By H.K. Abdel-Aal, Bakr A. Bakr, M.A. Al-Sahlawi
Revised and up to date to mirror significant alterations within the box, this moment variation provides an built-in and balanced view of present attitudes and practices utilized in sound financial decision-making for engineering difficulties encountered within the oil undefined. the amount includes many problem-solving examples demonstrating how fiscal analyses are utilized to diversified aspects of the oil industry.;Discussion progresses from an creation to the undefined, via ideas and strategies of engineering economics, to the applying of monetary the way to the oil undefined. It offers details at the different types of crude oils, their entire items and assets of common fuel, and likewise summarizes around the globe oil creation and intake information.
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Extra info for Petroleum Economics and Engineering
The second contract, Y, is to design and construct a liquified petroleum gas (LPG) plant. The ABC company may be awarded either contract X or contract Y or both. Thus, there are three possible outcomes or states of nature. 6. 7. Before proceeding, the payoff matrix should be examined for dominance. The dominance principle is described as follows. Given several alternatives, if one is always preferred, no matter which state occurs, the preferred alternative is said to dominate the others, and the dominated alternative (or alternatives) can be deleted from further consideration.
9. 9 that A4, with an expected payoff of $2,333, is the best alternative and would be selected according to the Laplace criterion. 9 Computation of Expected Payoff for the ABC Company Alternative Average payoff A2 (1,000 + 1,000 + 4,000)/3 = 2,000 A3 (-2,000 + 1,500 + 6,000)/3 = 1,833 A4 (0 + 2,000 + 5,000)/3 = 2,333 A5 (1,000 + 3,000 + 2,000)/3 = 2,000 sumption of equal probabilities is considered a major deficiency of this criterion since there is no base to assume the probabilities are all equal.
7%, which is >10% (minimum). 3 Insulation thickness is important for heat exchangers in the oil industry. One situation was encountered in the sulfur recovery plant from hydrogen sulfide gas (H2S) (which has to be removed from natural gas). A heat exchanger was designed and recommendation was made for four possible thicknesses of insulation. The costs and savings related to these cases are as follows. I.? I. 3 per million Btu of the heat recovered and 300 working days per year. bBased on 10-year lifetime.