This paper addresses the factors responsible for changes in crude oil prices, in real market and financial sector. In order to prepare the analytical background for further investigation, it highlights the patterns of correlations of the real oil price and the most related prices of assets, exchange rate and government bond yield. The paper reviews the statistical behavior of oil price, quantities and the global macroeconomic environment. Topics discussed include the theory of differential rent and scarcity effect ,the role of future market and speculation, strategies of energy of the major economies to investigate the prospects of oil market and the potential demand for OPEC's oil. The paper explores the interrelationship between spot and future prices using daily data , explanatory power of real effective exchange rate in addition to conventional demand and supply functions. Although, The paper finds regularities consistent with the predictions of economic theory, it concludes that the changes in real price of oil have historically tended to be difficult to predict. Further research works are recommended particularly in the areas of storage arbitrage and financial future contracts.
Sadi formation is one of the main productive formations in some of Iraqi oil fields. This formation is characterized by its low permeability values leading to low production rates that could be obtained by the natural flow.
Thus, Sadi formation in Halfaya oil field has been selected to study the success of both of "Acid fracturing" and "Hydraulic fracturing" treatments to increase the production rate in this reservoir.
In acid fracturing, four different scenarios have been selected to verify the effect of the injected fluid acid type, concentration and their effect on the damage severity along the entire reservoir.
The reservoir damage severity has been taken as "Shallow–Medium– Sever
... Show MoreBuzurgan oil field suffers from the phenomenon of asphaltene precipitation. The serious negatives of this phenomenon are the decrease in production caused by clogging of the pores and decrease in permeability and wettability of the reservoir rocks, in addition to the blockages that occur in the pipeline transporting crude oil. The presence of laboratories in the Iraqi oil companies helped to conduct the necessary experiments, such as gas chromatography (GC) test to identify the components of crude oil and the percentages of each component, These laboratory results consider the main elements in deriving a new equation called modified colloidal instability index (MCII) equation based on a well-known global equation called colloidal in
... Show MoreIn recent years the interest in fractured reservoirs has grown. The awareness has increased analysis of the role played by fractures in petroleum reservoir production and recovery. Since most Iraqi reservoirs are fractured carbonate rocks. Much effort was devoted to well modeling of fractured reservoirs and the impacts on production. However, turning that modeling into field development decisions goes through reservoir simulation. Therefore accurate modeling is required for more viable economic decision. Iraqi mature field being used as our case study. The key point for developing the mature field is approving the reservoir model that going to be used for future predictions. This can
For a huge and important productive reservoir such as Mishrif formation, the key factors for understanding its production performance and to introduce different production scenarios for future planes are its petrophysical properties. These properties may obtain from different sources such as experimental measurements which are a highly costed methods and well logs data. However, well log data cannot be used to find accurate estimation of such properties without an integrated sedimentological analysis. This research focus on petrophysical evaluation of Mishrif formation employing well log data, core analysis, and depositional modeling to elucidate reservoir characteristics and depos
Terrestrial Laser Scanning (TLS) can be used to detect damage and analyze volumetric changes in large structural test specimens. Compared to traditional imaging and surface analysis methods, the primary reason for using 3D scanning is the difficulty of attaching targets to towers of varying heights, as well as the fact that some towers are covered with insulating materials that obscure key landmarks. In addition, the large number of incoming and outgoing pipes and stairs attached to the towers further complicates traditional assessment methods. This research focuses on assessing the damage to the three refining towers at the Baiji Refinery facility. Scanning was performed using a 3D laser scanner with HDR color imaging, capturing da
... Show MoreDrilling with casing (DWC) can be considered as a modern drilling technique in which both of drilling and casing operations done in the same time by using the casing to transfer the hydraulic and mechanical power to the bit instead of traditional drilling string. To overcome oil well control, minimizing the total cost through enhancing drilling efficiency, drilling with casing was proposed as an enabling technology.
Two surface sections (17 1/2 - and 12 1/4- inch) were drilled successfully in Rumaila oil field with casing strings which reached 655m and 1524m measured depths respectively.
By using DWC technique, the total drill/case phase time was reduced up to 20% comparing to conventional
... Show MoreBuzurgan oil field suffers from the phenomenon of asphaltene precipitation. The serious negatives of this phenomenon are the decrease in production caused by clogging of the pores and decrease in permeability and wettability of the reservoir rocks, in addition to the blockages that occur in the pipeline transporting crude oil. The presence of laboratories in the Iraqi oil companies helped to conduct the necessary experiments, such as gas chromatography (GC) test to identify the components of crude oil and the percentages of each component, These laboratory results consider the main elements in deriving a new equation called modified colloidal instability index (MCII) equation based on a well-known global equation called colloidal instabi
... Show MorePermeability is one of the essential petrophysical properties of rocks, reflecting the rock's ability to pass fluids. It is considered the basis for building any model to predict well deliverability. Yamama formation carbonate rocks are distinguished by sedimentary cycles that separate formation into reservoir units and insulating layers, a very complex porous system caused by secondary porosity due to substitute and dissolution processes. Those factors create permeability variables and vary significantly. Three ways used for permeability calculation, the firstly was the classical method, which only related the permeability to the porosity, resulting in a weak relationship. Secondly, the flow zone indicator (FZI) was divided reservoir into
... Show MoreThis study aimed to evaluate the reservoir petrophysical properties (porosity, water saturation, and permeability) for optimal flow unit assessment within the Sadi Formation. Utilizing open hole logging data from five wells, the Sadi formation was divided into two rock units. The upper unit (A) is 45-50 meters thick, mainly consisting of limestone, mainly consisting of shaly limestone at the lower part. The lower unit (B) has a thickness of approximately 75-80 meters and is primarily composed of limestone, further subdivided into three subunits (B1, B2, B3). The average water resistivity is 0.04 ohm-m, and the average mud filtrate resistivity is 0.06 ohm-m. The Pickett plot was utilized to determine Archie parameters (tortuosit
... Show MoreAn analysis of three selected wells in the Ain Zala oil field (AZ-16, AZ-17, and AZ-24) in the northwestern part of Mosul Governorate. In terms of biostratigraphy, it consists of planktonic and suspended foraminifera, which comprise 37 species belonging to 17 genera. Based on the recorded planktonic foraminifera, three main biozones were identified: Globotruncana aegyptiaca Partial Zone, which refers to the age of the Late Campanian, Gansserina gansseri Partial Range Zone, which indicates the age of the Early Maastrichtian, and Abathomphalus mayaroensis Interval Zone, which indicates the age of the Late Maastrichtian. The Abathomphalus mayaroensis Interval Zone is divided into four subzones: Racemiguembelina fructicosa Partial Range
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