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Collaborating Authors
Chance of Development (CoD) is commonly used as an input to economic assessments and valuations where it is often quoted with little explanation of the framework used. In such circumstances, it may be misleading and overly simplistic to multiply the project net present value (NPV) by a single CoD factor to derive a risked NPV as a proxy for value. This paper will examine ways in which CoD can be defined better, methods for its estimation, and its appropriate application along with common misuses. The PRMS encourages the use of subclasses that provide some qualitative assessment of CoD. The PRMS also allows Contingent Resources to be further divided according to economic status.
Transforming Natural Resource Management for a Sustainable Planet
MacDonald, David (BP Exploration) | Hilton, Julian (Aleff Group) | Elliott, David (Retired) | Heiberg, Sigurd (PETRAD) | Tulsidas, Harikrishnan (United Nations Economic Commission for Europe) | Griffiths, Charlotte (United Nations Economic Commission for Europe)
Abstract The global acceptance of the 2030 Agenda for Sustainable Development marked a new era in global development. Natural resources are essential for the attainment of most of the Sustainable Development Goals (SDGs). Why, how, when and where they are discovered, produced, consumed, recovered and re-consumed will define more than any other actions whether we have succeeded and created value. In response, the United Nations Framework Classification for Resources (UNFC) is transforming into a comprehensive and integrated system that can be used for managing these resources in concert to ensure balanced, responsible and resilient development. UNFC applies to projects in energy, including oil and gas, renewable energy, nuclear fuel resources; minerals; geological storage; and anthropogenic resources. Groundwater will be the next focus. The UNECE Expert Group on Resource Classification, including inter alia the SPE Oil and Gas Reserves Committee and Committee for Mineral Reserves International Reporting Standards have aligned the Petroleum Resources Management System (PRMS), the Committee for Mineral Reserves International Reporting Standards (CRIRSCO) family of codes for solid minerals and the Oil and Fuel Gas Reserves and Resources Classification of the Russian Federation. Alignment to other national systems such as the Chinese petroleum and mineral systems are under development. The Nordic countries (Finland, Norway and Sweden) have developed independent UNFC guidelines for mineral resources. The African Minerals Development Centre has decided to establish a continent-wide system for the management of Africa's oil, gas, mineral and renewable energy endowments, grounded in UNFC but tailored to meet local needs, priorities and circumstances. The Coordinating Committee for Geoscience Programmes in East and Southeast Asia (CCOP): has decided to develop guidelines for adoption of UNFC as the unifying framework in 14 member countries. UNFC, in its transformation, has incorporated guidelines for social and environmental considerations. These guidelines provide the critical social and environmental basis for classification of resource projects in a manner that allows environmental, social and economic aspects to be in equilibrium. UNFC facilitates transformative resource management for sustainable development recognizing the SDGs as the very core of this development. UNFC is a tool for policymaking, government resource management, business process innovation and financial management and reporting. Key stakeholders such as governments and companies can build a new narrative for the resource industry by using UNFC in day-to-day management functions. UNFC is a compass to use when navigating the complex landscape of natural endowments, social, economic and sustainability issues to find efficient and effective paths between often competing and sometimes mutually exclusive needs. This paper presents the recent expansion of the UNFC guidance to cover social and environmental impacts as well as the further transformation of the system that is underway to make it a valuable tool in resource management for governments and businesses.
- Asia (1.00)
- Africa (1.00)
- North America > United States (0.46)
- Europe > Austria (0.29)
Systematic approach of creating optimal resource base development strategy (Russian)
Shashel, V. A. (Gazpromneft NTC LLC) | Zhukov, V. V. (Gazpromneft NTC LLC) | Oshmarin, R. A. (Gazpromneft NTC LLC) | Bogdanovich, E. S. (Gazpromneft NTC LLC) | Sizykh, A. V. (Gazpromneft NTC LLC) | Gazaliev, R. R. (Gazpromneft NTC LLC) | Popov, A. Yu. (Gazpromneft-Noyabrskneftegas JSC) | Gaynetdinov, F. G. (Gazpromneft-Noyabrskneftegas JSC) | Perminov, D. E. (Gazpromneft-Noyabrskneftegas JSC)
The PDF file of this paper is in Russian. Typical characteristic of brown-field type asset is resource base depletion driven by longtime production. In order to keep production rate, new assets and non-explored areas should be involved. However, new assets typically are marked by low economic potential, high geological risks, and require comprehensive study and preparation. This paper focuses on systematic approach of creating optimal resource base development strategy, based on probabilistic reserves estimation. This approach allows company to maintain present level of production or even to raise it, while at the same time, obtain the maximum economic effect from involving new assets.
Abstract This paper describes evolving energy resource regulation within Queensland, with emphasis on optimising the State's petroleum resources. Key elements of a proposed resource tenures management framework and reforms to geoscientific information reporting are discussed in the context of petroleum industry trends. A discussion on the role of the regulator provides context to these reforms. Queensland is a world class resources province within a globally competitive market. The sector produces significant quantities of bauxite, coking coal, lead, silver, zinc and coal seam gas (CSG) and is vital to sustaining economic development and growing jobs within the State. Queensland's petroleum tenures management framework continues to evolve, to meet industry and stakeholder needs. In September 2015, the Minister for Natural Resources and Mines released the government's Innovative resources tenures framework โ Policy position paper. The paper identifies aspects of the current tenures framework which do not work effectively within a modern and globalised resources sector. An innovative and contemporary framework โ designed to strike the right balance between resource development, environmental sustainability and investment attraction โ is proposed. Geoscientific data reported by petroleum tenure holders enhances knowledge of the State's resources and valuably informs pre-competitive resource assessment and exploration and development opportunities. Ongoing Department of Natural Resources and Mines (DNRM) reform aims to improve delivery of quality geoscience data to the sector while reducing regulatory reporting burden. Finally, the paper highlights typical resource activity challenges and how these can be met through effective dialog between the tenure holder and DNRM. As in other areas of venture management, such a dialog can be used to address issues before they become critical.
- Energy > Oil & Gas > Upstream (1.00)
- Government > Regional Government > Oceania Government > Australia Government (0.95)
- Oceania > Australia > South Australia > Eromanga Basin (0.94)
- Oceania > Australia > South Australia > Cooper Basin (0.94)
- Oceania > Australia > Queensland > Surat Basin (0.94)
- (6 more...)
Abstract The African continent is blessed with abundant natural resources and specifically, significant energy resources but Africa has the greatest energy challenge in the world. Why is that and what can be done about it? Is Africa under a "resource curse"? This article explores the concept of "resource curse" and its implication for the continent of Africa. Africa currently has 127.7 thousand million barrels of proved oil reserves, representing 10% of the total world oil reserves. The continent is the 3 largest oil producer in the world, representing 12% of world oil production in 2009 but only utilizing 3.7% of it. This typifies the current situation in the continent whereby they are large resource holders and producers, but very poor resource users. The direct relationship between energy utilization and economic development is further explained in this article, buttressing the strategic nature of the energy sector in the development of Africa. Other unique opportunities are explored in this article including renewable energy resources such as solar and biomass which can potentially turn around the energy dynamics in Africa. It also explores the unique challenges facing energy utilization in Africa including poor infrastructure, environmental concerns as well as political and leadership challenges.
- Europe > Norway > North Sea > Central North Sea > Central Graben > PL 018 > Block 2/4 > Greater Ekofisk Field > Ekofisk Field > Tor Formation (0.99)
- Europe > Norway > North Sea > Central North Sea > Central Graben > PL 018 > Block 2/4 > Greater Ekofisk Field > Ekofisk Field > Ekofisk Formation (0.99)