were con- ducted to investigate the shutoff capacity of the gel system under different conditions. The injectivity of the gel system was studied via viscosity measurements. The results indi- cate that this gel system was sensitive to CO2 and had good performance of channeling blocking in porous media. Advantageous viscosity-temperature characteristics were achieved in this work. The effectiveness for EOR in heterogeneous formations based on this gel system was demonstrated using displacement tests conducted in double sand packs. The experimental results can provide guideli- nes for the deployment of theCO2-sensitive gel system for field applications.
