22 October to 25 November on line course will be held Los Almacenamientos Subterraneos de Gas (Underground Gas Storage).
This course aims to give a global view of the world of Oil & Gas, focusing on underground storage, a subject rarely addressed at times, but present in Spain and increasingly strategic due to the change of global energy priorities.
This course will deal with basic concepts of petroleum geology, geophysics, the Petroleum system, monitoring methods, CO2 management, drilling, etc.
The course is divided into six topics:
Topic 1 gives general overview on underground gas storages, types, natural gas properties, market, and future expectations.
Topic 2 describes project phases for the realization of the underground gas storage, main parameters and properties of a reservoir, reservoir tests, static and dynamic models with example in PETREL.
Topic 3 describes functions and design of a well, types of wells and facilities and all activities from preparation of the land, through the process of drilling and description of drilling equipment and drilling fluids.
Topic 4 describes surface installations such as industrial process and facilities, complementary infrastructures (LNG plants, gas pipeline network, etc) and offshore facilities.
Topic 5 - Monitoring of the gas bubble and seismic control. Definitions and objectives of monitoring,
geophysical methods (seismic and non seismic), establishments of monitoring networks and control.
Topic 6 Storage of CO2: Technology and development, capture, transport, storage, generalities and similarities with natural gas, feasibility and current experiences.
In these short notes it was impossible to present the whole scope of prepared material, so anyone who can, I recommend to follow the course.
In spite that this lecture is related to Spain, I believe it will be interesting for wider audience. For example, Gas consumption in Croatia has increasing tendency and considering continuous drop of domestic production, storage capacities are important for stabile gas supply in the future. Planned LNG terminal in Omisalj (Island Krk) can play significant role in diversification of energy import not only in Croatia, but for wider region as well.
Another aspect opened by this course is CO2 management. Anyone who worked in environmental protection, especially regarding air quality, and climate change knows that CO2 isn’t considered as a pollutant, but as the economic parameter, wary significant in business after introduction of Emission Trading System (ETS). Another economic aspect is that the climate change impacts are considered in practically every serious project. So in spite that CO2 was chosen as closure, probably it will open some of following courses.
At the end, I would like to thank my Mentee Alberto Sanchez Miravalles and other colleagues for giving me a chance to participate in this nice project.
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Headline crude prices for the week beginning 11 February 2019 – Brent: US$61/b; WTI: US$52/b
Headlines of the week
Midstream & Downstream
Global liquid fuels
Electricity, coal, renewables, and emissions
2018 was a year that started with crude prices at US$62/b and ended at US$46/b. In between those two points, prices had gently risen up to peak of US$80/b as the oil world worried about the impact of new American sanctions on Iran in September before crashing down in the last two months on a rising tide of American production. What did that mean for the financial health of the industry over the last quarter and last year?
Nothing negative, it appears. With the last of the financial results from supermajors released, the world’s largest oil firms reported strong profits for Q418 and blockbuster profits for the full year 2018. Despite the blip in prices, the efforts of the supermajors – along with the rest of the industry – to keep costs in check after being burnt by the 2015 crash has paid off.
ExxonMobil, for example, may have missed analyst expectations for 4Q18 revenue at US$71.9 billion, but reported a better-than-expected net profit of US$6 billion. The latter was down 28% y-o-y, but the Q417 figure included a one-off benefit related to then-implemented US tax reform. Full year net profit was even better – up 5.7% to US$20.8 billion as upstream production rose to 4.01 mmboe/d – allowing ExxonMobil to come close to reclaiming its title of the world’s most profitable oil company.
But for now, that title is still held by Shell, which managed to eclipse ExxonMobil with full year net profits of US$21.4 billion. That’s the best annual results for the Anglo-Dutch firm since 2014; product of the deep and painful cost-cutting measures implemented after. Shell’s gamble in purchasing the BG Group for US$53 billion – which sparked a spat of asset sales to pare down debt – has paid off, with contributions from LNG trading named as a strong contributor to financial performance. Shell’s upstream output for 2018 came in at 3.78 mmb/d and the company is also looking to follow in the footsteps of ExxonMobil, Chevron and BP in the Permian, where it admits its footprint is currently ‘a bit small’.
Shell’s fellow British firm BP also reported its highest profits since 2014, doubling its net profits for the full year 2018 on a 65% jump in 4Q18 profits. It completes a long recovery for the firm, which has struggled since the Deepwater Horizon disaster in 2010, allowing it to focus on the future – specifically US shale through the recent US$10.5 billion purchase of BHP’s Permian assets. Chevron, too, is focusing on onshore shale, as surging Permian output drove full year net profit up by 60.8% and 4Q18 net profit up by 19.9%. Chevron is also increasingly focusing on vertical integration again – to capture the full value of surging Texas crude by expanding its refining facilities in Texas, just as ExxonMobil is doing in Beaumont. French major Total’s figures may have been less impressive in percentage terms – but that it is coming from a higher 2017 base, when it outperformed its bigger supermajor cousins.
So, despite the year ending with crude prices in the doldrums, 2018 seems to be proof of Big Oil’s ability to better weather price downturns after years of discipline. Some of the control is loosening – major upstream investments have either been sanctioned or planned since 2018 – but there is still enough restraint left over to keep the oil industry in the black when trends turn sour.
Supermajor Net Profits for 4Q18 and 2018
- 4Q18 – Net profit US$6 billion (-28%);
- 2018 – Net profit US$20.8 (+5.7%)
- 4Q18 – Net profit US$5.69 billion (+32.3%);
- 2018 – Net profit US$21.4 billion (+36%)
- 4Q18 – Net profit US$3.73 billion (+19.9%);
- 2018 – Net profit US$14.8 billion (+60.8%)
- 4Q18 – Net profit US$3.48 billion (+65%);
- 2018 - Net profit US$12.7 billion (+105%)
- 4Q18 – Net profit US$3.88 billion (+16%);
- 2018 - Net profit US$13.6 billion (+28%)