Crude Gas Research Articles

Dynamic correlations and volatility spillovers between subsectoral clean‐energy stocks and commodity futures markets: A hedging perspective

AbstractThis study investigates the time‐varying connectedness between subsectoral clean‐energy stocks and fossil fuel energy commodities (crude oil, natural gas, and coal) over the period of December 2013–January 2023 employing the Diebold and Yilmaz approach and the dynamic conditional correlation generalized autoregressive conditional heteroscedasticity model. According to the findings, oil transmits the highest volatility spillover shocks to biofuels, and the least to the fuel cell industry. Both natural gas and coal transmit the highest volatility spillover shocks to energy storage, and the least to geothermal and green information technology, respectively. The study also finds strong and time‐varying volatility connectedness among clean‐energy assets and fossil fuels, significantly affected by global extreme events, such as the COVID‐19 pandemic and the Russia–Ukraine conflict. Additionally, the study provides time‐varying and mean optimal hedge ratios with optimal portfolio weights for investors. The empirical results are robust, and important portfolio and policy implications based on empirical findings are provided.

Uyo, Akwa Ibom State and the Challenges of Tourism Development: the case of Inappropriate Urban Development Drives

Geographically, AkwaIbom State is divided into the coastal mangroves of Africa Central and transition areas at the southernmost point. The Imo and Cross Rivers, flow along the eastern and western borders respectively, while Kwa Ibo River crosses the state before flowing into the Bonny River. Economically, the state is the hub of crude oil and natural gas production in the country; with Ibeno, Mbo and Eastern Obolo as oil-producing local government area’s key minor industries involve agriculture as the state has substantial cocoyam, yam, and plantain crops along with fishing and agriculture. Yet, the state has no substantive or reasonable convention centre. Convention centre is one of the key segments of the events industry, along with hotels, and unique shows. They are designed to host any type of event, including conferences, conventions, and exhibitions. They are mostly located in or near the urban centres or other major population centres and are designed to meet the unique needs of the gathering groups, organizers, visitors, and exhibitors. In the past, the government approaches to urban development programmes are regrettable, retrogressive and benign. As a result, adequate measures and proper administrative management of the government laws and policies are recommended for tourism development in Uyo. Hiring of poorly trained and unqualified personals should be minimized and properly and adequately trained professionals in different areas of interest hired to man and manage the facilities of the state for upwards growth. The urban players in the state should pay more and better attention to the state’s tourism development hence, a sustainable convention centre.

Thermodynamic and economic analysis of a conceptual system combining medical waste plasma gasification, SOFC, sludge gasification, supercritical CO2 cycle, and desalination

In order to improve the utilization of energy in solid waste, we propose a coupled system consisting of medical waste plasma gasification, solid oxide fuel cell (SOFC), sewage sludge gasification (SSG), supercritical carbon dioxide cycle (S–CO2) and multi-stage flash (MSF) desalination. The medical waste is plasma gasification and purified to produce clean syngas, which is used by the SOFC to generate electricity. the exhaust from the SOFC is mixed with crude gas from the sludge gasification to fully combust and release chemical energy while increasing the exhaust temperature. Finally, the high-temperature energy enters the waste heat utilization system consisting of S–CO2 and seawater desalination to be fully utilized. A thermodynamic and economic analysis of the proposed system shows that the hybrid system has a net power generation efficiency of 41.66%, an energy utilization efficiency of 64.95%, and an exergy efficiency of 41.25%. The plasma gasifier and SOFC are the main sources of exergy loss, accounting for 62.45% of the total destroyed exergy. The DPP of the project is only 4.4 years over a 20-year operating cycle, with an NPV of 117,652.81k$. This study demonstrates the advantages and benefits of the project in terms of solid waste resource utilization.

The Role of Strategic Planning in Supporting National Projects with The Aim of Achieving The Financial Sustainability of The State in The Light Of Egypt’s Vision 2030

The study aimed to study the role of strategic planning (strategy planning, strategy implementation, and strategy evaluation) in supporting national projects in light of Egypt’s Vision 2030, with a focus on financial sustainability (operational self-sufficiency and financial self-sufficiency) of the state, The study found that the dimension of operational self-sufficiency was present as one of the two dimensions of financial sustainability among employees of holding companies in the petroleum sector to a high degree, while the dimension of financial self-sufficiency, which is the second dimension of financial sustainability, was present among the leaders of the petroleum sector to a moderate degree, which was reflected in the arithmetic mean for each of the two dimensions of sustainability. Finance. It recommended that the Egyptian General Petroleum Corporation be the sole body entrusted with all activities of research, exploration, production, and agreements for crude oil and natural gas, and that these activities should not be distributed, as is the case now, among the General Petroleum Corporation for crude oil activity, the Gas Holding Company for natural gas, and the South Valley Company for crude oil for Upper Egypt. In addition to adopting a department that carries out the same work in the ministry to ensure governance and monitoring. Keywords: Strategic Planning – National Projects – Financial Sustainability – Egypt’s Vision 2030

Testing for sign and size symmetry between futures prices and spot prices in the markets of energy commodities: risk diversification and policy implications

PurposeThe purpose of this paper is to investigate for symmetries – in sign and size – between spot and futures prices in the markets of energy commodities.Design/methodology/approachThe aforementioned objective is pursued using daily observations of spot and futures prices for the commodities of crude oil, Brent, heating oil, gasoline and natural gas, along with local nonlinear regression.FindingsSymmetry in sign and size cannot be rejected. This means that, shocks of the same absolute magnitude, but of different sign, are transmitted from futures prices to spot prices with the same intensity. In addition, larger absolute value price shocks in the futures are transmitted to the spot markets with the same intensity compared with smaller ones. The findings of symmetry in the comovements among prices reveal a lack of those commodities on diversifying the investors’ investment risk.Originality/valueTo the best of the authors’ knowledge, this is the first study to use local nonlinear regression to test for sign and size symmetry between futures and spot prices in the energy commodities markets.

Modyfikacja właściwości filtracyjnych ośrodków porowatych z wykorzystaniem micelarnej cieczy zabiegowej Multizol

The need for the modification of filtration properties of rock media (most frequently porous rocks) appears frequently, e.g., in hydrocarbon exploitation. Exploitation of crude oil and natural gas is frequently accompanied by an excessive and uncontrolled inflow of reservoir water to the production well, which often results in a significant reduction of hydrocarbon production in the late period of reservoir exploitation. The control of water inflow, through modification treatments of rock filtration properties of the near wellbore zone, is the solution to this problem. The use of dedicated treatment fluids is the basis of such success, which, after the injection and change of original physicochemical properties, create local insulation barriers, enabling the control of the flow of fluids in the geological formation. This paper presents the results of the laboratory assessment of the technological effectiveness of Multizol micellar treatment fluid, which is used for selective blocking of the reservoir water inflow to gas wells. Tests performed, at a preliminary stage, comprised the development of a procedure, the obtaining of samples of the treatment fluid, and the performance of flow tests in test glass tubes, which allow for a swift determination of the technological range of the fluid's capability to form gel and emulsion. Flood tests were the main element of testing, related to the measurement of pressure drops of fluids flowing through the sample under the simulated reservoir conditions. The tests were carried out using two types of media, porous rocks (Szydłowiec sandstone) and sand packs. The determination of the modification degree of filtration properties, both in individual zones and in the entire sample/model, was based on the value of the FRR (Residual Resistance Factor) coefficient, being the measure of their permeability reduction. Two types of tests were performed to assess the effect of Multizol treatment fluid on the initial filtration properties of gas and water-bearing zones.

Conditional autoencoder pricing model for energy commodities

We propose a conditional latent factor asset pricing model for energy commodities (CAE) that uses a modified conditional autoencoder neural network to capture the non-linear relationship between latent factors and factor loadings. In addition to spot prices, we incorporate 127 macroeconomic and 598 energy information characteristics to extract the factor loadings. The empirical results demonstrate the high-quality performance of the model in out-of-sample testing. Furthermore, by analyzing characteristic importance, we find that energy information characteristics, particularly coal, electricity, and crude oil and natural gas resource development, play a dominant role in explaining the excess returns of energy commodities.

Microbially induced corrosion issues in the underground buried crude oil and natural gas bearing pipelines: A review

AbstractMicrobially induced corrosion (MIC) damage in crude oil and natural gas‐bearing pipelines is a severe threat for the petroleum industries. This is primarily due to the presence of hydrocarbons, which serve as nutrients for microorganisms. The comfortable growth of these microorganisms in hydrocarbon systems ultimately results in enhanced degradation of the pipelines. Hence, to understand the effect of microorganisms on the degradation of petroleum hydrocarbons and its subsequent influence on the corrosion of pipeline materials, a detailed review of the literature has been carried out. This review is primarily focused on the principal factors and the major microorganisms responsible for biofilm development. Furthermore, the role of these microorganisms in causing MIC in underground buried petroleum‐bearing pipelines has been reviewed in detail. Most importantly, the techniques required for studying MIC have been thoroughly discussed. In addition, a few microbial cases associated with various petroleum industries have been reviewed to acquire a clear understanding about the real situation.

Capturing Symmetrical and Asymmetrical Volatility in the Energy Market: Evidence of COVID-19 Outbreak and Russia Ukraine Saga

The purpose of this study is to capture the symmetrical and asymmetrical volatility of the energy market in India and USA during COVID-19 and Russia–Ukraine invasion. To distinguish between COVID-19 and Russia–Ukraine invasion tenure, the periods 31 December to 23 February 2022 and 24 February 2022 to January 2023 were considered. The proxies for crude oil and natural gas in India are MCX ICOMDEX (MCICRD) and MCX ICOMDEX (MNGc1), respectively. The proxies for crude oil and natural gas in India are MCX ICOMDEX (MCICRD) and MCX ICOMDEX (MNGc1) respectively while BZ:NMX and NGH2 are taken to measure the US crude oil and natural gas respectively. The standard generalized autoregressive conditional heteroscedasticity and exponential generalized autoregressive conditional heteroscedasticity are employed to capture the volatility. We observe that each series captures the new information derived from the COVID-19 outbreak and Russia–Ukraine invasion as the alpha values of these series are positive and significant. Additionally, there is the persistence of the volatility in these series as their beta values are positive and significant but leverage effect is only found during Russia–Ukraine invasion in Indian crude oil market. This article offers implications to policy makers, investors and portfolio managers.

Do geopolitical risks and global market factors influence the dynamic dependence among regional sustainable investments and major commodities?

This paper uses the Quantile Vector-Autoregressive (Q-VAR) technique to examine the connectedness between three regional (North America, Europe and Asia-Pacific) sustainability indices and major natural resource commodities including energy commodities (crude oil and natural gas), precious metals (gold, silver, and platinum), and industrial metals (steel, aluminium, and copper). It also uses a linear regression model to investigate the macroeconomic and geopolitical factors that drive the connectedness among these investments. The QVAR results reveal asymmetric connectedness among these investment indices, with the levels of total connectedness during extreme downside and upside market conditions being significantly stronger than the level of connectedness during normal market condition. The results also show that, on average, the amount of shocks the regional sustainable investment indices each received from the studied energy and metal commodity markets are higher (lower) than what they transmit to the commodity market during the extreme upside (downside) market condition. During the normal market condition, however, only the Asian Pacific sustainable investment receives more shock than it transmits to the studied commodity market indices, making a net shock receiver. Finally, geopolitical risks, business environment conditions, gold and fixed income markets and economic policy uncertainty are important predictors of return connectedness, although the predictive strength and direction vary across market conditions. We discuss the implications of our findings.

Crude Oil Production

Current data on crude oil, field/lease condensate, and natural gas liquids produced from NGL plants. Updated on a monthly basis.

A cross-quantile correlation and causality-in-quantile analysis on the relationship between green investments and energy commodities during the COVID-19 pandemic period

PurposeThis paper aims to examine the cross-quantile correlation and causality-in-quantiles between green investments and energy commodities during the outbreak of COVID-19. To be specific, the authors aim to address the following questions: Is there any distributional predictability among green bonds and energy commodities during COVID-19? Is there exist any directional predictability between green investments and energy commodities during the global pandemic? Can green bonds hedge the risk of energy commodities during a period of the financial crisis.Design/methodology/approachThe authors use the nonparametric causality in quantile and cross-quantilogram (CQ) correlation approaches as the estimation techniques to investigate the distributional and directional predictability between green investments and energy commodities respectively using daily spot prices from January 1, 2020, to March 26, 2021. The study uses daily closing price indices S&P Green Bond Index as a representative of the green bond market. In the case of energy commodities, the authors use S&P GSCI Natural Gas Spot, S&P GSCI Biofuel Spot, S&P GSCI Unleaded Gasoline Spot, S&P GSCI Gas Oil Spot, S&P GSCI Brent Crude Spot, S&P GSCI WTI, OPEC Oil Basket Price, Crude Oil Oman, Crude Oil Dubai Cash, S&P GSCI Heating Oil Spot, S&P Global Clean Energy, US Gulf Coast Kerosene and Los Angeles Low Sulfur CARB Diesel Spot.FindingsFrom the CQ correlation results, there exists an overall negative directional predictability between green bonds and natural gas. The authors find that the directional predictability between green bonds and S&P GSCI Biofuel Spot, S&P GSCI Gas Oil Spot, S&P GSCI Brent Crude Spot, S&P GSCI WTI Spot, OPEC Oil Basket Spot, Crude Oil Oman Spot, Crude Oil Dubai Cash Spot, S&P GSCI Heating Oil Spot, US Gulf Coast Kerosene-Type Jet Fuel Spot Price and Los Angeles Low Sulfur CARB Diesel Spot Price is negative during normal market conditions and positive during extreme market conditions. Results from the non-parametric causality in the quantile approach show strong evidence of asymmetry in causality across quantiles and strong variations across markets.Practical implicationsThe quantile time-varying dependence and predictability results documented in this paper can help market participants with different investment targets and horizons adopt better hedging strategies and portfolio diversification to aid optimal policy measures during volatile market conditions.Social implicationsThe outcome of this study will promote awareness regarding the environment and also increase investor’s participation in the green bond market. Further, it allows corporate institutions to fulfill their social commitment through the issuance of green bonds.Originality/valueThis paper differs from these previous studies in several aspects. First, the authors have included a wide range of energy commodities, comprising three green bond indices and 14 energy commodity indices. Second, the authors have explored the dependency between the two markets, particularly during COVID-19 pandemic. Third, the authors have applied CQ and causality-in-quantile methods on the given data set. Since the market of green and sustainable finance is growing drastically and the world is transmitting toward environment-friendly practices, it is essential and vital to understand the impact of green bonds on other financial markets. In this regard, the study contributes to the literature by documenting an in-depth connectedness between green bonds and crude oil, natural gas, petrol, kerosene, diesel, crude, heating oil, biofuels and other energy commodities.

Development of machine learning algorithms for predicting internal corrosion of crude oil and natural gas pipelines

Energy industry is losing billions of dollars each year due to corrosion. However, publicly accessible datasets on pipeline corrosion are limited, making it difficult to accurately predict and prevent corrosion. In this research, thousands of corrosion scenarios of crude oil pipelines and natural gas pipelines were simulated using OLI Studio Corrosion Analyzer, a software based on the rigorous first principles. Thousands of datasets were generated with simulation. Then two ML algorithms, Random Forest (RF) and CatBoost were developed and used to predict the internal corrosion rate (CR) based on pipeline operating conditions. The models for crude oil pipeline CR predictions reached high prediction accuracy using five important features: temperature (T), molar concentrations (CO2, CCl−1), velocity (v), and pH value (pH). Similarly, the models for natural gas pipeline CR predictions achieved high prediction accuracy using six important features: stream compositions (nO2,nH2S,nCO2), pressure (P), velocity (v), and temperature (T). Both the RF- and CatBoost-Corrosion Rate models demonstrated good performance in predicting the internal corrosion rates of crude oil and natural gas pipeline.

Investigation and comparison of technologies and methods of sulfur recovery and production processes

Sulfur is found at the land's surface, in quarries, and as a natural sulfur resource. However, most of the part sulfur is obtained during the sulfur removal processes from crude oil or gas. These recovery processes are essential for the global energy resource market. Approaches to sulfur mining and recovering techniques are discussed and compared during the literature review and description analysis. Methods that are majorly used in the industry, their process flow diagrams, and principal of work are explained and compared relative to the modern methods of sulfur removal processes.

Modelling the role of energy price movements toward economic stability in Malaysia: new evidence from wavelet-based analysis.

Energy is one of the prime factors in influencing the sustainable development of a country. Different energy sources play important roles in driving the income growth of different economic sectors such as industrial, agricultural, and services. Fossil fuels, however, have come under strong criticism for actively accelerating climate change. As such, it is imperative to investigate the contributions of various energy sources toward sustainable growth. With Malaysia as the test-bed, the present study analyzes the impact of energy prices on economic stability using the novel wavelet-based analysis. Specifically, the study analyzed the impact of crude oil, natural gas, and gasoline prices on the economic (brown) and green growth from 1995 to 2020. The results show that in continuous wavelet transform, the cone of influence of all five factors exhibits strong short-run variance and fluctuations from 2005 to 2013. However, the intensity of brown growth is more influential than green growth. Similarly, in wavelet coherence graphs, the downward right arrows indicate positively significant associations between crude oil prices, natural gas prices, and gasoline prices with brown and green growth. Additionally, wavelet-based Granger causality reveals a bidirectional causal relationship between all variables. The results thus strongly suggest that energy prices predominantly affect the economic (brown) and green growth progression of the Malaysian economy. The study concludes with some suggested implications to augment the country's sustainable growth.

Biodiesel Production from Waste Cooking Oil Using Different Types of Catalysts

The global energy demand is increasing day by day. Fossil fuels such as crude oil, coal and gas are the main source of energy worldwide. However, fossil fuels, which cause acid rain, the greenhouse effect and other such environmental problems, will eventually be depleted, and renewable energy seems to be the most reasonable solution in this regard. Renewable biofuels have significant potential and can meet the world’s current energy demand. One of the important biofuels is biodiesel, and in the future it can replace petroleum. Waste cooking oil was used as a raw material in biodiesel production in order to reduce the production cost of the offered additive. In this study, the aim was to optimize the process parameters for biodiesel production within the acceptable limit values in the literature. Therefore, the molar ratio of methanol to waste cooking oil (9:1–15:1), catalyst concentration (1–5% by weight) and reaction time (60–120 min) were studied for two catalyst types, potassium hydroxide and ion exchange resin Amberlyst 15. The biodiesel obtained with maximum efficiency for each catalyst was also compared with the international biodiesel standards.

The Relations of Vietnam with the Middle East-North Africa Region: From a Divided State to an Important Member of the Association of Southeast Asian Nations

During the Cold War, three countries were partitioned into two states: Germany, Korea, and Vietnam. The last was a result of its war of independence against the French following World War II and continued until 1954. Following a victorious war against the United States-backed government in the south, the communist government in the north reunited the country between 1975 and 1976. In 1988, facing economic troubles, Vietnam instituted Doi Moi market reforms while relaxing its ideological worldview and expanded its diplomatic and economic relations. In 1995, Vietnam joined the Association of Southeast Asian Nations (ASEAN), which it had regarded as a pro-Western organization during the Cold War. Meanwhile, first North Vietnam and later a reunified Vietnam went from a country whose relations were exclusive with states in the communist bloc and a few other non-aligned countries to one that today has ties with almost every country in the world. Academic studies on Vietnam’s foreign relations largely focus on those with Russia, China, the US, its ASEAN partners, and other countries in Asia. However, since the end of the Cold War, countries of the Middle East and North Africa (MENA) region are an import source of Vietnam’s crude oil and natural gas and an expanding market for its exports, while MENA states, in this era of globalization, have sought to increase diplomatic and economic ties throughout Asia.

Global trade networks bring targeted opportunity for energy-related CH4 emission mitigation.

Recent literature highlights the contributions the global energy sector has made to anthropogenic CH4 emissions, calling for immediate action. However, extant studies have failed to reveal the energy-related CH4 emissions induced by global trades of intermediate and final commodities or services. This paper traces fugitive CH4 emissions via global trade networks using the multi-regional input-output and complex network models. Results show that approximately four-fifths of global fugitive CH4 emissions in 2014 were associated with international trade, of which 83.07% and 16.93% were embodied in the intermediate and final trades, respectively. Japan, India, the USA, South Korea, and Germany were the world's five largest net importers of embodied fugitive CH4 emissions, while Indonesia, Russia, Nigeria, Qatar, and Iran were the five largest net exporters. Gas-related embodied emission transfers were the largest in both the intermediate and the final trade networks. The fugitive CH4 emissions embodied within the intermediate and final trade networks were all characterized by five trading communities. The virtual fugitive CH4 emission transfers via intermediate trade were largely determined by global energy trade patterns, especially the trade in regionally integrated crude oil and natural gas. Significant heterogeneity was revealed by the coexistence of numerous loosely linked economies and several hub economies (e.g., China, Germany, the USA, and South Africa). Interventions on the demand side of interregional and intraregional trade partners in different communities and hub economies will bring targeted opportunities for global energy-related CH4 emission reduction.

Crude Oil Production

Current data on crude oil, field/lease condensate, and natural gas liquids produced from NGL plants. Updated on a monthly basis.

IMPACT ANALYSIS OF LOSS INDUSTRIAL SECTOR AT PT PERTAMINA PERSERO

The Covid-19 pandemic hampered the company's cash flow and reduced public demand for fuel oil, natural gas, geothermal energy at PT Pertamina Persero that year. It was noted that in 2020 PT Pertamina Persero experienced a rapid decline which resulted in losses. This has an influence on the profit earned by PT Pertamina. This study aims to describe the factors that caused PT Pertamina to experience losses, describe the losses experienced, and describe the role of commissioners in the losses that occurred at PT Pertamina. This research uses the literature study method, this is done because literature sources are obtained from journals, information from print media, research reports, articles, and other sources. The approach in this study uses descriptive qualitative, with the aim of describing and disclosing the phenomena that occur in depth and systematically. Pertamina's losses were caused by the pandemic (Covid-19) and the decline in operating income due to the sale of crude oil, natural gas, heat energy and oil production is experiencing a decline. The Role of the Board of Commissioners Against PT Pertamina's Losses, The Board's duty is to examine the competence of the Company and management, management usually pays attention to the Company and its business activities, advises managers on the company's income. In carrying out the supervisory duties of the board of commissioners and in preparing plans for the benefit of the company,