Economics, Energy Resources, and Future Energy Supply Completed
The members of this project have prepared a number of analyses that constitute the economic components of energy resource assessments. They have also proposed enhancements to geologic assessment data and methods that make results of assessments immediately amenable to economic analysis. In addition, they apply theoretically sound valuation methodologies to assess the commercial value of currently marginal oil and gas resources, such as heavy oil, natural bitumen, stranded gas, and resources in high cost environments.
Economic components of undiscovered oil and gas assessments present estimates of the cost of finding, developing, producing, and transporting to market the undiscovered resources assessed by the USGS geologists:
- The enhancement of assessment data and methods to include an economic dimension will lead to improved strategic decisions by public policymakers concerning national and international energy resources.
- Economic assessment of marginal oil resources includes the formulation and estimation of cost functions to extract heavy oil and bitumen in known deposits and to transform those resources to high value transportation fuels
- Economic assessment of stranded gas provides estimates of the cost of developing, producing, and transporting to market remote natural gas in known fields
Below are other science projects associated with this project.
Below are multimedia items associated with this project.
Below are publications associated with this project.
Risk, liability, and economic issues with long-term CO2 storage—A review
Bitumen prices and structural changes in North American crude oil markets
Play-level distributions of estimates of recovery factors for a miscible carbon dioxide enhanced oil recovery method used in oil reservoirs in the conterminous United States
A strategy for low cost development of incremental oil in legacy reservoirs
Profiles of reservoir properties of oil-bearing plays for selected petroleum provinces in the United States
Evaluation of development options for Alaska North Slope viscous and heavy oil
Commercial possibilities for stranded conventional gas from Alaska's North Slope
Meeting Asia's future gas import demand with stranded natural gas from central Asia, Russia, Southeast Asia, and Australia
National assessment of geologic carbon dioxide storage resources: methodology implementation
Role of stranded gas in increasing global gas supplies
Assessment of potential additions to conventional oil and gas resources in discovered fields of the United States from reserve growth, 2012
Role of stranded gas from Central Asia and Russia in meeting Europe’s future import demand for gas
Below are news stories associated with this project.
- Overview
The members of this project have prepared a number of analyses that constitute the economic components of energy resource assessments. They have also proposed enhancements to geologic assessment data and methods that make results of assessments immediately amenable to economic analysis. In addition, they apply theoretically sound valuation methodologies to assess the commercial value of currently marginal oil and gas resources, such as heavy oil, natural bitumen, stranded gas, and resources in high cost environments.
Economic components of undiscovered oil and gas assessments present estimates of the cost of finding, developing, producing, and transporting to market the undiscovered resources assessed by the USGS geologists:
- The enhancement of assessment data and methods to include an economic dimension will lead to improved strategic decisions by public policymakers concerning national and international energy resources.
- Economic assessment of marginal oil resources includes the formulation and estimation of cost functions to extract heavy oil and bitumen in known deposits and to transform those resources to high value transportation fuels
- Economic assessment of stranded gas provides estimates of the cost of developing, producing, and transporting to market remote natural gas in known fields
- Science
Below are other science projects associated with this project.
- Multimedia
Below are multimedia items associated with this project.
- Publications
Below are publications associated with this project.
Filter Total Items: 56Risk, liability, and economic issues with long-term CO2 storage—A review
Given a scarcity of commercial-scale carbon capture and storage (CCS) projects, there is a great deal of uncertainty in the risks, liability, and their cost implications for geologic storage of carbon dioxide (CO2). The probabilities of leakage and the risk of induced seismicity could be remote, but the volume of geologic CO2 storage (GCS) projected to be necessary to have a significant impact onAuthorsSteven T. AndersonBitumen prices and structural changes in North American crude oil markets
In an earlier report, changes in bitumen prices at Hardesty, Alberta, Canada, were modeled as the responses to changes in monthly prices of Hardesty light/medium crude oil for the period 2000–2006 with a simple error correction econometric model. This note re-examines that price relationship for the period 2009–2014. Over the period 2006–2014, there was also rapid growth in North American light oiAuthorsEmil D. AttanasiPlay-level distributions of estimates of recovery factors for a miscible carbon dioxide enhanced oil recovery method used in oil reservoirs in the conterminous United States
In a U.S. Geological Survey (USGS) study, recovery-factor estimates were calculated by using a publicly available reservoir simulator (CO2 Prophet) to estimate how much oil might be recovered with the application of a miscible carbon dioxide (CO2) enhanced oil recovery (EOR) method to technically screened oil reservoirs located in onshore and State offshore areas in the conterminous United States.AuthorsE. D. Attanasi, P.A. FreemanA strategy for low cost development of incremental oil in legacy reservoirs
The precipitous decline in oil prices during 2015 has forced operators to search for ways to develop low-cost and low-risk oil reserves. This study examines strategies to low cost development of legacy reservoirs, particularly those which have already implemented a carbon dioxide enhanced oil recovery (CO2 EOR) program. Initially the study examines the occurrence and nature of the distribution ofAuthorsE. D. AttanasiProfiles of reservoir properties of oil-bearing plays for selected petroleum provinces in the United States
Profiles of reservoir properties of oil-bearing plays for selected petroleum provinces in the United States were developed to characterize the database to be used for a potential assessment by the U.S. Geological Survey (USGS) of oil that would be technically recoverable by the application of enhanced oil recovery methods using injection of carbon dioxide (CO2-EOR). The USGS assessment methodologyAuthorsPhilip A. Freeman, Emil D. AttanasiEvaluation of development options for Alaska North Slope viscous and heavy oil
Current estimates of discovered viscous and heavy oil in Alaska’s North Slope are 12 billion barrels of oil-in-place and 12–18 billion barrels of oil-in-place, respectively (see Appendix 1 for conversion to SI units). Since the early 1990s to the end of 2010, cumulative viscous oil production has amounted to 150 million barrels, and there has been no commercial production of heavy oil. During theAuthorsEmil D. Attanasi, Philip A. FreemanCommercial possibilities for stranded conventional gas from Alaska's North Slope
Stranded gas resources are defined for this study as gas resources in discrete accumulations that are not currently commercially producible, or producible at full potential, for either physical or economic reasons. Approximately 35 trillion cubic feet (TCF) of stranded gas was identified on Alaska’s North Slope. The commercialization of this resource requires facilities to transport gas to marketsAuthorsE. D. Attanasi, P.A. FreemanMeeting Asia's future gas import demand with stranded natural gas from central Asia, Russia, Southeast Asia, and Australia
This analysis shows the important contribution that stranded gas from central Asia, Russia, Southeast Asia, and Australia can make in meeting the projected demand for gas imports of China, India, Japan, and South Korea from 2020 to 2040. The estimated delivered costs of pipeline gas from stranded fields in Russia and central Asia at Shanghai, China, are generally less than delivered costs of liqueAuthorsE. D. Attanasi, P.A. FreemanNational assessment of geologic carbon dioxide storage resources: methodology implementation
In response to the 2007 Energy Independence and Security Act, the U.S. Geological Survey (USGS) conducted a national assessment of potential geologic storage resources for carbon dioxide (CO2). Storage of CO2 in subsurface saline formations is one important method to reduce greenhouse gas emissions and curb global climate change. This report provides updates and implementation details of the assesAuthorsMadalyn S. Blondes, Sean T. Brennan, Matthew D. Merrill, Marc L. Buursink, Peter D. Warwick, Steven M. Cahan, M.D. Corum, Troy A. Cook, William H. Craddock, Christina A. DeVera, Ronald M. Drake, Lawrence J. Drew, P.A. Freeman, Celeste D. Lohr, Ricardo A. Olea, Tina L. Roberts-Ashby, Ernie R. Slucher, Brian A. VarelaRole of stranded gas in increasing global gas supplies
This report synthesizes the findings of three regional studies in order to evaluate, at the global scale, the contribution that stranded gas resources can make to global natural gas supplies. Stranded gas, as defined for this study, is natural gas in discovered conventional gas and oil fields that is currently not commercially producible for either physical or economic reasons. The regional studieAuthorsE. D. Attanasi, P.A. FreemanAssessment of potential additions to conventional oil and gas resources in discovered fields of the United States from reserve growth, 2012
The U.S. Geological Survey estimated volumes of technically recoverable, conventional petroleum resources that have the potential to be added to reserves from reserve growth in 70 discovered oil and gas accumulations of the United States, excluding Federal offshore areas. The mean estimated volumes are 32 billion barrels of crude oil, 291 trillion cubic feet of natural gas, and 10 billion barrelsAuthorsRole of stranded gas from Central Asia and Russia in meeting Europe’s future import demand for gas
Stranded gas is natural gas in discovered fields that is currently not commercially producible for either physical or economic reasons. This study examines stranded gas from Russia and Central Asia and the role it can play in addressing Europe’s growing demand for imported natural gas requiring additional volumes of gas in excess of 130 trillion cubic feet. We find sufficient volumes of stranded gAuthorsEmil D. Attanasi, Philip A. Freeman - News
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