Risk assessment of oil and gas investment environment in countries along the Belt and Road Initiative

With the implementation of the Belt and Road Initiative, China is deepening its cooperation in oil and gas resources with countries along the Initiative. In order to better mitigate risks and enhance the safety of investments, it is of significant importance to research the oil and gas investment environment in these countries for China's overseas investment macro-layout. This paper proposes an indicator system including 27 indicators from 6 dimensions. On this basis, game theory models combined with global entropy method and analytic hierarchy process are applied to determine the combined weights, and the TOPSIS-GRA model is utilized to assess the risks of oil and gas investment in 76 countries along the Initiative from 2014 to 2021. Finally, the GM(1,1) model is employed to predict risk values for 2022-2025. In conclusion, oil and gas resources and political factors have the greatest impact on investment environment risk, and 12 countries with greater investment potential are selected through cluster analysis in conjunction with the predicted results. The research findings may provide scientific decisionmaking recommendations for the Chinese government and oil enterprises to strengthen oil and gas investment cooperation with countries along the Belt and Road Initiative.

Formation,evolution,reconstruction of black shales and their influence on shale oil and gas resource

Black shales are important products of material cycling and energy exchange among the lithosphere,atmosphere,hydrosphere,and biosphere.They are widely distributed throughout geological history and provide essential energy and mineral resources for the development of human society.They also record the evolution process of the earth and improve the understanding of the earth.This review focuses on the diagenesis and formation mechanisms of black shales sedimentation,composition,evolution,and reconstruction,which have had a significant impact on the formation and enrichment of shale oil and gas.In terms of sedimentary environment,black shales can be classified into three types:Marine,terrestrial,and marine-terrestrial transitional facies.The formation processes include mechanisms such as eolian input,hypopycnal flow,gravity-driven and offshore bottom currents.From a geological perspective,the formation of black shales is often closely related to global or regional major geological events.The enrichment of organic matter is generally the result of the interaction and coupling of several factors such as primary productivity,water redox condition,and sedimentation rate.In terms of evolution,black shales have undergone diagenetic evolution of inorganic minerals,thermal evolution of organic matter and hydrocarbon generation,interactions between organic matter and inorganic minerals,and pore evolution.In terms of reconstruction,the effects of fold deformation,uplift and erosion,and fracturing have changed the stress state of black shale reservoirs,thereby having a significant impact on the pore structure.Fluid activity promotes the formation of veins,and have changed the material composition,stress structure,and reservoir properties of black shales.Regarding resource effects,the deposition of black shales is fundamental for shale oil and gas resources,the evolution of black shales promotes the shale oil and gas formation and storage,and the reconstruction of black shales would have caused the heterogeneous distribution of oil and gas in shales.Exploring the formation mechanisms and interactions of black shales at different scales is a key to in-depth research on shale formation and evolution,as well as the key to revealing the mechanism controlling shale oil and gas accumulation.The present records can reveal how these processes worked in geological history,and improve our understanding of the coupling mechanisms among regional geological events,black shales evolution,and shale oil and gas formation and enrichment.

Study of evaluation method for the overseas oil and gas investment based on risk compensation

The overseas oil and gas investment evaluation is one of the core tasks in overseas investment of oil and gas companies,among which risk evaluation and benefit evaluation are the most important.This paper sets forth transmission paths of risk factors to the investment benefit by identifying 14 overseas oil and gas investment risks in four categories.On the basis of the concept of risk compensation,different compensation mechanisms specific to each risk are designed.The risk and benefit are integrated objectively to develop a comprehensive evaluation model by correcting the recoverable reserve,adjusting benefit evaluation parameters such as investments on exploration and development,and compensating for the changes in risk factors with time through dynamic discount rate.Moreover,two cases studies,namely the evaluations of Project A in Sudan and comparison among Blocks A–G,are used to describe usage method and applicable scope of such evaluation model,respectively.According to the results,oil price is a key influencing factor for enterprise internal risk and industrial risk.Risk compensation reduces comprehensive benefit of overseas oil and gas investment and undermines the investment feasibility and priority of blocks.The research findings of this paper are free from the effects of some subject factors and avoid multi-objective decision making,and also avoid the undesired repeated calculation of risk factors.

Welcome Subscription '96 Environment Protection of Oil and Gas Fields

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Analysis of the world oil and gas exploration situation in 2021

The global exploration investment, new oil and gas discoveries, exploration business adjustment strategies of oil companies in 2021, and future favorable exploration domains are systematically analyzed using commercial databases such as IHS and public information of oil companies. It has been found that the world oil and gas exploration situation in 2021 has continued the downturn since the outbreak of COVID-19. The investment and drilling workload decreased slightly, but the success rate of exploration wells, especially deepwater exploration wells, increased significantly, and the newly discovered reserves increased slightly compared with last year. Deep waters of the passive continental margin basins are still the leading sites for discovering conventional large and medium-sized oil and gas fields. The conventional oil and gas exploration in deep formations of onshore petroliferous basins has been keeping a good state, with tight/shale oil and gas discoveries made in Saudi Arabia, Russia, and other countries. While strengthening the exploration and development of local resources, national, international, and independent oil companies have been focusing on major overseas frontiers using their advantages, including risk exploration in deep waters and natural gas. Future favorable exploration directions in the three major frontiers, the global deep waters, deep onshore formations, and unconventional resources, have been clarified. Four suggestions are put forward for the global exploration business of Chinese oil companies: first, a farm in global deepwater frontier basins in advance through bidding at a low cost and adopt the “dual exploration model” after making large-scale discoveries;second, enter new blocks of emerging hot basins in the world through farm-in and other ways, to find large oil and gas fields quickly;third, cooperate with national oil companies of the resource host countries in the form of joint research and actively participate exploration of deep onshore formations of petroliferous basins;fourth, track tight/shale oil and gas cooperation opportunities in a few countries such as Saudi Arabia and Russia, and take advantage of mature domestic theories and technologies to farm in at an appropriate time.

Status, trends and enlightenment of global oil and gas development in 2021

By analyzing the distribution of global oil and gas fields and the reasons why some oil and gas fields are not in production, the distribution characteristics of oil and gas remaining recoverable reserves and their year-on-year changes, the distribution characteristics of oil and gas production and their year-on-year changes, and the development potential of oil and gas to be tapped in 2021, this paper sorts out systematically the current status and characteristics of global oil and gas development, summaries the major trends of global oil and gas development, puts forward enlightenment for international oil and gas cooperation. In 2021, oil and gas fields were widely distributed, the number of non-producing oil and gas fields was large;the whole oil and gas remaining recoverable reserves declined slightly, unconventional oil and gas remaining recoverable reserves dropped significantly;the overall oil and gas production continuously increased, the outputs of key resource-host countries kept year-on-year growth;undeveloped oilfields had abundant reserves and great development potential. Combined with global oil and gas geopolitics, oil and gas industry development trends, oil and gas investment intensity, and the tracking and judgment of hotspot fields, the major trends of global oil and gas development in 2021 are summarized. On this basis, the four aspects of enlightenment and suggestions for international oil and gas cooperation and development strategies are put forward: attach great importance to the obligation of marine abandonment to ensure high-quality and long-term benefit development of offshore oil and gas;adhere to the principle of not going to dangerous and chaotic places, strengthen the concentration of oil and gas assets, and establish multi stable supply bases;based on the multi-scenario demand of natural gas, realize the transformation from integrated collaboration to full oil and gas industry chain development;increase the acquisition of high-quality large-scale assets, and pay attention to the continuous optimization of the shareholding ratio of projects at different stages.

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.

Environmental Policies and Strategies in Nigeria Oil and Gas Industry: Gains, Challenges and Prospects

The paper reviews environmental policies and strategies in the Nigerian oil and gas industry sector, assessing its efficiency, challenges and prospects. Essentially, the study established that the Environmental Policies and Strategies of Nigeria Oil and Gas Industry have impacted positively on the Nigerian environment over the years, especially in the area of awareness creation for all stake-holders. In terms of challenges, inefficiency of the regulators due to inadequacy of logistics, poor environmental data base, duplication and overlaps of regulators functions are some of the challenges identified. The prospect of environmental policies and strategies in Nigeria is generally considered to be bright, considering the fact that the industry is still evolving. Relevant recommendations were made on how to achieve improvements.

Opportunities and Challenges of Robotics and Automation in Offshore Oil &Gas Industry

The oil and gas industry will continue to boom in the coming few decades. Obtaining oil and gas from conventional and non-conventional resources will become more and more challenging. This intensifying need will impose very considerable demands on work force, financial and technology capabilities. Since the future supplies of oil and gas are to expand, advanced technology will become increasingly necessary to obtain access to more challenging conventional and non-conventional resources. Therefore oil and gas technologies will be very costly to operate in the coming future due to hostile, hard-to-reach environments. The offshore oil industry will become a complicated myriad of advanced equipment, structures, and work force. Our objectives are to identify potential applications and research directions of robotics and automation in the oil & gas field and explore the obstacles and challenges of robotic and automation applications to this area. This study performs the necessary survey and investigation about the work conditions of robotics and automation equipment in the oil and gas industry, especially offshore oil rigs. The oil & gas industry processes are first investigated. The personals and tasks are then explored. Furthermore, this paper reviews the current robotic automation technology. The challenges and requirements are identified for robotics and automation equipment in the oil and gas industry. The requirements of robotics and automation in the oil & gas industry are presented. Future research opportunities are discussed from a technical perspective.

China Offshore Oil Industry and Foreign Investment

The history of China's offshore oil industry can be traced back to late 1950's when geophysical surveys started in limited offshore areas.Then,in 1960's and 1970's,a few exploratory wells scattered from north down to south were drilled resulting in a number of discoveries with the total proven oil in place being merely 40 million tons.In fact,the China's offshore oil industry in a real sence did not emerge on the horizon until early 1980's when China opened its door to outside world and the China National Offshore Oil Corporation(CNOOC)was born.

Assessment of Safety Culture in Global Offshore Environments

This project aims at presenting detailed assessment of health and safety culture in global offshore environments. Such assessment will be then utilized for developing and recommending a model capable of integrating safety behaviour and culture in global offshore environments. The global offshore environment is a quite wider term and therefore underlying study has specified and narrowed it down to the oil and gas industry. In other words, the discussion of health and safety culture is done in light of oil and gas industry and its environment. The proposed model “incident-free and low-risk contracting model” aims at fostering health and safety culture in oil and gas environments. It is worth mentioning that implementation of model requires effective support and collaboration between trade unions, industry associations, employers, and government agencies. The objectives of the proposed model will be identified in terms of Fostering sound leadership, Gaining management commitment, Gaining support and involvement of workforce, Reducing risk instances, Accident reduction objective.

Natural Resource Governance in Unrecognized Settings: What Are Emerging Political, Legal and Fiscal Issues Affecting “Somaliland”?

Somaliland declared independence after the fall of the Central Government of Somalia in 1991. Early peace settlements and state-building efforts led to transitional government and early democratic contestations including presidential elections in a hybrid state framework. This emerging democracy in a conflict-torn region is challenged by weak accountability and power imbalances between the three government branches. Over the past few years, the current ruling party started to engage with foreign companies to carry out exploration activities in onshore blocks utilizing existing information on the distribution of natural resources of oil, and gas and to lesser extent mining. Following an informal auction of selling licenses for resource exploration among various companies, Genel Energy amongst others;Somaliland has no competent institutions in managing revenues for long-term development due to two distinctive factors: 1) absence of strong legal and political frameworks specific to governance of extractive industry;2) weak fiscal regimes across spectrum of extractive companies, the state and investors.

石油企业海外投资环境30年变迁综述

20世纪90年代以来,中国石油企业“走出去”面临的外部形势发生了巨大变化。全球气候治理进程总体加速,国际石油公司从共同防御转向共同建设;天然气从地域限制走向全球化。中美从伙伴到竞争对手的转向促使宏观环境更趋复杂严峻;经济全球化从加速发展到“逆全球化”盛行,推升合作政策壁垒。OPEC与非OPEC产油国竞争与合作交织凸显供给侧新格局;页岩油气革命使美国从能源独立走向能源霸权,进一步加强对全球资源控制。拉丁美洲与非洲地区加快对外开放,引领新一轮油气田大发现;苏联解体带来的新一轮全球私有化,吸引大石油公司积极布局;碳减排压力下油砂、重油等高碳资产从热变冷;乌克兰危机下西方石油公司纷纷撤出俄罗斯,引发全球资产布局重构和能源格局重塑。海外油气投资环境的深刻调整使得中国石油公司“走出去”总体面临更加复杂严峻的形势,更需提升风险识别与应对能力,并结合自身特点优化海外业务布局,为实现高质量可持续的“走出去”打好基础。

2022年中东地区油气发展与投资环境分析

2022年中东地区原油产量为13.8亿吨,天然气产量为7330亿立方米。乌克兰危机爆发后,随着欧盟等国减少对俄罗斯油气进口的依赖,加大了自中东地区的油气进口和能源合作,该地区在全球油气供需格局中的重要性进一步上升。地区大国在大力发展油气工业的同时,积极进行能源转型,发展清洁低碳能源业务,降低碳排放量。地区整体局势稳定,部分国家地缘政治风险、社会安全风险和营商风险较高。国际石油公司在中东地区的油气合作有进有退,同时扩大了在绿色低碳项目方面的合作。中国与中东地区能源合作互补性强,双方可进一步将合作领域从油气拓展至新能源业务。

安哥拉油气行业概况与边际油田财税条款分析

安哥拉对中国石油出口量占其石油出口总量的一半。安哥拉政府成立新的政府油气监管机构,即安哥拉国家石油、天然气和生物燃料局(ANPG),颁布新的法案和总统令修正案,精简特许审批程序和管理程序,针对油气行业政策进行大力改革,试图吸引投资进入上游领域并扭转产量下滑的局面,并针对经济效益处于边际状况的油田出台了专门的财税条款。与此同时,国际石油公司也在调整在安哥拉境内的油气资产。建议中国石油企业关注安哥拉投资环境和财税条款变更,从而更好地跟踪并把握安哥拉油气行业合作机遇。

基于层次分析法的海外油气项目投资环境风险定量评价

百年未有之大变局的加速演变叠加全球疫情的影响,给中国海外油气项目带来诸多风险与挑战。中国油气企业需要进一步完善资源国投资环境的风险评估体系,在定性分析的基础上量化风险点,更加全面具体地掌握资源国的投资环境情况,为投资决策提供有效依据。通过对中国的国际油气合作项目进行调研,构建了海外油气项目风险评价指标体系,运用层次分析法对资源环境、法治环境、外交环境、政治环境、经济环境和社会环境这6项一级指标和27项二级指标进行权重计算,选取中亚-俄罗斯、中东、非洲、美洲、亚太这5大油气合作区的重点资源国作为样本进行定量评价,找出资源国投资环境中重要风险点,为海外油气项目投资提供决策依据。

Physicochemical assessment and treatment of produced water:A case study in Niger delta Nigeria

The most important waste stream created during oil and gas production is oilfield-produced water.When discharged without treatment,it poses a significant risk of pollution of marine ecosystems.While adequate treatment before disposal is acceptable,achieving authorized discharge criteria continues to be a problem for the petroleum sector.This research examined the physicochemical characteristics of produced water at various month intervals before and after treatment.Heavy metal and organic component concentrations in water samples were determined using atomic absorption spectroscopy and gas chromatography.The results indicate that produced water from a certain Niger Delta oilfield contains significant amounts of heavy metals and some organic compounds after treatment.The present laws,as well as the measurement of dispersed oil and grease content,have been in place for a long period of time without considerable change,even though most dangerous components in produced water are dissolved.It is recommendable for the prospective field developers/operators to consider the dissolved components of produced water and consider the economic consequences of adopting tertiary produced water polishing technologies.

2022亚太地区油气投资环境状况及发展趋势

2022年中美博弈持续加剧,亚太地区地缘政治风险上升,预计短期内该风险趋势难以改变。乌克兰危机叠加新型冠状病毒感染疫情,亚太经济增速放缓,未来经济有望恢复。国际石油公司继续出让东南亚地区油气资产,随着能源转型的推进,预计国际石油公司会持续剥离该地区非核心油气资产。亚太地区脱碳目标与现实脱节,能源转型需要地区各国政府采取积极行动,包括解决可再生能源发电并网问题,推广应用碳捕集、利用与封存等新技术,以尽快完成碳减排目标。

油公司跨国投资环境的双重属性及目标规划方法

跨国投资政治经济环境评价是国际油公司全球战略的重要组成部分,决策内容包含目标国优选及投资规模限定,决策模型的双变量是经济吸引力和投资风险。应用“理想利润平衡线”概念,建立了“经济吸引力指数”图版,并通过对风险参数的正交化分析,计算资源国的“风险指数”;通过在双变量决策矩阵中引入“盈利率”与“风险沉没金”门槛值,并根据决策优先级和利益判定原则,实现投资环境目标的决策优化。