Frequently Asked Questions
What is petroleum economics?
Petroleum economics is a sequence of political and economic interactions related to the oil industry. You must be well-versed with general economics apart from geopolitical history and that of the oil industry.
What is the economic significance of petroleum?
Petroleum has tremendous economic significance. Oil, coal, and natural gas make up 80% of American energy. Their affordability and accessibility in homes infuse billions of dollars into new manufacturing. Fewer energy costs because of oil and gas supply also support private sector investments. It also boosts economic growth.
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What does a petroleum economist do?
A petroleum economist designs criteria for new oil and gas projects. They also perform economic studies to solve different courses of action. They guide upstream investment chances, with their ultimate focus being on developing reservoirs for the long term.
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The Most Common Economic Model to Evaluate Oil and Gas Projects
The most commonly used model for assessing oil and gas projects is the cash flow model. Huge acquisitions are assessed by inspecting the acquisition’s impact on the net income. Cash flow for a specific project are forecast yearly or monthly until the project is rendered uneconomical.
Powerful machines evaluate on a monthly basis and report the outcomes yearly. In both yearly and monthly calculations, economists adhere to a single process. Every period’s profit gets defined as the net cash flow. Besides the cash flow model, the other two models for evaluating gas and oil projects are the tax and financial net income models. These three models differ based on the cost timings.
According to the cash flow model, the entire expenses and investments are recognized at the time of their occurrence. The financial net income model matches the revenue with the expenses to generate that revenue. The tax model is employed only after carrying out an after-tax analysis.
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Topics That We Offer Help Students With
You can seek online petroleum economy assignment help in various topics. Here are the common topics that we provide help with.
Basics of the petroleum industry
In this topic, you will cover the main aspects of the petroleum industry. Students also learn about midstream and downstream segments and the current state of the industry.
Forecasting reserves and production
In the module on forecasting reserves, you will learn how to classify reserves and different methodologies in production forecasts. You may also learn the exponential decline curve that is most utilized.
Crude oil supply and demand
In this module, you learn about the supply and demand factors affecting crude oil, the characteristics of crude oil, pricing, and benchmarks. As an assignment you may assigned to study BP Statistical Review of World Energy.
Cash flow is an important aspect of petroleum economics. You will learn about capital and operating expenses as well as creating a project cash flow.
Project investment analysis
It is a key part of the assignment. If you face issues in learning the concepts of this topic, such as risk analysis and expected monetary value, connect with a petroleum economy assignment helper from Doassignmenthelp.
What Accounts for the Rise in Oil Prices
Oil prices have been increasing because of an increase in demand for oil and fear that its supply may be disrupted. There's been a significant growth in the global demand for oil. A notable cause for the rise in prices is the rapid growth in developing countries such as China and India. As these nations become more urbanized and industrialized, it has spiked the global demand for oil.
There have been fears of oil supply getting disrupted due to turmoil in Venezuela, Nigeria, Iran, and Iraq, the major oil-producing countries. At the same time, it's also worth remembering that oil’s supply and demand respond slowly to price changes in the short run. So, significant price changes may be needed to bring back the equilibrium if the demand moves modestly out of line with the oil supply.
Main Objectives of Studying Petroleum Economics
Petroleum economics is a complex field of study. You must be aware of the way political and economic factors interact with the oil industry and regulatory bodies. Concepts like cash flow, challenges in financing oil, estimating price, and managing costs are some areas that need your due attention.
A mastery of this subject will have you meet the following learning outcomes:
Understand all the aspects of petroleum economics.
Ability to estimate oil production.
Understand the oil and gas market and international trading.
Economic analysis using cash flow techniques.
Ability to build a simple economic model of upstream project.
Be able to assess risks and change course for better resolutions.
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