OIL AND GAS EXPLORATION AND PRODUCING OPERATIONS in Visual Studio .NET

Generation QR Code JIS X 0510 in Visual Studio .NET OIL AND GAS EXPLORATION AND PRODUCING OPERATIONS
292 OIL AND GAS EXPLORATION AND PRODUCING OPERATIONS
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depending on many factors, particularly well depth and location When the hole reaches the desired depth, various instruments are lowered that log the well to detect the presence of oil or gas The joint interest owners evaluate the drilling and logging results to determine whether suf cient oil or gas can be extracted to justify the cost of completing the well If the evaluation is negative, the well is plugged and abandoned as a dry hole If suf cient quantities of crude oil or natural gas (hydrocarbons) appear to be present, the well is completed and equipment is installed to extract and separate the hydrocarbons from the water coming from the underground reservoir Completion costs are substantial and may even exceed the initial drilling costs Before production begins (sometimes even before the well is drilled), the enterprise selects oil and gas purchasers and negotiates sales contracts To transport the oil or gas from the well, a trunk line may be built to the nearest major pipeline; crude oil also may be stored in tanks at the production site and removed later by truck The production owner and purchasers prepare and sign division orders, which are revenue distribution contracts specifying each owner s share of revenues If the division order speci es that the purchaser is to pay all revenues to the operator, the operator must distribute the appropriate amounts to the other joint interest owners and the lessor(s) The various factors that determine the success or failure of oil and gas exploration activities include many uncertainties These factors set the oil and gas industry apart from many other capital-intensive industries Some of these factors include the following:
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Anticipated Success of Drilling Even with the recent technological advances in 3-D seismic,
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there is still substantial risk of not nding a commercial petroleum reservoir after spending hundreds of thousands of dollars (or more) drilling a well to the target formation Exploration success is also affected by drilling risks such as stuck drill pipes, blowouts, and improper completions Taxation A substantial portion of the revenues from the sale of crude oil and natural gas goes directly or indirectly to the federal and state governments in the form of severance taxes, ad valorem taxes, and income taxes In the late 1970s, Congress enacted the Windfall Pro t Tax on domestic crude oil On August 25, 1988, the Windfall Pro t Tax was repealed for all crude oil removed after that date After the various taxes, royalties to the landowner, and production costs have been deducted, the producer s income from the sale of crude oil and natural gas may be only a small percentage of gross revenues Except for certain tax credits relating to Tight Sands and coalbed methane gas production, most tax-related incentives have been eliminated through tax legislation since 1986 Product Price and Marketability US crude oil production meets only half of the country s demand and is readily marketable The United States imports crude oil from Venezuela, Canada, and other countries For the past several years, US prices of crude oil have uctuated widely due to numerous factors including world politics, economic conditions, and technology advances High-quality crude oil sold for $42 per barrel in late 1979, $12 brie y in 1986, $40 brie y in 1990, in the $20 range in 1991, $18 at the end of 1995, $24 at the end of 1996, $1550 at the end of 1997, and under $14 by spring of 1997 Oil prices also vary due to the quality of the oil and the location of the oil eld In a given month, heavy sour crude oil in California may sell for half or two-thirds the price of light, sweet crude oil produced in Oklahoma In the 1990s, natural gas price volatility exceeded that of crude oil US natural gas production met substantially all of the country s needs, after competition from gas imported from Canada Demand for natural gas is seasonal in the United States high in the winter months for space heating and low in the summer for most areas of the country Signi cant quantities of gas produced in the summer are transported by pipelines to underground formations for temporary storage until the winter season Such temporary storage helps to reduce the seasonal price uctuations Because of the volatility in oil and gas prices, a number of price hedging mechanisms have been developed, including futures contracts, long-term hedging arrangements, and product swaps
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