close look at my Resume will indicate that I majored in the exploitation of oil and gas fields in my undergraduate program and specialized in petroleum engineering, a similar specialty, in my Master’s program. It may well be asked why I maintain such a close affinity with petroleum. The answer is simple and straightforward—because I was born and I grew up on an oil field and I have cherished a deep love for all that it represent. Even as a child, I had a habit of watching for hours how beam-pumping units, standing as if like a miniature forest, worked, indulging myself in all kinds of fantasies and reflections about the mysterious reservoir underground with great curiosity. I imagined that someday I would be able to unveil its mysteries. …show more content…
The thesis solved the problem of the discretization of the thermodynamic equation by the numerical interpolation method. Based on this, I compiled the numerical simulation software and worked out two major problems, that of selecting the most efficient electrical cable or the electrical heating rod in order to save energy, and that of providing a foundation for the numerical simulation of heavy oil reservoir by calculating the temperature distribution in the surrounding areas of the wellbore. This software has been put into wide application in China’s two major oil fields—Qinghai Oil Field and Liaohe Oil Field. Similarly, my thesis for the Master’s program, The Simulation and Modeling about the Effect of Side-Tracked Horizontal Well and Created Fracture Used for Developing the Remaining Oil of the Top Part of the Thick Oil Layer, explored how the remaining oil in the top part of the thick oil layer can be fully exploited by means of side-tracking in the horizontal well and hydraulic fracturing of the upper parts of oil layers. In this thesis, I compiled numerical simulation software with more than 8000 lines of source codes. A scheme of numerical simulation input parameters was designed based on cross experimental design method, which realized the simultaneous optimization of multiple construction parameter variables. Since its application in Daqing Oil Field, the first major oil field in China, this software has been highly
Valuation is the estimation of an asset’s value, whether real or financial, based on variables perceived to be related to future investment returns, on comparison with similar assets, or, when relevant, on estimates of immediate liquidation proceeds (Pinto, Henry, Robinson, Stowe; 2010). Correct valuation of real assets can present challenges to financial analysts. Different models can be used to arrive at the closest estimate of value and yet certain issues will always arise. This case attempts to tackle two approaches in real asset valuation: Discounted Cash Flow (DCF) analysis and the issues surrounding such, as well as the Black-Scholes Model for Real Options. Questions to be addressed in the study are:
The fossil fuels contain high percentage of carbon and include coal, oil, and natural gas, are the major source of energy that power our modern society. Fossil fuel range from low carbon to hydrogen ratio like methane, to liquid petroleum, to almost pure carbon like coal. Petroleum, such as natural gas and crude oil, contains a mix of hydrocarbons. Hydrocarbon deposits underneath the earth surface, such as oil and natural gas, is search by petroleum geologist and geophysics, called hydrocarbon exploration and oil exploration.
From the day in 1901 when a little hilltop near Beaumont began to gush oil,a big part of Texas changed that day. Oil has been changing our life ever since that historical day in 1901. Today, more than a century later, Texas still produces more oil than any other state in the Union.Oil has brought more wealth to Texas than ever before.
A test engine called Research Octane Number (RON) grades the gasoline performance (Torque, 2014). The higher the octane number is, the greater the fuel’s resistance is to knocking. Knocking happens when the air/fuel mixture detonates too early and decreases the engine efficiency (EXXON, 2014). The Motor Octane Number (MON) simulates more severe operation that might be incurred at high speed or high load. An average of RON and MON or R+M/2 is the octane of a gasoline (Refining Online, 2014).
After graduating from North Carolina State University with my Bachelor’s in Environmental Technology and Management and a minor in Environmental Toxicology, I knew that I would want to spend the rest of my career being dedicated to the environmental field. With my grandfather and father working in the petroleum industry, the precedents set before myself, I knew I’d like to continue in the industry by combining my family’s history of working the petroleum pipeline industry, with my dedication to the environmental field. The events such as the Exxon Valdez spill and the Deepwater Horizon spill have driven me to want to learn more about the effects left on the environment in which it happened in and new
Americans have been drilling for oil for more than half of their existence. Before the 1850’s oil was of little use and had no market for commerce as there was not one overwhelming use for it. Until around the 1850’s, when technology advanced, with it sparking search for one of the most sought after natural resources that countries would later go to war over, petroleum oil. Early inventions like the kerosene lamp provided a new stable home necessity to live by, increasing the demand for crude oil. This would be met in part by Colonel Edwin Drake, who drilled the first successful oil well in 1858. While Drake’s invention for extracting crude oil from the ground would bring about a new era for industrialization, his “black gold” would bring about an even larger effect, the environmental disasters caused by man. For over one hundred and fifty years of drilling for oil, both on shore and offshore, has led to some of the worst catastrophes to both nature and mankind. While many of these catastrophes have led to the deaths of hundreds of crew members, they have also led to long lasting effects on the environment, local and national economies, legislation, regulations, and human morale. These following effects can be seen in the most recent and most contaminated marine oil spill in history. To the media and public it’s known as the British Petroleum offshore drilling oil spill in 2010.
The purpose of this research is to identify the impact of the petroleum industry on Odessa, Texas during the 20th century. The main objective of this research is to explain how the massive growth of the petroleum industry in Odessa came about and the social changes that had occurred as a result of the thriving oil industry. Beginning in North Texas, the boom then spread to West Texas when the United States became desperate for oil during and after World War I and II. This research drew upon primary and secondary sources such as oral interviews, memoirs, articles and books from the local University library. Upon examination of these sources it becomes clear that the discovery of oil in Odessa, Texas became the foundation for the towns economic
September 5, 1927 marked a turning point in the history of oil exploration. Before then, to assess the composition of subsurface rocks to find oil pay-zones, scientists had to rely on core samples brought up from boreholes. These were highly unreliable and drilling companies frequently missed oil zones. Conrad Schlumberger had the idea of running an electrical probe into the drilled borehole to measure resistivity through the formation. This first log taken in the Alsace region of France was a simple hand-plotted graph, but it effectively aided engineers to “view” what was inside the
Since the beginning of the oilfield in the United States, Texas has been one of the leading states in this industry. In 1866, Lyne T. Barret drilled the first producing oil well at Melrose in Nacogdoches County [7]. From here, more wells were brought in, but the big Texas oil revolution began at a well-called Lucas No. 1. It was here, In Spindle top, Beaumont, where Capt. Anthony F. Lucas drilled the well that would produce 94 percent of the state’s production at the time and produce more than 17 million barrels of oil [7]. Now, 114 years later, Texas has given up another oil field play that will revolutionize the industry. This play is named Eagle Ford Shale. Figure 1 shows where the shale outcrops
This career started with the discovery of oil in 1859 when Edwin Drake had the first commercial oil rig. The pipes started out being simple, by starting at the drill hole and going to the tank or refinery as long as it was close. In the early 1900’s, John D Rockefeller became the most powerful man in the world, controlling most of the world's oil. After a few years, the government put a stop to Rockefeller’s rein and distributed the wealth. In the 1920’s, the pipeline grew to over 115,000 miles of pipe, almost tripling in size. During WWII, pipelines went from Texas and Oklahoma to the east coast making it faster and more efficient. That in return made production of war materials grow rapidly. In the 50’s, the United States became explorers
Oil is a very important fossil fuel that is used for various sources of energy. Oil supplies power to industries, fuel for transportation, heat for buildings, and provides raw material for plastics, paints, textiles, and other materials (hybrid cars). To access this fossil fuel, oil drilling is used. Land-based oil drilling became less productive and as the global stipulation for energy increased, technology, law, and geology impacts stepped in and pushed the exploration of oil away from shores (CITE). With its historical background, offshore oil drilling is one of the most important aspects of today’s economy although we are faced with its risks and consequences, such as the BP Deepwater Horizon explosion of the Gulf of Mexico.
Valuation is the estimation of an asset’s value, whether real or financial, based on variables perceived to be related to future investment returns, on comparison with similar assets, or, when relevant, on estimates of immediate liquidation proceeds (Pinto, Henry, Robinson, Stowe; 2010).
The oil and gas industries involve a high amount of documentation for both transportation as well as extraction and field services. Activities are highly regulated, and subject to oversight from Federal Energy Regulatory Commission (FERC), the Department of Transportation (DoT), the Environmental Protection Agency (EPA), and the Department of the Interior (DoI). That said, the process of regulation is trending toward a more digitized system, with organizations like FERC having their own submission portals that implement a “fill-in-the-blank” platform to complete forms. However, not all forms have yet been converted to digital submission even in agencies with online portals, and other agencies still remain reliant on
Currently, the conventional approach is to aggressively explore and develop new fields. This has led to a growth in drilling deeper wells and looking to ‘off-shore’ sites for new production of ‘light’ crude. However, as recent events in the Gulf of Mexico demonstrate with the British Petroleum incident and the resulting clean-up costs and loss of credibility, this approach has risks. It
‘It is when I struggle that I strengthen. It is when challenged to my core that I learn the depth of who I am.’ I kept on repeating this to myself waiting for my campus interview in the final year. Sitting there with fervor, I entered the room with utmost confidence. The whole interview was not just technical but challenged my grit, determination and presence of mind. And after coming out of the interview, I just knew I had grabbed the opportunity. That day taught me; challenges can make you or break you; it all depends on you.