Adotando os conceitos da Nova Economia Institucional (NEI) e de sua vertente, a teoria da Economia dos Custos de Transação (ECT), apresenta-se, neste trabalho, uma discussão sobre o ambiente institucional brasileiro para o setor de exploração e produção (E&P) de petróleo e gás natural, sua regulação e caracterização. Discute-se as especificidades relativas às condições de desenvolvimento das atividades em campos de petróleo considerados maduros e/ou marginais, que constituem a maior parte das bacias brasileiras conhecidas em terra. O trabalho defende que este segmento de atividades de E&P requer um tratamento diferenciado em termos de regulação e outras políticas públicas, visando privilegiar a entrada de novos agentes e aumentar seu dinamismo no longo prazo. Contrapondo ao ambiente institucional nacional, optou-se por estudar o desenvolvimento das atividades onshore no Texas. Assim, estabelece-se comparações entre as duas realidades com relação à sua regulamentação, programas de incentivos, estrutura industrial, histórico de atividades e, principalmente, em relação à ação dos respectivos órgãos reguladores, a Agência Nacional de Petróleo, Gás Natural e Biocombustíveis (ANP), pelo Brasil, e a Texas Railroad Commission (TRC), pelo Texas. A experiência da TRC no setor petroleiro texano, cujas características presentes, por se tratar de campos produtores de petróleo maduros, possuem certa similaridade com os campos em terra no Brasil, revela uma série de direções para o aprimoramento da regulação petroleira brasileira no sentido de promover suas atividades onshore. / By Adopting the New Institutional Economics (NIE), and the theory of Transaction Cost Economics (TCE), this work discuss about the Brazilian institutional environment for oil and natural gas exploration and production (E&P), the regulation and main features. This study discusses the specificities related to the development of onshore activities on mature and/or marginal oil and gas fields. These areas are the majority on the Brazilian developed onshore segment. The Thesis sustains that such a segment of E&P activities needs a special treatment in terms of regulation and other public policies, aiming at to improving the entrance of new players in the sector and its long-term growing. For a comparative analysis, the study of the onshore activities development in Texas provides important insights to understand and criticize de Brazilian situation. The Thesis compares both realities in terms of the regulation and incentives programs, industrial structure, history of activities as well as the main role players by the respective Oil and Gas Regulator, the National Petroleum Agency (ANP) in Brazil, and the Texas Railroad Commission (TRC) in Texas. TRC’s long experience in regulating Texas’ onshore oil and gas activities, whose present situation has similarities regarding to the Brazilian onshore areas (by their maturity), reveals a series of paths to improve Brazil’s oil and gas regulation and boost its onshore activities.

Magistro baigiamajame darbe išanalizuotas pasaulinės gamtinių dujų rinkos veikimo modelis, suskystintų gamtinių dujų terminalų technologijos įtaka pasaulinei gamtinių dujų rinkai bei atskiriems pasaulio regionams priklausomai nuo išvystytos dujų transportavimo infrastruktūros, sukurtas ekonominis SGDT teikiamų valstybės reguliuojamų paslaugų kainų nustatymo modelis Lietuvoje, iškeltos SGDT funkcionavimo ekonominio poveikio gamtinių dujų kainų pokyčiams Lietuvoje (izoliuotoje rinkoje) problemos bei pagal atliktus empirinio tyrimo rezultatus pateikti siūlymai rinkos dalyviams bei kitiems suinteresuotiems asmenims dėl galimų veiksmų pradėjus veikti SGDT 2014 m. gruodžio mėn. Lietuvoje. Pirmajame skyriuje sudaromas pasaulinės gamtinių dujų rinkos veikimo modelis, nagrinėjami ryšiai tarp pagrindinių jo sudedamųjų dalių (gavyba, transportavimas, vartojimas vidaus rinkoje), naujai atrandamų technologijų įtaka kiekvienai iš jų. Antroje dalyje analizuojama Lietuvos gamtinių dujų rinka ir ją supanti teisinė, ekonominė bei politinė aplinkos, aptariamos SGD galimos perspektyvos Lietuvoje. Trečioje dalyje analizuojamas autoriaus kartu su Valstybinės kainų ir energetikos kontrolės komisijos specialistais parengtas ekonominis SGDT teikiamų paslaugų kainos skaičiavimo modelis, aptariama importo kainos prognozavimo metodika, įvertinami pasirinktos metodikos trūkumai ir privalumai, aprašomi kt. metodai, kuriais remiantis ketvirtoje dalyje atliekamas empirinis tyrimas šiame darbe iškeltai... [toliau žr. visą tekstą] / This Master thesis contains: presentation of global natural gas market functioning model and LNGT technology impact on this market, as well as regions according to their infrastructure of gas transportation; creation of economic model for calculating natural gas import prices forecasts and forecasts for prices of regulated LNGT services in Lithuania; presentation of economic problems of LNGT impact on natural gas prices in Lithuania (as an isolated market) and considering the results of empirical research, suggestions of possible actions for market players and third parties after Lithuanian LNGT begins its operations in December, 2014. The first part of the thesis includes examination of global natural gas market functioning, the relations between its main components (extraction, transportation, consumption in domestic markets) and influence of the new technologies for each of them. The second part analyses Lithuanian natural gas market: its legal, economic and political environment, as well as presents LNG perspectives in Lithuania. The third part consists of introducing the economic LNGT services’ price model which was created by author of this thesis in collaboration with specialists of National control commission for prices and energy, also the methodology of calculating forecasts for natural gas import prices, its advantages and disadvantages, as well as other methods which were employed to solve the main problem of the Master thesis in the last part of this work.

Conselho Nacional de Desenvolvimento Científico e Tecnológico / As reservas brasileiras de petróleo e gás natural apresentarão um significativo crescimento a partir do desenvolvimento das reservas da camada do pré-sal. Segundo estimativas elaboradas pela EPE e pela EIA, nos próximos vinte anos, haverá um quadro de grande oferta de gás natural no país, com a oferta excedendo a demanda. Como o segmento de transporte do gás natural tem grande importância na formação do custo desse energético, uma tecnologia de transporte menos onerosa irá proporcionar um cenário mais vantajoso para a entrada do gás no mercado. A presente dissertação analisa duas tecnologias disponíveis para escoamento do gás natural da camada pré-sal gasoduto submarino e gás natural liquefeito embarcado e as possibilidades de utilização no mercado interno ou para ser exportado. De acordo com dados da Petrobras, foram utilizadas três rotas para escoar o gás do pré-sal. A metodologia Valor Presente Líquido (VPL) foi utilizada para analisar qual dos investimentos em transporte é mais viável economicamente. Os resultados mostraram que de acordo com as perspectivas de produção do gás natural no horizonte de tempo analisado as duas tecnologias serão viáveis, com o transporte por gasodutos a alternativa mais viável economicamente. / The Brazilian reserves of oil and natural gas will present a significant growth from the development of the reserves of the pre-salt layer. According to estimates prepared by the EPE and the EIA, the next twenty years, the supply of natural gas will exceed demand. As the transportation sector natural gas has great importance in the formation of the cost of energy, a less costly transport technology will provide a more advantageous to enter the gas market. This dissertation examines two technologies available to transport the gas from the pre-salt layer - offshore pipeline and liquefied natural gas shipped - and the possibilities of using the domestic market or for export. According to data from Petrobras, three routes were used to drain the gas from the pre-salt. The methodology Net Present Value (NPV) was used to analyze which of the investments in transport is more economically viable. The results showed that according to the outlook for natural gas production in the time horizon analyzed the two technologies will be feasible to transport by pipeline economically the most viable alternative.

Made available in DSpace on 2014-12-17T14:52:55Z (GMT). No. of bitstreams: 1 LucianaIS.pdf: 335332 bytes, checksum: 5f89f072ec91d24abe9ce4db952202cc (MD5) Previous issue date: 2006-05-19 / This study presents itself as a contribution to the solidification of the Natural Gas industry, within the scope of the development of new products. The goal of this paper is to analyze the factors that lead to the success of new products through the evaluation of the activities done during the process of development of these products in the Natural Gas sector. To achieve this goal a case study was done in a small company of this segment. At first, as a basis for the study, a bibliographical research was done with books, theses, dissertations, monographies, publications in national and international periodicals, congress annals and publications in the internet related to the subject. Afterwards, a case study was done, aiming at the acquisition of further knowledge about the real process of development of products in a small company of the Natural Gas sector, allowing for the performance of the evaluation. The case study was done at Gas Project and Systems do Brasil, a company that works with the development of electronic equipment to the conversion of car engines to natural gas, through direct observations and interviews with the person responsible for the development and management of products. Through the evaluation of the process it was observed that the activities related to it are done in an informal way and some activities are considered unnecessary for their success. The results also suggest an emphasis in the technological activities, something that was not observed in the activities related to the market. The instruments used in this evaluation prove to be efficient to evaluate the process of development of new products in other companies, including those of different areas. Taking into account the relevance of the studied theme to the strengthening of the Natural Gas industry, it is necessary to do further complementary studies / O presente estudo apresenta-se como uma contribui??o ? solidifica??o da Ind?stria de G?s Natural, no ?mbito do desenvolvimento de novos produtos. O objetivo deste trabalho foi analisar os fatores que conduzem ao sucesso de novos produtos, atrav?s da avalia??o das atividades realizadas durante o processo de desenvolvimento desses produtos, no setor de G?s Natural. Para atingir tal objetivo, foi realizado um estudo de caso em uma pequena empresa deste segmento. Para fundamentar o estudo, foi realizada, inicialmente, uma pesquisa bibliogr?fica em livros, teses, disserta??es, monografias, artigos em peri?dicos nacionais e internacionais, anais de congressos, publica??es dispon?veis na internet, relacionadas ao tema de interesse. Posteriormente, foi realizado o estudo de caso visando obter um maior conhecimento sobre um processo real de desenvolvimento de produtos, em uma pequena empresa, no setor de G?s Natural, permitindo a realiza??o da avalia??o. O estudo de caso foi realizado na Gas Project & Systems do Brasil, empresa que atua no desenvolvimento de equipamentos eletr?nicos para convers?o automotiva em G?s Natural, a partir de observa??es e entrevistas com o respons?vel pelo gerenciamento e desenvolvimento de produtos. A empresa em estudo ? a ?nica do Nordeste a fabricar equipamentos que comp?em o kit de convers?o. Atrav?s da avalia??o do processo foi observado que as atividades a ele relacionadas s?o realizadas de maneira informal e algumas delas s?o consideradas desnecess?rias para o sucesso dos mesmos. Os resultados sugerem, tamb?m, uma ?nfase nas atividades tecnol?gicas, o que n?o foi observado para as atividades ligadas ao mercado. Os instrumentos utilizados para esta avalia??o mostram-se eficientes para avaliar o processo de desenvolvimento de novos produtos em outras empresas, inclusive de diferentes ?reas. Diante da relev?ncia do tema em estudo para o fortalecimento da Ind?stria de G?s Natural, faz-se necess?ria a realiza??o de estudos posteriores que o complementem

Conselho Nacional de Desenvolvimento Científico e Tecnológico / As reservas brasileiras de petróleo e gás natural apresentarão um significativo crescimento a partir do desenvolvimento das reservas da camada do pré-sal. Segundo estimativas elaboradas pela EPE e pela EIA, nos próximos vinte anos, haverá um quadro de grande oferta de gás natural no país, com a oferta excedendo a demanda. Como o segmento de transporte do gás natural tem grande importância na formação do custo desse energético, uma tecnologia de transporte menos onerosa irá proporcionar um cenário mais vantajoso para a entrada do gás no mercado. A presente dissertação analisa duas tecnologias disponíveis para escoamento do gás natural da camada pré-sal gasoduto submarino e gás natural liquefeito embarcado e as possibilidades de utilização no mercado interno ou para ser exportado. De acordo com dados da Petrobras, foram utilizadas três rotas para escoar o gás do pré-sal. A metodologia Valor Presente Líquido (VPL) foi utilizada para analisar qual dos investimentos em transporte é mais viável economicamente. Os resultados mostraram que de acordo com as perspectivas de produção do gás natural no horizonte de tempo analisado as duas tecnologias serão viáveis, com o transporte por gasodutos a alternativa mais viável economicamente. / The Brazilian reserves of oil and natural gas will present a significant growth from the development of the reserves of the pre-salt layer. According to estimates prepared by the EPE and the EIA, the next twenty years, the supply of natural gas will exceed demand. As the transportation sector natural gas has great importance in the formation of the cost of energy, a less costly transport technology will provide a more advantageous to enter the gas market. This dissertation examines two technologies available to transport the gas from the pre-salt layer - offshore pipeline and liquefied natural gas shipped - and the possibilities of using the domestic market or for export. According to data from Petrobras, three routes were used to drain the gas from the pre-salt. The methodology Net Present Value (NPV) was used to analyze which of the investments in transport is more economically viable. The results showed that according to the outlook for natural gas production in the time horizon analyzed the two technologies will be feasible to transport by pipeline economically the most viable alternative.

Globally, there are significant quantities of natural gas reserves that lie economically or physically stranded from markets. Options to monetize such reserves include Gas to Liquids (GTL) and Liquefied Natural Gas (LNG) technologies. GTL is a unique monetization option that brings natural gas products to crude oil markets. This technology is commercially immature, appears to have attractive market potential, requires substantial capital investments, and has uncertain operating costs and revenue generation. LNG is a more established monetization option. Project economics for the two technologies are reviewed, as well as literature evaluating such for either or both. Discounted cash flow models are studied for two project scenarios, and results are discussed and compared. The modeling effort seeks to inform the decision to invest in GTL or LNG for the monetization of a stranded gas reserve. / text

My dissertation consists of three distinct but related chapters on Energy Economics and Finance. My first chapter is an empirical evaluation of market conduct in global crude oil markets. "Hotelling rule" states that even in competitive equilibrium, price of an "exhaustible resource" exceeds its marginal cost due to the opportunity cost of depleting the non-renewable resource. This cost is called "scarcity rent". Oil price exceeds its marginal extraction cost significantly. This can be attributed to two different sources: effect of scarcity of oil on prices or exercising market power by OPEC (collusion). In this paper, I use Porter (1983) approach considering the possibility of "scarcity rent" component involved in the gap between price and marginal extraction cost in the oil market. The novelty of my approach is to empirically estimate scarcity rent using data on cost of production of oil. Two benchmark cases, where scarcity rent is either zero (non-exhaustible resources hypothesis (Adelman 1990)) or equal to minimum price-cost margin are considered. The results show that in both cases OPEC failed to cooperate effectively and in second case, market conduct estimated is closer to Cournot behavior. In the second chapter of my dissertation, we employ a real options approach to evaluate oil and gas companies' investment decisions in an empirical setup. We develop a theoretical model to derive testable predictions. A unique measure of investment costs is obtained from energy industry data vendors. This novel dataset contains details of contract terms and pricing for offshore drilling equipment, which constitute the major share of investment costs in offshore oil field development. The investment database is combined with financial and macroeconomic data, which enables us to perform a panel data analysis of investments' response to variations in investment costs and market variables such as the slope of futures curve, firms' past earnings, cost of capital and implied oil price volatility. Our results show that the larger firms, facing less financial friction, are more forward looking while the smaller firms, who have less access to capital markets, are more dependent on their past earnings. The third chapter of my dissertation is about the effect of recent natural gas production boom on U.S. manufacturing. Natural gas production in North America has increased significantly over the past decade causing the prices to plunge during past 5 years. The purpose of this research is to investigate the effect of low natural gas prices on energy intensive U.S. manufacturing industries using market data. I empirically evaluate the stock market reactions of publicly traded companies in energy intensive industries to arrival of new information about the unexpected price shocks in natural gas futures markets. My results show that the stock market does not react significantly to innovations in the expected price of natural gas, proxied for by monthly changes in natural gas futures contracts with a fixed maturity date. I then split the sample into two groups based on their expenditure on natural gas as a ratio of their total production value. The stock market valuation of companies in high "natural gas intensity" industries were positively affected by unexpected downward shocks in natural gas prices and the results are significant. / text

In 2001 the Gas Exporting Countries Forum (GECF) was created by some of the world’s leading natural gas producing and exporting countries in order to promote their mutual interests through cooperation, in particular with regard to extracting the maximum value from their natural gas exports. My core research question is: Does cooperation among GECF member countries explain those exporters’ market power in highly import-dependent natural gas consuming countries? To determine the influence of the GECF’s cooperative actions and policies, I study the GECF’s cooperative behaviour and measure the role of (collusive) producer conduct in terms of its contribution to achieving the main GECF objective: attaining gas prices that are measurably above the cost of production and hence help producers earn significant economic rents. I employ a variety of methods from the international relations literature on cooperation and cartelisation, collective action theory and an economic measurement model in three case studies. I find that cooperation among GECF members partly explains their market power in a number of import-dependent gas markets. This is so despite the GECF’s weak degree of institutionalisation. The reasons for the GECF’s influence on effective cooperative results are: first, conducive structural conditions in many gas importing markets favouring cartelisation; second, GECF members use methods such as artificial market entry barriers (e.g. long-term term contracts negotiated in a non-transparent way) to secure their market power and third, the GECF faces less severe internal procedural challenges that plague other cartels such as collective action problems, especially cheating. Cooperation among GECF exporters hence contributes to high(er) prices of natural gas. This causes economic inefficiencies and a transfer of wealth—and political power—from gas consumers to producers. It also hinders climate change mitigation as cleanerburning gas remains too expensive to replace ‘dirty’ coal in power generation.

This paper analyses the purchase and operation of vehicles on compressed natural gas. It contains a definition of Compressed Natural Gas (CNG) and discusses the various phases of its use in transport. It indicates the differences of this alternative fuel compared to traditional fuel such as gasoline or diesel. Then it focuses on the main reasons to support the use of compressed natural gas transport and talks about the legislation which has a major role in the development of alternative fuels. Then it specifies the disadvantages which can be associated with its use in transport. The last section includes an analysis on the specific example of the RWE CZ Group, which compares the different costs for compressed natural gas vehicles and vehicles which run on conventional fuel. Specifically the cost per kilometer of vehicle, CO2 emission and purchase price are given for comparison.

Submitted to School of Chemical and Metallurgical Engineering, Faculty of Engineering and the Built Environment, University of the Witwatersrand, Johannesburg, South Africa 24 August 2016 / The recent significant discoveries of gas in Mozambique could provide a much needed solution to the South African electricity crisis, but at what cost? This research report seeks to determine the economic viability of utilising Mozambican Gas to produce electricity by using data from the Integrated Resource Plan 2010-2030 Update of 2013 in a levelised cost of electricity model. The Mozambican gas fields are yet to be developed and the final price at which gas will be available is unclear, but a price range determined by ICF international in a study for the World Bank is assumed for the purposes of the study, with the results yielding a range levelised cost of energy. The results of the levelised cost determine that Mozambican gas can be utilised to provide an economical solution to the south African electricity crisis, but the price at which gas is available will determine the type of generation, either peaking power, midmerit and or baseload generation. / MT2017