This paper builds on the literature of the relationship between oil spot and futures prices from the NYNEX market, both in their means and in their conditional volatilities, to investigate whether the association is l...This paper builds on the literature of the relationship between oil spot and futures prices from the NYNEX market, both in their means and in their conditional volatilities, to investigate whether the association is linear or not. The novelty of this work is based on intraday data from both markets. The empirical findings indicate the presence of nonlinearities both in means and conditional volatilities. Moreover, non-linear causality estimations both in means and in volatilities reveal the presence of bi-directional causality, a fact that provides additional support to the hypothesis that both markets are driven by the same information sets.展开更多
Based on core,thin section,X-ray diffraction,rock pyrolysis,CT scanning,nuclear magnetic resonance and oil testing data,the macro and micro components,sedimentary structure characteristics,of Paleogene Kong 2 Member i...Based on core,thin section,X-ray diffraction,rock pyrolysis,CT scanning,nuclear magnetic resonance and oil testing data,the macro and micro components,sedimentary structure characteristics,of Paleogene Kong 2 Member in Cangdong sag of Huanghua depression and evaluation standard and method of shale oil reservoir were studied to sort out the best shale sections for shale oil horizontal wells.According to the dominant rock type,rhythmic structure and logging curve characteristics,four types of shale lithofacies were identified,namely,thin-layered dolomitic shale,lamellar mixed shale,lamellar felsic shale,and bedded dolomitic shale,and the Kong 21 sub-member was divided into four quasi-sequences,PS1 to PS4.The PS1 shale has a porosity higher than 6%,clay content of less than 20%,and S1 of less than 4 mg/g;the PS2 shale has well-developed laminar structure,larger pore and throat size,better connectivity of pores and throats,high contents of TOC and movable hydrocarbon,S1 of over 4 mg/g,clay content of less than 20%,and porosity of more than 4%;PS3 shale has S1 value higher than 6 mg/g and clay content of 20%-30%,and porosity of less than 4%;and PS4 shale has lower TOC content and low oil content.Shale oil reservoir classification criterion based on five parameters,free hydrocarbon content S1,shale rhythmic structure,clay content,TOC and porosity,was established.The evaluation method of shale oil sweet spot by using the weighted five parameters,and the evaluation index EI were proposed.Through comprehensive analysis,it is concluded that PS2 is best in quality and thus the dual geological and engineering sweet spot of shale oil,PS3 and PS1 come next,the former is more geologic sweet spot,the latter more engineering sweet spot,and PS4 is the poorest.Several vertical and horizontal wells drilled in the PS2 and PS3 sweet spots obtained high oil production.Among them,Well 1701 H has produced stably for 623 days,with cumulative production of over 10000 tons,showing bright exploration prospects of Kong 2 Member shale oil.展开更多
The mud shale of Qingshankou Formation in Songliao Basin is the main rock source and contains rich shale oil resources. The successful development of shale oil depends on evaluating and optimizing the “sweet spots”....The mud shale of Qingshankou Formation in Songliao Basin is the main rock source and contains rich shale oil resources. The successful development of shale oil depends on evaluating and optimizing the “sweet spots”. To accurately identify and optimize the favorable sweet spots of shale oil in Qingshankou Formation, Songliao Basin, the original logging data were preprocessed in this paper. Then the thin mud shale interlayer of Qingshankou Formation was identified effectively by using the processed logging data. Based on the artificial neural network method, the mineral content of mud shale in Qingshankou Formation was predicted. The lithofacies were identified according to the mineral and TOC content. Finally, a three-dimensional (3-D) model of total organic carbon (TOC), vitrinite reflectance (Ro), mineral content, and rock of Qingshankou Formation in Songliao Basin was established to evaluate and predict the favorable sweet spots of shale oil in the study area. The results show that there are a lot of calcareous and siliceous thin interlayers in Qingshankou Formation, and TOC content is generally between 2% and 3%. Ro is the highest in Gulong sag, followed by Sanzhao sag. The lithofacies mainly consists of felsic shale and mixed shale, mainly in the first member of Qingshankou Formation. Comprehensive analysis shows that shale oil development potential is enormous in the eastern part of Sanzhao Sag and the northern part of Gulong Sag.展开更多
A workflow that helps identify potential production sweet spots in the Middle Bakken tight oil play is proposed based on analysis of large amounts of production data. The proposed approach is a multivariate statistica...A workflow that helps identify potential production sweet spots in the Middle Bakken tight oil play is proposed based on analysis of large amounts of production data. The proposed approach is a multivariate statistical model that extracts relevant information from a training dataset of production wells to facilitate geological similarity comparison between economic and sub-economic production wells. The model is applied to the Middle Bakken tight oil play in southeastern Saskatchewan. Data screening for diagnostic geological indicators for sweet spots reveals that several geological factors indicative for conventional oil reservoirs seem to work for the Middle Bakken tight oil play as well. These factors include: a) the NE Torqunay-Rocanville Trend serving as a preferred regional migration path for connecting mature source rock in southern Williston Basin and the Middle Bakken tight reservoir in southeastern Saskatchewan; b) the oils in the Bakken tight reservoirs along the U.S. and Canada border are more likely from local matured Bakken source rocks; c) subtle structural components enhancing the convergence of dispersed hydrocarbons over a large area; d) top seal and lateral barrier improving preservation, thus favouring oil productivity; e) orientation of maximum horizontal stress coincident with the direction of the variogram spatial continuity in ultimate recoverable reserves, so the direction of horizontal well has a significant impact on the oil productivity.展开更多
This paper investigates the relationship between China’s fuel ethanol promotion plan and food security based on the interactions between the crude oil market, the fuel ethanol market and the grain market. Based on th...This paper investigates the relationship between China’s fuel ethanol promotion plan and food security based on the interactions between the crude oil market, the fuel ethanol market and the grain market. Based on the US West Texas Intermediate(WTI) crude oil spot price and Chinese corn prices from January 2008 to May 2018, this paper applies Granger causality testing and a generalized impulse response function to explore the relationship between world crude oil prices and Chinese corn prices. The results show that crude oil prices are not the Granger cause of China’s corn prices, but changes in world crude oil prices will have a long-term positive impact on Chinese corn prices. Therefore, the Chinese government should pay attention to changes in crude oil prices when promoting fuel ethanol. Considering the conduction e ect between fuel ethanol and the food market, the government should also take some measures to ensure food security.展开更多
Based on formation testing data of more than 40 wells with industrial oil flow, systematic observation of 1 010.26 m long cores taken from 4 wells and test data of over 10 000 core samples combining with drilling and ...Based on formation testing data of more than 40 wells with industrial oil flow, systematic observation of 1 010.26 m long cores taken from 4 wells and test data of over 10 000 core samples combining with drilling and pilot fracturing data of multiple wells, the geological characteristics of the upper submember of the Sha 4 Member to the lower submember of the Sha 3 Member of Paleogene(Es4s-Es3x) in the Jiyang Depression were investigated to find out factors controlling the enrichment of shale oil and the accumulation model of shale oil, and a comprehensive evaluation method for shale oil sweet spots was established. It is found through the study that the target shale layer is characterized by strong heterogeneity, weak diagenesis, low thermal evolution and high content of clay and carbonate minerals. Shale lithofacies, microcrack, thin interlayer and abnormal pressure are the main factors affecting enrichment and stable production of shale oil, the organic rich laminar shale has the best storage and oil-bearing capacity, microcrack network system improve the storage capacity and permeability of the shale, the thin interlayer is the main flow channel for stable shale oil production, and the abnormal high pressure layer is rich in free state shale oil and high in oil content. The shale oil layers in the target section were divided into three types: matrix, interlayer and fracture ones. According to the occurrence state and exploration practice of shale oil at home and abroad, it is concluded that the interlayer shale oil is the most profitable type at present. The selection parameters for the different types of shale oil were determined, and accordingly the favorable areas were pointed out by comprehensive evaluation of multiple factors. Vertical wells in the interlayer shale oil reservoir, such as Fan 159, Fan 143 and GX 26, were stimulated by volume fracturing and high conductivity channel fracturing jointly. After fracturing, they had a daily oil production of over 6 t, up to 44 t, and stable productivity. Shale oil is expected to become an important replacement energy resource in the Jiyang Depression.展开更多
Based on the investigation of tight oil exploration and development in North America, the successful cases of tight oil exploration and development in North America are summarized. The geological differences between c...Based on the investigation of tight oil exploration and development in North America, the successful cases of tight oil exploration and development in North America are summarized. The geological differences between continental tight oil in China and marine tight oil in North America is analyzed to explore the technical strategies for the industrial development of continental tight oil in China. The experiences of large-scale exploration and profitable development of tight oil in North America can be taken as references from the following 6 perspectives, namely exploring new profitable strata in mature exploration areas, strengthening the economic evaluation of sweet spots and focusing on the investment for high-profitability sweet spots, optimizing the producing of tight oil reserves by means of repetitive fracturing and 3 D fracturing, optimizing drilling and completion technologies to reduce the cost, adopting commodity hedging to ensure the sustainable profit, and strengthening other resources exploration to improve the profit of whole project. In light of the high abundance of tight oil in China, we can draw on successful experience from North America, four suggestions are proposed in sight of the geological setting of China's lacustrine tight oil:(1) Evaluating the potential of tight oil resources and optimizing the strategic area for tight oil exploration;(2) selecting "sweet spot zone" and "sweet spot interval" accurately for precise and high efficient development;(3) adopting advanced tight oil fracturing technology to realize economic development;(4) innovating management system to promote the large-scale profitable development of tight oil.展开更多
This paper systematically discusses the multiple source characteristics and formation mechanisms of carbonate-rich fine-grained sedimentary rocks through the analysis of material source and rock formation.The hydrocar...This paper systematically discusses the multiple source characteristics and formation mechanisms of carbonate-rich fine-grained sedimentary rocks through the analysis of material source and rock formation.The hydrocarbon accumulation characteristics of carbonate-rich fine-grained sedimentary rocks are also summarized.The results show that the main reason for the enrichment of fine-grained carbonate materials in rift lake basins was the supply of multiple material sources,including terrestrial material input,formation of intrabasinal authigenic carbonate,volcanic-hydrothermal material feeding and mixed source.The development of carbonate bedrock in the provenance area controlled the filling scale of carbonate materials in rift lake basins.The volcanic-hydrothermal activity might provide an alkaline fluid to the lake basins to strengthen the material supply for the formation of carbonate crystals.Authigenic carbonate crystals induced by biological processes were the main source of long-term accumulation of fine-grained carbonate materials in the lake basins.Carbonate-rich fine-grained sedimentary rocks with multiple features were formed through the interaction of physical,biochemical and chemical processes during the deposition and post-deposition stages.The source and sedimentary origin of the fine-grained carbonate rock controlled the hydrocarbon accumulation in it.In the multi-source system,the types of"sweet spots"of continental shale oil and gas include endogenous type,terrigenous type,volcanic-hydrothermal type and mixed source type.展开更多
文摘This paper builds on the literature of the relationship between oil spot and futures prices from the NYNEX market, both in their means and in their conditional volatilities, to investigate whether the association is linear or not. The novelty of this work is based on intraday data from both markets. The empirical findings indicate the presence of nonlinearities both in means and conditional volatilities. Moreover, non-linear causality estimations both in means and in volatilities reveal the presence of bi-directional causality, a fact that provides additional support to the hypothesis that both markets are driven by the same information sets.
基金Supported by the China Petroleum Science and Technology Major Project(2018E-1,2019E-2601)。
文摘Based on core,thin section,X-ray diffraction,rock pyrolysis,CT scanning,nuclear magnetic resonance and oil testing data,the macro and micro components,sedimentary structure characteristics,of Paleogene Kong 2 Member in Cangdong sag of Huanghua depression and evaluation standard and method of shale oil reservoir were studied to sort out the best shale sections for shale oil horizontal wells.According to the dominant rock type,rhythmic structure and logging curve characteristics,four types of shale lithofacies were identified,namely,thin-layered dolomitic shale,lamellar mixed shale,lamellar felsic shale,and bedded dolomitic shale,and the Kong 21 sub-member was divided into four quasi-sequences,PS1 to PS4.The PS1 shale has a porosity higher than 6%,clay content of less than 20%,and S1 of less than 4 mg/g;the PS2 shale has well-developed laminar structure,larger pore and throat size,better connectivity of pores and throats,high contents of TOC and movable hydrocarbon,S1 of over 4 mg/g,clay content of less than 20%,and porosity of more than 4%;PS3 shale has S1 value higher than 6 mg/g and clay content of 20%-30%,and porosity of less than 4%;and PS4 shale has lower TOC content and low oil content.Shale oil reservoir classification criterion based on five parameters,free hydrocarbon content S1,shale rhythmic structure,clay content,TOC and porosity,was established.The evaluation method of shale oil sweet spot by using the weighted five parameters,and the evaluation index EI were proposed.Through comprehensive analysis,it is concluded that PS2 is best in quality and thus the dual geological and engineering sweet spot of shale oil,PS3 and PS1 come next,the former is more geologic sweet spot,the latter more engineering sweet spot,and PS4 is the poorest.Several vertical and horizontal wells drilled in the PS2 and PS3 sweet spots obtained high oil production.Among them,Well 1701 H has produced stably for 623 days,with cumulative production of over 10000 tons,showing bright exploration prospects of Kong 2 Member shale oil.
文摘The mud shale of Qingshankou Formation in Songliao Basin is the main rock source and contains rich shale oil resources. The successful development of shale oil depends on evaluating and optimizing the “sweet spots”. To accurately identify and optimize the favorable sweet spots of shale oil in Qingshankou Formation, Songliao Basin, the original logging data were preprocessed in this paper. Then the thin mud shale interlayer of Qingshankou Formation was identified effectively by using the processed logging data. Based on the artificial neural network method, the mineral content of mud shale in Qingshankou Formation was predicted. The lithofacies were identified according to the mineral and TOC content. Finally, a three-dimensional (3-D) model of total organic carbon (TOC), vitrinite reflectance (Ro), mineral content, and rock of Qingshankou Formation in Songliao Basin was established to evaluate and predict the favorable sweet spots of shale oil in the study area. The results show that there are a lot of calcareous and siliceous thin interlayers in Qingshankou Formation, and TOC content is generally between 2% and 3%. Ro is the highest in Gulong sag, followed by Sanzhao sag. The lithofacies mainly consists of felsic shale and mixed shale, mainly in the first member of Qingshankou Formation. Comprehensive analysis shows that shale oil development potential is enormous in the eastern part of Sanzhao Sag and the northern part of Gulong Sag.
基金The Program of Energy Research and Development (PERD) funded this study
文摘A workflow that helps identify potential production sweet spots in the Middle Bakken tight oil play is proposed based on analysis of large amounts of production data. The proposed approach is a multivariate statistical model that extracts relevant information from a training dataset of production wells to facilitate geological similarity comparison between economic and sub-economic production wells. The model is applied to the Middle Bakken tight oil play in southeastern Saskatchewan. Data screening for diagnostic geological indicators for sweet spots reveals that several geological factors indicative for conventional oil reservoirs seem to work for the Middle Bakken tight oil play as well. These factors include: a) the NE Torqunay-Rocanville Trend serving as a preferred regional migration path for connecting mature source rock in southern Williston Basin and the Middle Bakken tight reservoir in southeastern Saskatchewan; b) the oils in the Bakken tight reservoirs along the U.S. and Canada border are more likely from local matured Bakken source rocks; c) subtle structural components enhancing the convergence of dispersed hydrocarbons over a large area; d) top seal and lateral barrier improving preservation, thus favouring oil productivity; e) orientation of maximum horizontal stress coincident with the direction of the variogram spatial continuity in ultimate recoverable reserves, so the direction of horizontal well has a significant impact on the oil productivity.
基金sponsored by MOE Project of Humanities and Social Sciences (Project No. 17YJC790107)sponsored by the National Social Science Foundation of China (Project No. 18BJY251)
文摘This paper investigates the relationship between China’s fuel ethanol promotion plan and food security based on the interactions between the crude oil market, the fuel ethanol market and the grain market. Based on the US West Texas Intermediate(WTI) crude oil spot price and Chinese corn prices from January 2008 to May 2018, this paper applies Granger causality testing and a generalized impulse response function to explore the relationship between world crude oil prices and Chinese corn prices. The results show that crude oil prices are not the Granger cause of China’s corn prices, but changes in world crude oil prices will have a long-term positive impact on Chinese corn prices. Therefore, the Chinese government should pay attention to changes in crude oil prices when promoting fuel ethanol. Considering the conduction e ect between fuel ethanol and the food market, the government should also take some measures to ensure food security.
基金Supported by the National Key Basic Research and Development Program(973 Program)China(2014CB239100)China National Science and Technology Major Project(2017ZX05049)
文摘Based on formation testing data of more than 40 wells with industrial oil flow, systematic observation of 1 010.26 m long cores taken from 4 wells and test data of over 10 000 core samples combining with drilling and pilot fracturing data of multiple wells, the geological characteristics of the upper submember of the Sha 4 Member to the lower submember of the Sha 3 Member of Paleogene(Es4s-Es3x) in the Jiyang Depression were investigated to find out factors controlling the enrichment of shale oil and the accumulation model of shale oil, and a comprehensive evaluation method for shale oil sweet spots was established. It is found through the study that the target shale layer is characterized by strong heterogeneity, weak diagenesis, low thermal evolution and high content of clay and carbonate minerals. Shale lithofacies, microcrack, thin interlayer and abnormal pressure are the main factors affecting enrichment and stable production of shale oil, the organic rich laminar shale has the best storage and oil-bearing capacity, microcrack network system improve the storage capacity and permeability of the shale, the thin interlayer is the main flow channel for stable shale oil production, and the abnormal high pressure layer is rich in free state shale oil and high in oil content. The shale oil layers in the target section were divided into three types: matrix, interlayer and fracture ones. According to the occurrence state and exploration practice of shale oil at home and abroad, it is concluded that the interlayer shale oil is the most profitable type at present. The selection parameters for the different types of shale oil were determined, and accordingly the favorable areas were pointed out by comprehensive evaluation of multiple factors. Vertical wells in the interlayer shale oil reservoir, such as Fan 159, Fan 143 and GX 26, were stimulated by volume fracturing and high conductivity channel fracturing jointly. After fracturing, they had a daily oil production of over 6 t, up to 44 t, and stable productivity. Shale oil is expected to become an important replacement energy resource in the Jiyang Depression.
基金Supported by the China National Science and Technology Major Project(2016ZX05046,2017ZX05001)the National Key Basic Research and Development Program(973 Program),China(2014CB239000)
文摘Based on the investigation of tight oil exploration and development in North America, the successful cases of tight oil exploration and development in North America are summarized. The geological differences between continental tight oil in China and marine tight oil in North America is analyzed to explore the technical strategies for the industrial development of continental tight oil in China. The experiences of large-scale exploration and profitable development of tight oil in North America can be taken as references from the following 6 perspectives, namely exploring new profitable strata in mature exploration areas, strengthening the economic evaluation of sweet spots and focusing on the investment for high-profitability sweet spots, optimizing the producing of tight oil reserves by means of repetitive fracturing and 3 D fracturing, optimizing drilling and completion technologies to reduce the cost, adopting commodity hedging to ensure the sustainable profit, and strengthening other resources exploration to improve the profit of whole project. In light of the high abundance of tight oil in China, we can draw on successful experience from North America, four suggestions are proposed in sight of the geological setting of China's lacustrine tight oil:(1) Evaluating the potential of tight oil resources and optimizing the strategic area for tight oil exploration;(2) selecting "sweet spot zone" and "sweet spot interval" accurately for precise and high efficient development;(3) adopting advanced tight oil fracturing technology to realize economic development;(4) innovating management system to promote the large-scale profitable development of tight oil.
基金Supported by National Major Research Program for Science and Technology of China(2017ZX05009-002)the National Natural Science Foundation of China(41772090)Postdoctoral Science Foundation of China(2020M680624)。
文摘This paper systematically discusses the multiple source characteristics and formation mechanisms of carbonate-rich fine-grained sedimentary rocks through the analysis of material source and rock formation.The hydrocarbon accumulation characteristics of carbonate-rich fine-grained sedimentary rocks are also summarized.The results show that the main reason for the enrichment of fine-grained carbonate materials in rift lake basins was the supply of multiple material sources,including terrestrial material input,formation of intrabasinal authigenic carbonate,volcanic-hydrothermal material feeding and mixed source.The development of carbonate bedrock in the provenance area controlled the filling scale of carbonate materials in rift lake basins.The volcanic-hydrothermal activity might provide an alkaline fluid to the lake basins to strengthen the material supply for the formation of carbonate crystals.Authigenic carbonate crystals induced by biological processes were the main source of long-term accumulation of fine-grained carbonate materials in the lake basins.Carbonate-rich fine-grained sedimentary rocks with multiple features were formed through the interaction of physical,biochemical and chemical processes during the deposition and post-deposition stages.The source and sedimentary origin of the fine-grained carbonate rock controlled the hydrocarbon accumulation in it.In the multi-source system,the types of"sweet spots"of continental shale oil and gas include endogenous type,terrigenous type,volcanic-hydrothermal type and mixed source type.