Uppsatsen studerar hur aktiekurser i oljerelaterade bolag har reagerat vid kraftiga svängningar av oljepriset och undersöker hur oljepriset och aktiekurserna följer varandra under en längre period. Uppsatsen använder sig av en event studie samt ett korrelationstest som metod. Det ingår totalt 8 bolag i studien som undersöks mot Brent råolja. Studien visar att företagen reagerar vid en kraftig rörelse i oljepriset samt att det finns en stark korrelation mellan oljepriset och aktiekurserna i majoriteten av företagen.

Die Forschungsarbeit beschäftigte sich mit der Frage, ob es zielführend ist, die Mongolei durch Veredelung eigener Ölressourcen mit Mineralölprodukten zu versorgen. Die Mongolei ist ein Land mit großem mineralischen Rohstoffpotential, darunter auch Erdöl. Zurzeit wird der Bedarf an Mineralölprodukten ausschließlich durch Import gedeckt. Zur Untersuchung der technischen Machbarkeit einer Ölverarbeitungsindustrie wurden verschiedene Raffinieriekonzepte auf Basis des mongolischen Rohöls Tamsag erarbeitet. Anschließend wurde anhand einer Bewertungsmethode die gesamtwirtschaftliche Relevanz der Downstream-Industrie in der Mongolei geprüft. Im Ergebnis der Untersuchungen zeigte sich, dass eine Erdölindustrie für die Mongolei sinnvoll ist. Die Erdölveredelung, als neuer Wirtschaftszweig, würde Möglichkeiten wirtschaftlicher Entwicklung eröffnen und die Importabhängigkeit der strategisch wichtigen Mineralölprodukte vermeiden.

NAFTOS IR NAFTOS PLOVIKLIO SIMPLE GREEN BENDRAS TOKSINIS POVEIKIS VAIVORYKŠTINIAM UPĖTAKIUI ANKSTYVOJE ONTOGENEZĖJE E. Ratkelytė Vilniaus universitetas Santrauka Tyrimai buvo atlikti su vaivorykštinio upėtakio (Oncorhynchus mykiss) ikrais (nuo „akutės“ stadijos) ir lervomis (nuo jų išsiritimo pradžios iki trynio maišelio rezorbcijos), veikiant juos 0,11, 0,22, 0,43, 0,87, 1,73, 3,46, 6,93 g/l naftos koncentracijomis į kiekvieną iš jų pridedant 0,5 g/l ploviklio Simple Green. Toksiškumo kriterijai buvo upėtakio ikrų ir lervų žuvimo procentas, ir tokie fiziologiniai rodikliai, kaip širdies (ŠD) bei kvėpavimo (KD) dažniai. Darbo tikslas buvo ištirti naftos ir naftos ploviklio Simple Green bendrą toksinį poveikį vaivorykštiniam upėtakiui (Oncorhynchus mykiss) ankstyvose jo vystymosi stadijose priklausomai nuo koncentracijos ir poveikio trukmės bei įvertinti ilgalaikio poveikio fiziologiniams rodikliams ypatumus. Apibendrinus gautus rezultatus galima teigti, kad vaivorykštinio upėtakio jautrumas naftos ir ploviklio Simple Green mišiniui priklauso nuo mišiniu veikiamos individo vystymosi stadijos, poveikio trukmės, ir naftos bei ploviklio koncentracijų santykio mišinyje. Nustatyta, kad jautriausios naftos poveikiui pasirodė lervutės ritimosi metu, mažiau jautrūs pasirodė embrionai ankstyvoje „akutės“ stadijoje. Palyginus gautus rezultatus su rezultatais gautais tiriant vien tik naftos poveikį vaivorykštiniam upėtakiui ankstyvoje ontogenezėje, matome, kad ploviklis Simple Green... [toliau žr. visą tekstą] / THE TOXIC EFFECT OF CRUDE OIL COMBINED WITH OIL CLEANER „SIMPLE GREEN“ ON RAINBOW TROUT IN EARLY ONTOGENESIS E. Ratkelytė Vilnius University Summary Long-term effects of crude oil combined with oil cleaner „Simple Green“ were evaluated in chronic toxicity tests by use of rainbow trout (Oncorhynchus mykiss) in early stages of development (embryos, larvae) as test-objects. The following toxicity criteria were studied for evaluation of toxic effects: mortality of embryos and larvae; physiological parameters (heart rate, ventilation frequency). The aim of the study was to investigate the overall effect of crude oil combined with oil cleaner „Simple Green“ on rainbow trout (Oncorhynchus mykiss) in early development stages (embryos, larvae) depending on oil concentration in the mixture and exposure duration and to evaluate the specificity of negative effects of mixture on physiological parameters of fish. It was determined that 0.87, 1.73, 3.46 and 6.93 g/l concentrations of crude oil combined with 0.5 g/l of “Simple Green” resulted in the significant increase in larvae mortality, but practically had no negative effect on embryos. Hatching was found to be the most sensitive stage of development, 1 day age larvae were less and embryos were the least sensitive to the toxic impact of mixture, respectively. It was estimated that 0.87+0.5, 1.73+0.5, 3.46+0.5 and 6.93+0.5 g/l concentrations of crude oil combined with oil cleaner „Simple Green“ disturbed the work of cardiorespiratory... [to full text]

Exposure to crude oils has been shown to induce CYP1A enzymes and cause chronically toxic effects in aquatic organisms. Earlier studies indicated that polycyclic aromatic hydrocarbons (PAHs) present in crude oil are primarily responsible for the chronic toxicity. Crude oil contains a variety of PAHs; the majority of them are alkyl substituted. In this work, we have used an effects-driven fractionation and analysis approach (EDFA) to isolate and characterize PAHs present in Alaskan North Slope and Scotian Light crude oils that are toxic to fish. The crude oil components were first fractionated into four fractions using a low temperature vacuum distillation technique. Among them, the heavy gas oil fraction (boiling range 287°C – 461°C) of both oils caused highest toxicity to fish. To isolate the PAHs from waxes present in this fraction, a low temperature wax precipitation method was developed and optimized. CYP1A induction results showed that the extract contained a large number of CYP1A inducers while the residue contained none. Chemical analyses confirmed that most of the PAHs were partitioned into the extract fraction. Alkyl PAHs present in the extract were further fractionated into five fractions based on the number of aromatic rings using a normal phase HPLC method. Chemical analysis and the toxicity testing of these fractions indicated that alkyl PAHs belonging to classes such as phenanthrene, fluorene, naphthobenzothiophene, and chrysene are likely responsible for the observed toxic effects. To aid the EDFA scheme, a new HPLC-DAD method for the analysis of alkyl PAHs was developed. The alkyl PAHs were first fractionated based on the number of aromatic rings using a normal phase column followed by their analysis using reverse phase HPLC–DAD technique. The reverse phase analysis involved classifying the alkyl PAH peaks into different PAH classes based on their DAD spectra. Then, alkyl carbon numbers for each peak were assigned based on their retention time. To analyze co-eluting alkyl PAH isomers an offline multi-dimensional HPLC method was developed. Orthogonal separation was achieved by first fractionating the alkyl PAHs on a normal phase column followed by the RP-HPLC-DAD analysis. Using these data a 2D contour plot was developed and used for the detailed analysis of alkyl PAHs isomers. Analysis results showed good agreement with a gas-chromatography-mass-spectrometric (GC-MS) analysis method, and the new method was able to distinguish some PAH types which could not be identified by GC-MS. / Thesis (Ph.D, Chemistry) -- Queen's University, 2007-11-19 13:46:18.602

This paper determines the relationship between the crude oil price and the financial performance of International Oil Companies (IOCs) of the Eurozone during the last decade (from 2004 to 2013). This study is conducted around a multiple regression model with panel data with the financial performance ratios (ROA, ROE, Profit Margin) as dependent variables and the crude oil price as independent variables. A knowledge gap is visible since the crude oil price was never used as an independent variable in relation to the financial performance ratios of IOCs. In addition, the IOCs in the Eurozone have not been studied since most studies focuses on the United States and Asia. Moreover these studies focus on stock returns rather than financial performance. The research follows a quantitative approach by assessing the relationship of the crude oil price with financial performance of IOCS during the 10-year period (from 2004 to 2013) for 11 companies from 10 countries. The purpose of the study is to determine the effect of the crude oil prices on the financial performance of oil producer companies on a 10-year period using a multiple regression model with panel data. The research question therefore is:What is the relationship between the crude oil price and the International Oil Companies’ financial performance in the Eurozone during the last ten years (2004-2013)?The empirical results show that the crude oil price has a negative relationship with the financial ratios and that the crisis had an impact during that time period on the financial performance of the IOCs. It is also noted that the debt level and the size of IOCs have a strong relationship with their financial performance. The findings on the relationship between the crude oil price and the financial performance of IOCs are opposed to the results of Dayanandan & Donker study (2011). The findings of this research paper are relevant for investors and researchers looking to assess the performance of the Oil & Gas Industry so as its determinants.

CO2 injection has been used to improve oil recovery for several decades. In recent years, CO2 injection has become even more attractive because of a dual effect; injection in the subsurface 1) allows reduction of CO2 concentration in the atmosphere to reduce global warming, and 2) improves the oil recovery. In this study, the density effect from CO2 dissolution in modeling of CO2 injection is examined. A method to model the increase in oil density with CO2 dissolution using the Peng-Robinson equation of state and the Pedersen viscosity correlation is presented. This method is applied to model the observed increase in oil density with CO2 dissolution in a West Texas crude oil. Compositional simulation of CO2 injection was performed in a 2D vertical cross section and a 3D reservoir with the density effect. The results show that the density increase from CO2 dissolution may have a drastic effect on CO2 flow path and recovery performance. One main conclusion from this work is that there is a need to have accurate density data for CO2/oil mixtures at different CO2 concentrations to ensure successful CO2 injection projects. While CO2 enhanced oil recovery (EOR) is part of the solution, saline aquifers have the largest potential for CO2 sequestration. A literature review of the CO2 sequestration in saline aquifers is performed. The dominant trapping mechanisms and transport processes and the methods used to model them are discussed in detail. The Aruma aquifer, a shallow saline aquifer in southwest Qatar is used as a case study for CO2 sequestration. A compositional simulation model is prepared for the Aruma aquifer using the available log data and flow test data. It was found that the grid size is a key parameter in modeling CO2 sequestration accurately. It affects the propagation of the CO2 plume and amount of CO2 dissolved in brine.

As correntes pesadas do refino de petróleo podem ser utilizadas para a produção de óleos combustíveis para uso industrial ou marítimo, sendo esse último conhecido como óleo bunker. Para tal, é necessária a diluição dessas correntes pesadas com frações de refino mais leves para ajuste da viscosidade. Enquanto o uso industrial do óleo combustível vem sendo significativamente reduzido em função de restrições ambientais, o mercado de óleo bunker apresenta crescimento importante face a expansão do comércio marítimo mundial. No Brasil, há um aumento da produção de petróleos pesados, extrapesados e asfálticos, que exigem complexos esquemas de refino para a sua conversão em frações mais leves. Dessa forma, ocorre uma redução da quantidade de correntes disponíveis para a produção de bunker, além da variação da qualidade das correntes usadas na sua formulação. Esta dissertação avalia a utilização de petróleos pesados e asfálticos na produção de bunker, sem a necessidade do processamento tradicional em refinarias de petróleo. A comparação da qualidade de ignição e de combustão da nova formulação deste produto com o combustível marítimo preparado a partir de correntes residuais é realizada por duas metodologias diferentes. Após a realização de um pré-tratamento, a mistura formulada a partir dos cortes dos petróleos apresenta melhor desempenho que os combustíveis formulados com as correntes residuais. Além disso, este trabalho compara o efeito de diferentes diluentes e a contribuição da corrente pesada utilizada na qualidade de ignição e de combustão do produto / Heavy streams from crude oil refining can be used to prepare fuel oils for industrial or maritime purposes, the latter known as bunker fuel. In order to prepare them, it is necessary to set viscosity to its appropriate value by dilution with lighter fractions from petroleum refining. While industrial usage of fuel oils is decreasing significantly due to environmental restrictions, the bunker fuel market shows an important increasing face to the growing in world maritime trading. Production of heavy, extra heavy and asphaltic crude oils in Brazil is rising and more complex refining process are required to convert them into lighter petroleum products. Because of that, the amount and the quality of available streams to prepare bunker fuel are decreasing. The present dissertation evaluates the feasibility of using heavy and asphaltic crude oils to prepare bunker fuel without traditional processing into petroleum refineries. The comparison of ignition and combustion quality considering the bunker fuel prepared from residual streams are made considering two different methodologies. After pre-treating the crude oils to prepare bunker fuels, that mixture shows a better ignition and combustion performance than those prepared with residual streams. Finally, this study compares the effect of different diluent streams and the heavy fraction contribution to products ignition and combustion quality

Les asphaltènes et autres constituants lourds du pétrole, comme les résines et les alcanes de haut poids moléculaire, posent des défis importants dans tous les segments de la chaîne de production pétrolière. Parmi les nombreux problèmes, la déstabilisation et le dépôt des asphaltènes dans les opérations en amont ont fait perdre beaucoup de temps à la recherche et ne sont pas encore complètement compris. Une partie de la difficulté à saisir la véritable physique derrière de tels phénomènes est l'utilisation répandue des systèmes modèles et des molécules extraites, modifiant considérablement l'organisation fluide complexe des pétroles bruts, et donc en contournant les processus réels. À ce jour, deux extrêmes de la structure organisationnelle asphaltenes peuvent être dessinés, en tant que partie d'un agrégat, avec des attractions pi-pi simples et des chaînes d'alcane répulsion, contrôlant l'agrégation; et dans le cadre d'une structure macromoléculaire, avec une participation significative d'autres composants bruts. La dernière structure étant beaucoup plus difficile à modéliser, elle capture sa physique et est difficilement reproductible à l'aide de systèmes modèles. Un autre aspect important de la recherche des dépôts d'asphaltènes est la manière dont se produit la déstabilisation des asphaltènes. Lorsque l'on utilise des asphaltènes extraits dans des systèmes modèles, l'affirmation précédente n'a pratiquement aucune moyenne, car les nombreuses fractions d'asphaltènes ont été préalablement mélangées. Cependant, lorsqu'il s'agit de tout le pétrole brut, la voie de la déstabilisation est importante et est encore largement dépassée au sein de la communauté scientifique. Pour résumer les sujets exposés, il y a plutôt la non-spécificité de la majorité des techniques expérimentales utilisées sur la recherche de la déstabilisation et du dépôt des asphaltènes en relation avec les dépôts d'échelle des particules.Les techniques de spectroscopie, capables de balayer les paramètres physiques interfaciaux, sont de bons candidats pour améliorer les points exposés délétères. Dans la présente thèse, le résonateur à quartz connecté à un analyseur de réseau vectoriel présente le potentiel de révéler de nombreux aspects sur la déstabilisation et le dépôt des asphaltènes directement à partir de pétrole brut (huiles vivantes, recombinées ou mortes) et de systèmes modèles. L'équilibre du pétrole brut est perturbé par les changements de solubilité dans un processus continu ou en gradin imitant les processus de production. L'interprétation des paramètres de résonance des cristaux de quartz, de la fréquence et de la dissipation d'énergie, est effectuée de manière qualitative et, dans une certaine mesure, quantitative. L'étude innove dans le sens d'étendre l'utilisation du cristal de quartz pour interpréter le processus, non seulement en détectant les changements de phase, comme c'est le cas de la majorité des études précédentes. L'évaluation des produits chimiques de production est effectuée une fois que la méthodologie a fait l'objet d'une discussion approfondie. Le potentiel de l'analyse proposée est crédité par la microscopie à force atomique qui ouvre l'horizon pour plus de recherche et d'applications potentielles de la méthodologie. Parmi les applications possibles figure le développement de capteurs d'assurance de débit capables de détecter les changements de phase et d'évaluer les dépôts in situ. / Asphaltenes and other heavy petroleum constituents, like resins and high molecular weight alkanes, pose significant challenges in all segments from the petroleum production chain. Among the many problems, asphaltenes destabilization and deposition within upstream operations has rendered tons of research time and is still not completely understood. Part of the difficulty in capturing the real physics behind such phenomena is the widespread use of model systems and extracted molecules, greatly altering the complex fluid organization of crude oils, and thus bypassing real processes. To date two extremes of asphaltenes organizational structure can be drawn, as a part of an aggregate, with simple pi-pi attractions and alkane chains repulsion, controlling aggregation; and as a part of a macromolecular structure, with significant participation of other crude components. The last structure being way more difficult to model, and captures its physics and being poorly reproducible with the use of model systems. Another important aspect when researching asphaltene deposition is the way asphaltenes destabilization occurs. When using extracted asphaltenes in model systems, the former affirmation has virtually no mean, as the many asphaltenes fractions were beforehand mixed. However, when dealing with the whole crude oil, the path of destabilization matters and is still greatly bypassed within the scientific community. Summing up to the exposed topics, there is the rather non-specificity from the majority of experimental techniques used on the research of asphaltenes destabilization and deposition in relation to the depositing particles size scales.Spectroscopy techniques, capable of sweeping interfacial physical parameters are good candidates for improving the deleterious exposed points. In the present thesis quartz crystal resonator, connected to a vector network analyzer is used is shown to present the potential of revealing many aspects on asphaltene destabilization and deposition directly from crude oils (live, recombined or dead oils) as well as model systems. Crude oil equilibrium is disturbed by solubility changes in a continuous or step gradient mimicking production processes. The interpretation of the quartz crystal resonance parameters, frequency and energy dissipation, is performed in a qualitative and to some extend quantitative way. The study innovates in the sense of extending the use of the quartz crystal to interpret process, not only detecting phase changes, as it is the case of the majority of the former studies. The evaluation of production chemicals is undergone once the methodology is thoroughly discussed. The potential of the proposed analysis is credited by atomic force microscopy which opens the horizon for more research and potential applications of the methodology. Among the possible application is the development of flow assurance sensors capable of detecting phase changes and evaluate deposition in situ.

Submitted by Caroline das Neves Pacheco Preterote (carol_agr@yahoo.com.br) on 2015-09-27T19:37:56Z No. of bitstreams: 1 Dissertação Caroline_versaofinal.pdf: 876490 bytes, checksum: bfa34d17871965a171302f0826cd2d28 (MD5) / Approved for entry into archive by GILSON ROCHA MIRANDA (gilson.miranda@fgv.br) on 2015-10-05T19:46:10Z (GMT) No. of bitstreams: 1 Dissertação Caroline_versaofinal.pdf: 876490 bytes, checksum: bfa34d17871965a171302f0826cd2d28 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2015-10-13T12:11:44Z (GMT) No. of bitstreams: 1 Dissertação Caroline_versaofinal.pdf: 876490 bytes, checksum: bfa34d17871965a171302f0826cd2d28 (MD5) / Made available in DSpace on 2015-10-13T12:12:15Z (GMT). No. of bitstreams: 1 Dissertação Caroline_versaofinal.pdf: 876490 bytes, checksum: bfa34d17871965a171302f0826cd2d28 (MD5) Previous issue date: 2015-08-28 / Bali, Cakici e Chabi-Yo (2011) introduziram uma nova medida de risco, englobando as medidas de risco de Aumann e Serrano (2008) e Foster e Hart (2009). Trata-se de um modelo de medida de risco implícito de opções baseado na distribuição neutra ao risco dos retornos de ativos financeiros. Este trabalho se propõe a calcular a medida de risco de Bali, Cakici e Chabi-Yo (2011) com base nas opções de petróleo, a commodity mais importante da economia mundial. Como os preços das opções incorporam a expectativa do mercado, a medida de risco calculada é considerada forward-looking. Desta forma, esse trabalho também analisa a significância dessa medida em prever a atividade econômica futura. Os resultados indicaram poder preditivo em relação ao índice VIX, o qual representa a incerteza do mercado financeiro, e ao índice CFNAI, indicador da atividade econômica norte-americana. / Bali, Cakici e Chabi-Yo (2011) introduced a generalized measure of riskiness that nests the original measures proposed by Aumann and Serrano (2008) and Foster and Hart (2009). It is a model-free options’ implied measures of riskiness based on the risk-neutral distribution of financial securities. This study aims to calculate the risk measure of Bali, Cakici and Chabi-Yo (2011) based on crude oil options, the most important commodity in the global economy. As option prices incorporate the market’s expectation, the calculated risk measure is considered forward-looking. Thus, this paper also analyzes the significance of this measure to predict future economic activity. The results indicate predictive power for the VIX index, which represents the financial market uncertainty and the CFNAI index, indicator of US economic activity.

The aim of the thesis "International trade with strategically important commodities focused on crude oil" was archieved by analysis of current situation of trade with strategically important commodities focused on crude oil. Based on this analysis was integrated the Czech Republic in the internation trade with crude oil, how the state is affected by this trade and the prospect of further development of international trade with crude oil. At first was studied the theoretical solutions, which help to compose literary research. Terms as international trade, commodities, strategic commodities and crude oil were defined in this part of thesis. The attantion in another part of thesis was focused on the analysis the crude oil market. There were detected the most important world crude oil producers, states with the largest crude oil reserves, the largest consumers of oil, the major exportersv and importers of this strategic commodity and compared the world oil pruduction with crude oil consumption. The possible development of consumption and production in 2035 was also in this part outlined. Current situation on the crude oil market in the Czech Republic in 2012 showed that there are not significant crude oil reserves which would cover the consumption of the population in the country. It follows that the Czech Republic is dependent on crude oil import from Russian Federation, which may arise a varior international risks such as disruption of crude oil supplies, the use of crude oil as a political weapon or conflicts between states.