Lecture 8: Introduction to Petroleum Economics 0.0 / 5 ? GeographyReservoir Engineering and Petroleum EconomicsUniversityNone Created by: alishaCreated on: 24-05-17 21:11 what is macroeconomics deals with larger issues like unemployement, recession and inflation 1 of 13 recession a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP 2 of 13 Inflation a general increase in prices and fall in the purchasing value of money 3 of 13 microeconomics on a small scale, microeconomics focuses on particular aspects of economics such as, supply, demand and prices of goods under various conditions 4 of 13 what are the stages of cumulative cost profile vs time exploration delineation, project build phase and drilling, initial operating phase, plateau production and field life extension 5 of 13 stages of cumulative income vs time exploration delineation, project build and phase drilling, initial operating phase, plateau production 6 of 13 what is CAPEX Capital expenditures 7 of 13 what is OPEX Operating expenditures 8 of 13 what is a dry hole? exploratory or development well that is sealed off after drilling because it is no longer in use and does not produce economically viable quantities 9 of 13 what is a Drill Stem Test DST is a procedure for isolating and testing pressure, permeability and productive capacity of a geological formation durng the drilling of a well 10 of 13 three examples of OPEX utilities, maintenance and adminstrative and general overhead 11 of 13 Variable cost increase as activity increases 12 of 13 fixed cost remains constant for a range of activity 13 of 13
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