• مطالعات اقتصادی مرتبط با حاملهای انرژی (فسیلی، تجدیدپذیر و برق)
KHALED ALJOMAA; Teimor Mohammadi; Atefeh Taklif; Touraj Dehghani
Abstract
The purpose of this study is to compare the economic efficiency of Iran's petroleum contracts, buyback contracts, and production-sharing contracts. This study also determined the optimum path for production and drilling operations in the Yadavaran oil field which has special importance because it is ...
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The purpose of this study is to compare the economic efficiency of Iran's petroleum contracts, buyback contracts, and production-sharing contracts. This study also determined the optimum path for production and drilling operations in the Yadavaran oil field which has special importance because it is a joint field with Iraq. It was estimated using real field data and the SQP algorithm by MATLAB software. First, the objective function, the constraints of each contract model, and the cost function are defined and expressed based on field data. For the objective function, the oil price is determined based on the reference price scenario and based on the forecast of the US Energy Information Administration (EIA). Cao et al (2009) 's cost function model is also modified by using historical field data (first development phase data) to be applied to the study field. The results show that the most efficient oil contract is the Iran petroleum contract, with a low floor for capital costs and no limit to the number of drilled wells. it was proved that the buyback contract with the ceiling of capital costs incompatible with the recovery coefficient has recorded the lowest efficiency. Also, the Iran petroleum contract can be a good alternative to the buyback contract, because it can well solve the problems of the buyback contract, especially for joint oil fields where the priority of the objective function of the maximum cumulative production over the objective function of the maximum present value of the total profit is more desirable.
مطالعات اقتصادی مرتبط با حاملهای انرژی (فسیلی، تجدیدپذیر و برق)
Mohammad Shirijian; Ali Taherifard
Abstract
In this study, the optimum oil production pattern from the Frouzan oil field is extracted and compared using the generalized reduced gradient (GRG) optimal control method in the framework of Buy Back contract in the form of a scenario and the framework of the Production Sharing Contract in terms of different ...
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In this study, the optimum oil production pattern from the Frouzan oil field is extracted and compared using the generalized reduced gradient (GRG) optimal control method in the framework of Buy Back contract in the form of a scenario and the framework of the Production Sharing Contract in terms of different amounts of profit oil ratio in the three scenarios. Comparing the optimal route of oil production from the field in the framework of these two contracts, it is concluded that the annual production level and cumulative production will increase by increasing the ratio of profit oil and subsequently increasing the share of the contractor (or foreign oil company) as the operator of the production sharing contract. The optimum increases from the Forouzan field and by increasing the mentioned ratio from a threshold value, it is even higher than the level of annual production and optimal accumulation of the Buy-Back contract.
mortaza khorsandi; Atefeh Taklif; ali faridzad; Ali Taherifard; ali saberi
Abstract
The choice of contract type in oil fields has always been one of the main and problematic challenges in Iran and elying in making decisions in this regard leads to a dely or non-investment. On the other hand, one of the ways to recognize the components of bargaining power is to recognize and ...
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The choice of contract type in oil fields has always been one of the main and problematic challenges in Iran and elying in making decisions in this regard leads to a dely or non-investment. On the other hand, one of the ways to recognize the components of bargaining power is to recognize and evaluate various types of international contracts. Therefore, in thiss study, while introducing the fiscal model of the contractual agreement concluded in Iran, as well as a combination of contracts for participation in traditional production in Azerbaijan with Joint venture, has been applied to financial simulation in Duroud oil field. After explaining the optimization problem using the generalized reduction gradient method, the optimal production path from the perspective of the parties to the contract is estimated andcompared with the production path specified in the buy back contract. The results show that the use of share-based indicators of project revenues and the net present value of a project for evaluate of oil contracts can be misleading. The oil production path agreed in the Buy back contract is higher than the optimal production path from the perspective of both sides of the combined contract. Tthis is due to the desire of the International Oil Company to rapidly capture capex and remuneration fee in the shortest possible time. Increase in recoverable reserves due to gas injection (presented in MDP), which was approved in buy back contract is less than its optimal amount from the viewpoint of Joint venture in a hybrid contract. This indicates that the proposed hybrid contract is closer to the Maximum Effective Rate and Maximum Final Recovery from Oilfields than the conventional buy back agreement in Iran.
Abbas Kazemi Najafabadi; Alireza Ghafari; Ali Takroosta
Abstract
Signing Oil Contracts with international oil companies for upstream and downstream operations in Iran's oil industry has a long history. After the discovery of oil, the first international oil contract was signed in Iran. Different types of oil contracts have been used in Iran. In most cases, the adequacy ...
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Signing Oil Contracts with international oil companies for upstream and downstream operations in Iran's oil industry has a long history. After the discovery of oil, the first international oil contract was signed in Iran. Different types of oil contracts have been used in Iran. In most cases, the adequacy of contracts in terms of economic benefits has raised questions and ambiguities for Iran. To investigate this topic, the gas buyback contracts are evaluated from an economic point of view. In order to assess the results more carefully, these contracts are compared with the Production Sharing Contracts. Phases 2 and 3, and also 4 and 5 of South Pars Gas Field have been selected for this paper. Since these projects have been awarded in the form of buy-back contract, in addition of defining different scenarios, the Production Sharing Contract for the project has been simulated. After finding the best scenario in terms of the production sharing contracts for both projects, we found that for phases 2 and 3 of the South Pars, the Production Sharing Contract and for phases 4 and 5, the buyback contract, are proved to be more favorable for Iran.
