M.Com. (Economics) / Please refer to full text to view abstract

Thesis (M.M. (Finance & Investment))--University of the Witwatersrand, Faculty of Commerce, Law and Management, Graduate School of Business Administration, 2013. / This paper analyses the provision of development finance to oil and gas exploration and production (E&P) firms through Development Finance Institutes (DFIs) in Africa. The paper aims to determine the state of equity markets and development finance in Africa and the level at which they contribute to the financing of oil and gas projects in Africa. The main question to be answered: is small firm participation sustainable in the oil and gas industry if equity markets do not develop to meet the financing needs in Africa? It is found that development finance contributes a small proportion of capital into oil and gas deals and financial equity markets play an even smaller role in garnering finance for capital intensive projects in the oil and gas industry as most finance is sourced externally or from internal cash flows. Small firms tend to reduce their interest in oil and gas projects based on lack of access to domestic finance through equity markets and limited development finance availability.

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Polymers are among the most important of various oilfield chemicals and are used for a variety of applications in the oil and gas industry (OGI) including water and gas shutoff, drilling mud viscosity modification, filtration loss control (FLC), swellable packers, loss circulation material (LCM) pills, enhanced oil recovery (EOR), fracture treatment and cleanup, chemical placement, etc. The deposition and retention of polymer molecules in porous media and their interactions with rock and fluids present complex phenomena that can induce formation damage. Formation damage due to polymer retention can occur via mobility reduction in three possible mechanisms of polymer-induced formation damage: 1) pore-throat blocking, 2) wettability alteration (which can alter permeability), and 3) increase in reservoir fluid viscosity. Physical adsorption can also cause permanent permeability impairment (formation damage). This polymer-induced formation damage (causing a reduction in net oil recovery) continues to be a fundamental problem in the industry owing to the rather shallow understanding of the mechanics of polymer-brine-rock interactions and the polymer-aided formation damage mechanisms. Most models available for polymer risk assessments appear to be utilised for all scenarios with unsatisfying results. For example, only very little, if any, is known on how polymer type, particularly in the presence of brine type impact on formation damage. In order words, one of current industry challenges is finding effective polymers for high salinity environments. Also, the effect of polymer charge, as well as charges at the brine-rock interface are issues that require a deeper understanding in order to address the role polymer play in formation damage. Furthermore, no much recognition has been given to polymer rheological behaviour in complex porous media, etc. The OGI therefore still faces the challenge of the inability to correctly predict hydrolysed polyacrylamide (HPAM) viscosity under shear degradation; and consequently have not been able to meet the need of production predictions. The effect of the above mentioned factors, etc have not been fully integrated into the polymer formation damage modelling. In this PhD research work, theoretical, numerical, laboratory experiments and analytical methods were used to further investigate the mechanics of polymer-brine-rock interactions and establish the mechanisms for formation damage related to polymer application. Three different hydrolysed polyacrylamide (HPAM) products (SNF FP3630 S, 3330 S and FloComb C3525) were used in the experiments; while Xanthan gum was used in the simulation work. The following variables were considered: 1) polymer type, 2) effect of concentration, 3) effect of salinity/hardness, 4) effect of permeability and pore size distributions, 5) effect of inaccessible pore volume (IAPV) on retention, 6) effect of flow rate (where a special method was established to quantify the effect of flow rate on polymer retention). Laboratory rheological and adsorption experiments were designed and conducted. Experimental results indicate that higher concentration of calcium divalent ions in brine help promote polymer retention on rock surface. On the basis of the experimental results, empirical models were developed and validated to: 1) predict HPAM rheological behaviour over a wide range of shear rates, 2) predict salinity-dependent polymer-induced formation damage, 3) in addition, a modified screening model that can aid polymer selection for field application design is proposed. Overall, these models can therefore serve as useful tools, and be used for quick look-ahead prediction and evaluation of polymer related formation damage in oil and gas-bearing formations.

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This thesis examines the methods used by high reliability industries to collect incident data regarding the human factors causes and uses this information to develop a tool for the investigation of accidents and incidents. The focus is the UK offshore oil gas industry, where attention to human behaviour in incident analysis has increased in importance with the reliability of technology. It is proposed that such analysis is also applicable to other high reliability organisations. Reviews of accident causation research, incident reporting and investigation systems, as well as safety climate studies, have provided the basis for three empirical studies. Two reporting forms and one investigation tool have been designed and tested in the offshore oil and gas industry. The first reporting form contains 11 open questions to be completed by the witnesses to incidents. The second reporting form contains 166 questions, which provide more cues for the users to describe the possible causes of the incident. The human factors investigation tool (HFIT) is a more complex method of collecting incident data and contains a total of 391 questions to aid investigators determine the contributing factors to the incident. This thesis provides some evidence that the two reporting forms and the investigation tool have improved the investigation of the human factors causes of incidents over and above the oil companies existing systems. This was accomplished by applying psychological theories and methods successfully used in other industries to develop the reporting and investigation system which focus mainly on the human and organisational causes of accidents. HFIT combines aspects from a number of investigation tools currently used in other industries, such as processes for investigation and causal codes. In addition, the question set of categories, elements, sub-elements and item codes has been developed as a computer programme which is a unique system for incident investigation. The system includes an original set of team working and safety culture questions based on current research in these areas.

This thesis explores in detail intuition or the often neglected, non-analytical aspects of the strategic decision-making process.  In doing so, it makes a significant contribution to the existing body of knowledge on strategic decision-making. In order to fully explore the strategic decision-making process, analysis (analytical aspects) and the interaction of both intuition and analysis are also considered.  Companies involved in the present study are classified according to three types based on the results:   Analytical, Intuitive and See-Saw.  This forms a useful means of comparison between companies. A model is developed drawn from the empirical analysis, which highlights that there are various aspects within the organisational and industry environment, including analysis and intuition, which influence inter-organisational variation in strategic decision-making.  Variation in the strategic decision-making process is important to consider because it may be a source of competitive advantage for individual companies.  The applied implications of the model are also discussed. The upstream oil and gas industry, a dynamic environment characterised by uncertainty, provided the setting for the current study.  Data was collected in both Australia and the U.K.  Fifty face-to-face interviews were conducted within eleven operators and one serve company.  This information was also supplemented with documentary material.  Grounded theory (Glaser and Strauss, 1967) provided the research strategy.  It is intended the empirical results will increase the clarity and understanding of the strategic decision-making process, ultimately leading to better and more informed decisions being made.

Thesis (Ph.D.)--McMaster University, 2005. / Supervisor: Stuart Mestelman. Includes bibliographical references.