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The Haynesville shale is an unconventional resource play in Louisiana that requires significant capital expenditures to develop. To produce at commercial rates, shale gas wells are drilled horizontally and fractured to release their gas, and since 1994, a severance tax exemption on horizontal wells has been in effect, offering an incentive to investors to promote industry activity. In 2011, the Haynesville...
The Haynesville shale in Louisiana is one of several unconventional gas plays that have been discovered in the U.S. in the past decade and promise to dramatically change the course of future energy development given its enormous resource potential. Unconventional gas resources are abundant, but their development is particularly sensitive to technologic risk, geologic uncertainty, and gas price. To...
When the operating cost of a well is equal to its income from production, the well is no longer considered an asset and is said to have reached its economic limit. The purpose of this paper is to quantify the economic limit of hydrocarbon field production in Louisiana. We classify 690 fields that terminated production between 1977 and 2007 by product type, location, and year of termination and compute...
Throughout the world wherever oil and gas is discovered, a support industry will develop and evolve with the needs of industry and government regulation. In the Gulf of Mexico, a large variety of marine vessels transport goods and provide services to exploration, development and production activity, and play an important role in the economic and ecological impacts across communities. The spatial and...
In 2007, the federal waters of the Gulf of Mexico averaged daily production of 1.3 million barrels of oil and 7.6 billion cubic feet of natural gas. The majority of oil is produced from deepwater fields in water depth greater than 1000ft, while most gas production is extracted from the shelf. The Outer Continental Shelf is a mature province with over 3800 fixed structures and 6500 producing wells...
The objective in drilling a hydrocarbon well is to make hole as quickly as possible subject to the technological, operational, quality, and safety constraints associated with the process. These objectives are frequently conflicting and depend on factors that are subject to significant private and market uncertainty. There is no way to identify all of the relevant characteristics of drilling operations,...
Hurricanes Ivan, Katrina, and Rita passed through the Gulf of Mexico during 2004 and 2005 and resulted in the largest number of destroyed and damaged offshore oil and gas structures in the history of Gulf operations. In the final official government assessment, a total of 126 platforms were destroyed and over 183 structures were identified as having extensive damage. Production associated with wells...
Federal regulations require that a lease in the Outer Continental Shelf of the Gulf of Mexico be cleared of all structures within one year after production on the lease ceases, but in recent years, the Minerals Management Service has begun to encourage operators to remove idle (non-producing) structures on producing leases that are no longer “economically viable”. At the end of 2003, there were 2175...
The economic and system measures associated with hydrocarbon development are subject to various levels of private and market uncertainty. The purpose of this paper is to develop an analytic framework to quantify the influence of private and market uncertainty under a concessionary fiscal system. A meta-modeling approach is employed to develop regression models for take and investment criteria in terms...
Hydrocarbon production is the process of extracting oil and gas reserves from the earth, and then treating, processing, and transporting the oil and gas to market. Production costs are those costs required to operate and maintain wells and related equipment and facilities. Production costs are generally not available in commercial databases, however, and must be derived from survey instruments or...
Weather delay is a common risk in offshore energy production, and in the Gulf of Mexico, the occurrence of tropical storms and hurricanes regularly force operators to shut-down production, cease drilling and construction activities, and evacuate personnel. In physical terms, shutting-in a well will usually not cause a loss of the hydrocarbon resource, but in financial terms, the impact of deferred...
The Weatherization Assistance Program (WAP) is a federal block grant program established in 1976 to assist low-income households in reducing their energy bills and improve their health and safety through a variety of weatherization and related services. The manner in which WAP funding is distributed among states has been a contentious issue since the inception of the program, and in 1995, the Department...
The federal government distributes funds to states in a block grant for the Low-Income Home Energy Assistance Program (LIHEAP) using a mechanism based on hold-harmless and give back provisions triggered at various appropriation levels. If the regular appropriation in a given fiscal year is less than or equal to $1.975B, then a 1981 formula is used to allocate funds, while if the regular appropriation...
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