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2003 Course Petroleum Economics

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Total No. of Questions : 6] [Total No. of Pages : 4 [3664] - 318 P 1217 B.E. (Petroleum Engineering) PETROLEUM ECONOMICS (2003 Course) Time : 3 Hours] [Max. Marks : 100 Instructions to the candidates: 1) Answers to the two sections should be written in separate answer books. 2) Answer two questions from Section I and two questions from Section II. 3) Neat diagrams should be drawn wherever necessary. 4) Figures to the right indicate full marks. 5) Use of cm scale graph paper is allowed. 6) Assume additional data, if necessary. SECTION - I Q1) a) b) Q2) a) b) Write a detailed note on guidelines given by SPE and UN for the evaluation of petroleum reserves and resources. [15] How is reserves estimation carried out using different methods? What are the likely errors in the calculations? [10] An offshore prospect is projected to produce 12,000 BOPD from [9] following cost expenditures : i) Well cost : 100 million dollars, ii) Production facilities : 100 million dollars. iii) Direct operating costs : $ 5/bbl. iv) Other costs : 60 million dollars. What is the breakeven oil price for the project over the first five years of operations for possible payout? Write notes on any two of the following : [16] i) Crude oil differential, ii) Crude oil pricing mechanism and factors controlling oil price, iii) Oil Trading, iv) Gas Economy. P.T.O.

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