CNOOC revenue up in Q3 on higher oil, gas prices

China National Offshore Oil Corporation （CNOOC）, the country＇s biggest offshore oil and gas producer, reported strong revenue growth for the third quarter mainly due to rising prices for crude oil and natural gas. The unaudited revenue from oil and gas sales in the third quarter rose 16.9 percent to about 35.94 billion yuan （$5.42 billion）, the company said in a report. Average price of crude oil sold by the company surged 20.4 percent in the third quarter to $50.87 per barrel,

Urban natural gas demand and factors analysis in China:Perspectives of price and income elasticities

Urban natural gas is becoming the main sector driving China’s natural gas consumption growth in recent years.This study explores the impacts of urban natural gas price,wage,socioeconomic determinants,and meteorological conditions on urban natural gas demand in China over 2006-2017.Furthermore,this study also analyzes the potential regional heterogeneity and asymmetry in the impacts of gas price and income on China’s urban gas demand.Empirical results reveal that:(1)The increased gas price can significantly reduce the urban gas demand,and the average income level may effectively promote the gas demand,also,a strong switching effect exists between electricity and natural gas in urban China;(2)these impacts are heterogeneous in regions among China,urban natural gas demand is largely affected by the gas price in regions with high-gas-price and by income in regions with low-gas-price;and(3)the impact of gas price on urban gas consumption is consistent in regions with different urban natural gas consumption,while the impact of income is asymmetric.This study further provides several policy implications for improving the urban natural gas industry in China.

Investment in deepwater oil and gas exploration projects:a multi-factor analysis with a real options model

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.

New Situation of China Natural Gas Industry

China natural gas industry is at a turning point. Growth of mid-long term natural gas consumption may maintain at about 10%, supply is sufficient or even "over-sufficient", natural gas price will be determined by competition, oil and gas pipeline facilities will be opened fairly, and private enterprises will play important roles in natural gas exploration, development, storage, transportation, and trade. It can been foreseen that China natural gas industry is very likely to take a turn in next 10 years, and a modern natural gas market with consumption about 500 billion cubic meters will come into being characterized by complete supervision system, diversified market, steady supply, fairly opened pipelines, transparent trading mechanism, and competitive prices.

Analysis of China＇s Oil and Gas Policies in 2016

Guided by President Xi Jinping's key speech about energy revolution— "Four Revolutions and One Cooperation"-the Chinese oil and gas industry continued to accelerate its pace of reform in 2016.China has deepened its supply-side structural reforms,prevented and resolved the problem of excess production capacity,increased the effective supply of clean energy such as natural gas,and formed an energy innovation system.It has pushed forward the reform of pricing mechanisms with significant adjustments in the pricing mechanisms of oil products,pipeline transportation,gas storage and gas used for fertilizer production.It has also accelerated market access reform and encouraged various investors to enter into the fields of exploration & production,pipeline transportation and crude oil imports.China has sped up the legislative process of environmental protection to promote green and low-carbon development.It has accelerated oil & gas industry institutional reform,with some provinces initiating the pilot reform of oil and gas.

Impact of increased renewables on natural gas markets in eastern United States

This paper explores the market structures of natural gas and electricity as well as the interdependence of natural gas prices and bids with increasing reliance on natural gas as the penetration of renewable energy resources increases in order to complement their intermittencies. In particular, the paper will attempt to answer the following two questions: What could the generation mix look like in 2030 with a renewable-rich generation landscape and how could this impact gas prices? How do gasfired generator(GFG) generation volatility, their prices,and their bids for gas change between 2015 and 2030 with increased penetration of renewables? In order to answer these questions, computational models are derived using forecasting and regression analysis tools and an auction model.

Energy hub modeling to minimize residential energy costs considering solar energy and BESS

This paper aims to optimize total energy costs in an operational model of a novel energy hub(EH) in a residential area. The optimization problem is set up based on daily load demand(such as electricity, heat, and cooling) and time-of-use(TOU) energy prices. The extended EH model considers the involvement of solar photovoltaic(PV) generation, solar heat exchanger(SHE), and a battery energy storage system(BESS). A mathematical model is constructed with the objective of optimizing total energy cost during the day, including some constraints such as input-output energy balance of the EH, electricity price,capacity limitation of the system, and charge/discharge power of BESS. Four operational cases based on different EH structures are compared to assess the effect of solar energy applications and BESS on the operational efficiency. The results show that the proposed model predicts significant changes to the characteristics of electricity and gas power bought from utilities, leading to reduced total energy cost compared to other cases. They also indicate that the model is appropriate for the characteristics of residential loads.

Optimal Operation of Energy Hub Based Micro-energy Network with Integration of Renewables and Energy Storages

This study proposes an optimized model of a micro-energy network(MEN)that includes electricity and natural gas with integrated solar,wind,and energy storage systems(ESSs).The proposed model is based on energy hubs(EHs)and it aims to minimize operation costs and greenhouse emissions.The research is motivated by the increasing use of renewable energies and ESSs for secure energy supply while reducing operation costs and environment effects.A general algebraic modeling system(GAMS)is used to solve the optimal operation problem in the MEN.The results demonstrate that an optimal MEN formed by multiple EHs can provide appropriate and flexible responses to fluctuations in electricity prices and adjustments between time periods and seasons.It also yields significant reductions in operation costs and emissions.The proposed model can contribute to future research by providing a more efficient network model(as compared with the traditional electricity supply system)to scale down the environmental and economic impacts of electricity storage and supply systems on MEN operation.

Application and evaluation of payment channel in hybrid decentralized ethereum token exchange

Traditional centralized token exchange(CEX)has been suffering from hacking due to the centralized management of users’tokens.In contrast,decentralized token exchange(DEX)maintains users’assets by smart contracts in a decentralized manner,but introduces additional overhead in terms of gas fee and transaction confirmation latency.Hybrid decentralized token exchange(HEX)has been proposed to combine the benefits of CEX and DEX.However,existing HEX is criticized for two issues.First,trading transactions are time-consuming and expensive for frequent token traders.Second,excessive simultaneous transactions might cause the pending transaction congestion in the Ethereum network.In this paper,we propose a payment channel based HEX,which extends existing solutions by adding a new payment channel layer to benefit frequent traders and alleviate the pending transaction congestion.Besides,we propose the very first gas-price vs.transactionconfirmation-latency function to guide Ethereum transaction issuers to choose an optimal gas price that minimizes the overall cost.Extensive simulations are conducted to compare the cost in the proposed HEX with that in the conventional HEX.The results demonstrate the effectiveness of our proposed mechanism in terms of reducing gas fees and transaction confirmation latency for frequent traders as well as the pending transaction congestion in Ethereum.