The foundation of OPEC (Organization of Oil Exporting Countries) was laid in the early 1960‟s by the five major oil exporters, Iran, Iraq, Kuwait, Saudi Arabia and Venezuela, in Baghdad, Iraq. OPEC is supposed to allocate its production level among its member countries based on cartel- dominant firm model, for profit maximization.

The International market of crude oil and natural gas is well established and very competitive. Knowledge about costs is important in helping to understand the current position of producers within the industry. In the eyes of the producers, the lower the costs the more profitable they will become given the price of crude. This thesis focuses on an economic analysis of crude oil exploration in Saskatchewan and Alberta. In a competitive market, the producers require estimates of finding costs in both regions. The public policies that are designed to encourage crude exploration also rely heavily on reliable estimates of these costs. The results show that Saskatchewans per-unit finding cost is significantly lower than Albertas in spite of the geological differences between the two provinces. The finding costs are estimated by using a methodology (Uhler 1979) that has been widely accepted within economic literature of non-renewable resources. The results support the hypothesis that finding costs in both regions are increasing and the argument that these costs will converge in the long-run, except for the last six years of the analysis.

The International market of crude oil and natural gas is well established and very competitive. Knowledge about costs is important in helping to understand the current position of producers within the industry. In the eyes of the producers, the lower the costs the more profitable they will become given the price of crude. This thesis focuses on an economic analysis of crude oil exploration in Saskatchewan and Alberta. In a competitive market, the producers require estimates of finding costs in both regions. The public policies that are designed to encourage crude exploration also rely heavily on reliable estimates of these costs. The results show that Saskatchewans per-unit finding cost is significantly lower than Albertas in spite of the geological differences between the two provinces. The finding costs are estimated by using a methodology (Uhler 1979) that has been widely accepted within economic literature of non-renewable resources. The results support the hypothesis that finding costs in both regions are increasing and the argument that these costs will converge in the long-run, except for the last six years of the analysis.

This dissertation investigates the pricing behaviors of two major energy commodities, U.S. natural gas and crude oil, using times series models. It examines the relationships between U.S. natural gas price variations and changes in market fundamentals within a two-state Markov-switching framework. It is found that the regime-switching model does a better forecasting job in general than the linear fundamental model without regime-switching framework, especially in the case of 1-step-ahead forecast. Studies are conducted of the dynamics between crude oil price and U.S. dollar exchange rates. Empirical tests are applied to both full sample (1986—2010) and subsample (2002—2010) data. It is found that causality runs in both directions between the oil and the dollar. Meanwhile, a theoretical 5-country partial dynamic portfolio model is constructed to explain the dynamics between oil and dollar with special attention to the roles of China and Russia. It is shown that emergence of China‘s economy enhances the linkage between oil and dollar due to China's foreign exchange policy. Further research is dedicated to the role of speculation in crude oil and natural gas markets. First a literature review on theory of speculation is conducted. Empirical studies on speculation in commodity markets are surveyed, with special focus on energy commodity market. To test the theory that speculation may affect commodity prices by exaggerating the signals sent by market fundamentals, this essay utilizes the forecast errors from the first essay to investigate the forecasting ability of speculators' net long positions in the market. Limited evidence is provided to support the bubble theory in U.S. natural gas market. In conclusion, this dissertation explores both fundamentals and speculators' roles in the U.S. natural gas and global crude oil markets. It is found that market fundamentals are the major driving forces for the two energy commodities price booms seen during the past several years.

ABSTRACT In this paper we describe the use of electrospray-assisted pyrolysis ionization/mass spectrometry (ESA-Py/MS) to selectively ionize trace polar compounds that coexist with large amounts of nonpolar hydrocarbons in synthetic polymer, crude oil, amber, humic substances, and rubber. Samples of different origins are distinguished rapidly by their ESA-Py mass spectra without prior separation or chemical pretreatment. During ESA-Py analysis, the samples in their solid or liquid states were pyrolyzed at 590 ¢XC using a commercial Curie-point pyrolytical probe; the gaseous pyrolysates were transferred into a glass reaction cell; the polar compounds (M) in the pyrolysates were then ionized in the form of protonated molecules (MH+), through their reactions with the charged species in the ESI plum. Although the major components of the pyrolysates are nonpolar hydrocarbons, their lack of functional groups that can receive a proton in the ESA-Py source results in no hydrocarbon ion signals being produced; thus, the ions detected in ESA-Py mass spectra all result from trace polar component in the pyrolysates.

Licenciatavhandling Uppsala : Sveriges lantbruksuniversitet, 2009. / Härtill 2 uppsatser.

The increased use of fossil fuels during the last centuries has caused elevated levels of carbon dioxide in the atmosphere. There is significant evidence that this is the cause of global warming. To mitigate the global warming, measures has to be taken to use renewable fuels and make processes more efficient. Catalytic gasification and downstream upgrading of synthesis gas is a promising technology for biofuel production, where previous research in black liquor gasification is currently expanding into a wider fuel feedstock. This work focuses on co-gasification of black liquor and by-products from other biofuel production technologies. The interesting by-products were crude glycerol from biodiesel production and spruce fermentation residue from ethanol production. The main goals were to study if the fuels can mix homogeneously and study the char reactivity. CO2 char gasification for mixtures of black liquor and glycerol or fermentation residue respectively was studied using thermogravimetric analysis (TGA) for four temperatures between 750°C and 900°C. The results show that glycerol can be mixed in all proportions with black liquor and indicate that the char reactivity is unchanged. The sustained char reactivity for blends is attributed to the volatility of glycerol. The fermentation residue does not produce a homogeneous mixture with black liquor and the char is less reactive. More studies should be performed to further elucidate the validity of the results.

The ability to select low-cost, high-performance surfactants for a wide range of crude oils under a wide range of reservoir conditions has improved dramatically in recent years. Surfactant formulations (surfactant, co-surfactant, co-solvent, alkali, polymer, and electrolyte) were developed by using a refined phase behavior approach. Such formulations nearly always result in more than 90% oil recovery in core flood when good surfactants with good mobility control are used. The advances that have improved performance, reduced cost, increased robustness, and extended the range of reservoir conditions for these formulations are described in this work. There are thousands of possible combinations of the chemicals that could be tested for each oil and each chemical combination requires many observations over a long time period at reservoir temperature for proper evaluation. It would take too long, cost too much and in many cases not even be feasible to test all combinations. In practice the scientific understanding is used to match up the surfactant/co-surfactant/co-solvent characteristics with the oil characteristics, temperature, salinity, hardness and so forth. Synthesized and new surfactants with much larger hydrophobes and more branching than previously available were tested. New classes of co-solvents and co-surfactants with superior performance were test to improve aqueous solubility. These new developments resulted in improved ASP formulations for both oils that react with alkali to make soap and oils that do not. Many of these developments are synergistic and taken together represent a breakthrough in reducing the cost of chemical flooding and thus its commercial potential. / text

Oil is an important energy source and a necessary industrial raw material. Every country’s economic growth and the daily life of its people are dependent on this energy form. Historically, the oil prices have varied significantly on the world market. This led to at least two oil crises when prices increased in a very fast pace. In order to reduce such rapid fluctuations, oil was introduced at so called commodity exchanges. At such trading places oil could be traded openly for future delivery and hence the market was aware of price changes in advance. A commodity exchange sells special contracts in the form of so called “futures”. In fact there are many different contracts, each exchange has its own set of them covering for a number of different oil types. This thesis deals with these contracts and how they are traded.

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.