International Exploration Economics, Risk, and Contract by Daniel Johnston

By Daniel Johnston

Overseas exploration and creation is difficult and interesting. Negotiating with governments and knowing the dynamics in their economic platforms and/or construction sharing contracts can suggest the variation among good fortune and failure. Long-time advisor, negotiator and lecturer, Daniel Johnston, offers an exceptionally transparent and functional point of view on:

• foreign exploration economics and threat analysis, 
• petroleum monetary approach research and design, 
• agreement negotiations, 
• monetary, monetary and accounting elements of production sharing contracts, and royalty/tax systems. 
International Exploration Economics, possibility, and agreement research is an anthology of articles from Johnston's column within the Petroleum Accounting and fiscal administration magazine (PAFMJ) Institute of Petroleum Accounting, college of North Texas. whereas a few chapters date again a couple of years, the foremost chapters and ideas were dramatically up to date with particular examples.

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Gas traders can use stored gas to decrease contracted swings, allowing low price gas purchase in summer and high price sales in winter. Further, the storage facility can be leased. These examples point to the economic significance of storage capacity in addition to peak shaving, especially in liberalised gas markets. 2 gives an overview of the storage capacity in different European countries. The table lists storage volume as a percentage of the consumption and the supply capacity of the storage in million mg/day.

Offshore gas fields are quite common. The Continental Shelf in the North Sea is an important European offshore area, producing gas in deep waters and therefore highly demanding for man and technology. Offshore production is more expensive compared with onshore production due to the specialised technological infrastructure needed at sea. In general, gas production either onshore or offshore, needs tremendous investment before the first cubic meter of gas can be produced. For that reason, gas fields are not taken into production without certainty about the sales of the gas.

Gas storage also offers other facilities and flexibility, which are beneficial from an economic point of view. Gas traders can use stored gas to decrease contracted swings, allowing low price gas purchase in summer and high price sales in winter. Further, the storage facility can be leased. These examples point to the economic significance of storage capacity in addition to peak shaving, especially in liberalised gas markets. 2 gives an overview of the storage capacity in different European countries.

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