Welcome to Open Science
Contact Us
Home Books Journals Submission Open Science Join Us News
Exogenous Factors Influencing the Development of Marginal Oil Fields in Emerging Economies
Current Issue
Volume 5, 2018
Issue 3 (September)
Pages: 53-61   |   Vol. 5, No. 3, September 2018   |   Follow on         
Paper in PDF Downloads: 63   Since Aug. 31, 2018 Views: 1096   Since Aug. 31, 2018
Authors
[1]
Oruwari Humphrey Otombosoba, Institute of Innovation, Technology and Engineering Management, University of Port Harcourt, Port Harcourt, Nigeria.
Abstract
Marginal oil fields are those ones with uncertain economics, high risk factor and doubtful profitability. They include fields with small reserves in harsh, remote areas that are located far from facilities. Marginal oil field development could be considered hot topic across the globe where energy security is a major issue because huge or giant oil field discovery are on the decline. Also abandoning oil and gas fields because of their marginality is a wasting of asset and compromised sustainable development. The influence of exogenous or macro factors on marginal field development in the production of oil and gas have become key priority of industry stakeholders. In order to analyse the management and economic techniques for marginal oil fields, the micro and macro factors influencing the oil and gas industry was investigated. The micro environment consists of an organisation owns influences, objectives and resources. The macro environment relates to a set of broad influences such as, political, economic, legal, technological, social, and environmental/ecological factors. This study assesses how macro or exogenous factors have impacted the development of marginal oil field in different emerging economies. Nigeria, China, India, Indonesia, Malaysia and Venezuela are chosen as case study to highlight the diversities and strategies for exogenous factors in the emerging economies. The experience of the case study countries showed that the successful development of marginal oil field depends on the country’s developmental stage and institutional frame work. Based on the review of the case-study the findings summarized that successful development of marginal oil fields should be anchored on the principle of sustainability. The political, social, economic, legal and technological issues affecting marginal oil fields should be in line with global best practices.
Keywords
Marginal Oil Fields, Sustainable Resource Management, Global Best Practices, Exogenous Factors
Reference
[1]
Frost and Sullivan (2014): Investment Opportunities in the Marginal Oil and Gas Fields in Southeast Asia. High Crude Oil Prices and Better Project Financing Schemes Likely to Drive Investments available at http://www.researchandmarkets.com/research/wp9qnr/investment assessed on 14th November 2014
[2]
USLEGAL, 2011: http://definitions.uslegal.com/m/marginal-field-oil-and-gas/ Accessed 30th October, 2016.
[3]
Ing. Antonio Narváez, and Luis Roca Ramisa (2005): Reactivation of Matured oil fields in Northern Mexico. Available on: http://www.cedip.edu.mx/graficacion/petroleros/Administraci%C3%B3n%20de%20Pemex%20Exploracion/Planeacion/34%20Reactivacion%20de%20campos%20maduros.pdf assessed on 17th December, 2014
[4]
Yin, R. K. (2003). Case Study Research: Design and Methods. Sage. Thousand Oaks, California.
[5]
Grant RM (2008). Contemporary strategy analysis. 6th ed., United Kingdom: John Wiley and Sons.
[6]
MOPNG (2016): Ministry of petroleum and natural gas report available at: https://en.wikipedia.org/wiki/Minister_of_Petroleum_and_Natural_Gas_(India) accessed on 30th Nov 2017.
[7]
Sin Joo Ahn and Dagmar Graczyk (2012): Understanding energy challenges in India. Policies, players and issues. OECD/IEA 2012.
[8]
Ravi Prasad (2018): India companies moves to develop Mumbai marginal field: subsea Engineering News February 8, 2018. Available at http://www.epmag.com accessed on 28th June 2018.
[9]
Cerebrall Business Research Report 2013: Marginal fields: ONGC to rework Packages for service contract: Available at: http://www.cerebralbusiness.com/KnowledgeBase/News/Marginal-fields-ONGC-to-rework-package-for-service-contractors-198609.htm (accessed on 7th September 2013)
[10]
USAEIA (2013): US Energy information Administration (2013): available at http://www.eia.gov/countries/cab.cfm?fips=IN (accessed on 26th September 2013).
[11]
PennEnergy 2015: Marginal field cluster provides production boost for ONGC offshore India. Available at: http//www.pennenergy.com/article/offshore/2015/03/marginal-field. Accessed on 3rd March 2015.
[12]
Sajith Venugopal (2005): The economics of petroleum and Natural gas exploration in India. A thesis submitted to the University of New South Wales. School of Petroleum Engineering Sydney, NSW, Australia.
[13]
Business standard 2015: New marginal field policy comes into effect. Available at: www.business-standard.com accessed on 22 June 2018
[14]
Arun Jaitey 2017: Business line February 15 2017. Government approves 31 contract areas after marginal oil field auction. Available at: https://www.thehindubusinessline.com. Accessed on 28 June 2018
[15]
Andrew Kemp 2017: Asian oil and gas report: Indian award 44 Marginal fields: 22 February 2017, week 07 issues 553. Available at https//www.offshore-mag.com access on 28th June 2018.
[16]
UNESCO (2010), UNESCO Science Report 2010. United Nations Educational, Scientific and Cultural Organization, Paris.
[17]
Wanwan Hou (2009): The economics of petroleum exploration and development in China. A master thesis submitted to the University of New south Wales January 2009.
[18]
Chin Aizhu (2013): Hess Petro china sign first oil deal: Available at http://uk.reuters.com/article/2013/07/24/us-cnpc-hess-shale-idUKBRE96N0EL20130724 (accessed on 26th July 2013).
[19]
Zhao Wen-zhao, Hu young-le, Luo Kai (2006): status quo, challenges and future strategies of development technology for marginal oil field in china. Available at http://en.cnki.com.cn/Article_en/CJFDTOTAL-SKYK200604000.htm (accessed on 20th of April 2013).
[20]
Offshore energy 2017: Two companies join forces to secure marginal field project. Available at http//www.offshoreenergytoday.com Accessed on 28 June 2018.
[21]
(Bruno Braga 2017): Brazil, china to strength oil, gas partnership: Available at https//www.epmag.com accessed on 22 June 2018
[22]
Barboza, D. 2008. Built on Low-cost goods, Beijing Eyes a bigger prize. The international herald tribune, July 31
[23]
Owabor Emmanuel (2012): Legal and Regulatory Frameworks for Resource Diversification in Nigeria Available at: http://www.slideshare.net/etranex2/concluding-seminar assessed 20th April 2013
[24]
UNCTAD (2006): United Nations conference on trade and development (UNCTAD/CALAG) African Oil and gas service sector survey. Volume 1 Nigeria- creating local linkages by employing indigenous entrepreneurs.
[25]
JPT, 2014: Journal of Petroleum Technology 2014. February Edition
[26]
Ernest and Young (2013): Oil, Gas and Energy, Take 5 Volume 1 issue 2: Malaysian oil and gas growth momentum: Available at: www.ey.com/Publication/vwLUAssets/Take.../Take5_OilnGas.pdf (accessed on 2nd July 2013).
[27]
Obiocha, I (2013): Incentivising Marginal Field Developments, Part 1: Available at: http://www.palantirsolutions.com/news-and-clients/news-and-events/blog/june-2013/incentivising-marginal-field-developments,-part-1 assessed on 20th July 2013.
[28]
Global data report (2013): Tax incentives to boost Malaysian oil production. Available at: http://www.energyglobal.com/news/exploration/articles/Tax_incentives_to_boost_Malaysian_oil_production.aspx#.UlQuFBU1jcs (accessed on 13 September 2013)
[29]
Benny Lubian (2005): Analysis of the marginal field incentives- Indonesian case
[30]
USAID report (2006): Oil and gas and conflict development challenges and policy approaches: Foundation for environmental security and sustainability (FESS). USAID draft January 2006
[31]
NPC (2007): National Petroleum Council,, “Topic paper #22, heavy oil” Working Document of the NPC Global Oil & Gas Study Made Available July 18, 2007. Available at: Internet: http://www.npc.org/Study_Topic_Papers/22‐TTG‐Heavy‐Oil.pdf last consulted May1st, 2013.
[32]
Duesseault, M. B (2001): Comparing Venezuela and Candian heavy oil and tar sands: paper presented at the petroleum Society’s Canadian International conference Petroleum conference in Canada, June 12-14, 2001.
[33]
Wade, C: (2012): Mart resouces Inc: A Nigerian marginal field case study. A corporate presentation by Mart resources Inc, 9th October, 2012 at the North American Assembly, the Four Season Hotel. Houston Texas: available at www.martresources.com accessed on 15th December 2012.
[34]
Energy Mix Report EMO (2013): Oil theft affect marginal field operator: Available at: http://energymixreport.com/oil-theft-affects-marginal-field-operators/ (accessed on 12th November 2013).
[35]
Offia, U.S (2011): Development and management of marginal oil field in the Niger Delta basin: Opportunities and challenges: Petroleum technology Development journal (ISSN 1595-9104). An international Journal July 2011 Vol. 1.
[36]
Oroma, O. J. (2006): What are the legal and contractual implications of the 40% cap on foreign equity participation in Nigeria marginal fields? Available from: www.dundee.ac.uk/cepmlp/gateway/files.php?file=CAR-11_1...pdf (accessed on 12 April 2011)
[37]
EZEANI, E. C. and NWUKE, C. 2017. Local content and the marginal fields programme: challenges for indigenous participation in the Nigerian oil industry. Oil, gas and energy law intelligence, 15 (1), pages 1-20. Held on OpenAIR [online]. Available from: www.openair.rgu.ac.uk.
[38]
Adetoba, L. A (2012): The Nigerian marginal field initiative: recent developments. SPE paper no 163040 Annual SPE International Conference and exhibition Abuja, Nigeria 6-8 August 2012.
[39]
Wumi, I (2008): An Appraisal of Oil and Gas Industry Reform and Institutional Restructuring in Nigeria. International Association of Energy Economics: Available at www.iaee.org/documents/newsletterarticles/408wumi.pdf (Accessed on 25th January 2012)
[40]
Oruwari, Humphrey. O and Adewale Dosunmu 2017: Constraints in sustainable development of marginal oil field in Niger Delta Region. SPE paper no 189060. Nigeria Annual International Conference and Exhibition, 31 July - 2 August 2017, Lagos, Nigeria Copyright 2006. Society of Petroleum Engineers.
[41]
Omoregbe, Y. (2006). Oil and Gas Law Nigeria. Lagos: Malthouse Press. OPEC Bulletin. (2008). Retrieved from Organization of Petroleum Exporting Countries: www.opec.org. (Accessed on 14th July 2010)
[42]
Department of Petroleum Resources (2010), Draught Guidelines for Farm-out and Operation of Marginal Fields, (1996) See DPR guideline on marginal field development in Nigeria. Available from: www.dpr.com (accessed on 24 August 2010).
[43]
Egbogah, E (2011): Challenges of marginal field development in Nigeria. Available at: http://www.ngrguardiannews.com/index.php?option=com_content&view=article&id=53473:challenges-of-marginal-field-development-in-nigeria-by-egbogah&catid=94:energy-report&Itemid=592 (accessed on 17th October 2012)
[44]
Ashu Sagar (2015): Column: Don’t kill Marginal oil fields. The financial express: Available at http://www.financialexpress.com/articles/fe-columnist/column-dont-kill marginal fields.
[45]
Ngo Sy Tho (2016): Research on economic effectiveness of exploiting marginal oil field in Vietnam. Summary of economic doctor thesis HANOI
[46]
Vijay Iyler (2012): World bank warning sign on gas flaring increase World bank group: Available on www.worldbank.org consulted on 25th July 2016
[47]
Manzano, Osmel and Monaldi Francisco (2008): The political economy of oil production in Latin America. Forthcoming in Economia, LACEA’s Journal, Fall 2008.
Open Science Scholarly Journals
Open Science is a peer-reviewed platform, the journals of which cover a wide range of academic disciplines and serve the world's research and scholarly communities. Upon acceptance, Open Science Journals will be immediately and permanently free for everyone to read and download.
CONTACT US
Office Address:
228 Park Ave., S#45956, New York, NY 10003
Phone: +(001)(347)535 0661
E-mail:
LET'S GET IN TOUCH
Name
E-mail
Subject
Message
SEND MASSAGE
Copyright © 2013-, Open Science Publishers - All Rights Reserved