对国际原油和油品市场的全面分析，适合初学者了解产业链，初级行业研究员也可以作为参考。

对国际原油和油品市场的全面分析，适合初学者了解产业链，初级行业研究员也可以作为参考。

对国际原油和油品市场的全面分析，适合初学者了解产业链，初级行业研究员也可以作为参考。Table of Contents Section I: The Oil & Gas Industry …………........ 7 A Brief History of Oil …………....... 8  From biblic al times… ……... ..... 8 Setting the scene ………….…… 9  IOCs and NOCs………………... 13  The IOC Sisters – 100 years in the making…………......... 14 The International  Oil Companies ……..... 15  The IOCs Compared …………....... 18  The major NOCs …….... 21  OPEC …………...... 24 A brief history…….. 24 How does OPEC work ? ……………….... 25  Why is OPEC able to influence  prices?…………....... 26 What price does OPEC want?........ 27 The OPEC  basket …………........ 28  What is the western IOCs exposure to  OPEC?………….....28  In the beginni ng ….. …….. 29  ……Migration………… 39  Reservoir quality ………………..... 40 The trap and seal…… 42 Reservoir volumetrics ……. ... 43 Getting it out………………........ 45  The Life Cycle  of a Basin……...... 45 Field Operations……………… 50 Land Seismic…………........ 50  Offshore seismic……........ 52  Assessing risk and reward …….. 54 Benchmarking exploration success  rates……........ 55 Field Operation s - Drilling………………... 58  Directional  wells…………..…… 62  Land and offshore rigs ……………….... ... 62 Drilling day rates ………….………….... 66 Field Operations - Development ……......... 70 Onshore – oil is usually straight-fo rward… ………….........70  Offshore – as usual, deeper is t ougher ………………....... 71 Extending the field life ……...... ..... 73  Recovery factors …… ...... 74  Primary recovery ……....... ...... 74  Depositional controls on recovery factor ……………….... 75 Secondary recovery … waterflood………… 76  Tertiary recover y techniques…….. 76 Oil Field Service Companie s – where do th ey fi t?………….77  A word on costs………… ...... 83  Oil & Gas  reserves …………......... 88  ……  Tax & Royalty Co ncessions…………........ 109 Production Sharing  Contracts (PSCs) ………………........110  Working through an IRR based  PSC ……………….........116  Buy Backs …………...... ....... 119  Oil & Gas Taxation – Some Key  Terms………………......121  World Oil Markets …………....... 122 Fundamentals, physic al and financial ………………........ 122 Key exchanges and benchmarks………… 122  The oil price………………. 123  Oil Demand ……………… 124  Oil Supply……. 127  Inventories ………….…… 129 Physical vs. Financial……....... .... 129  World Gas Markets……………….. 133  The clean fuel of choice ……. . 133 Gas demand…………......... 133 Gas Supply ………………. 135  Gas Pricing …………...... 139 Oil & Gas Pr oducts …………...... 145 What is crude oil? ……........ 145  Definitions…………....... 145  Trends in crude oil……..... 147 Key Global  Blends ……... ... 148  Refining Overview …………....... 149  The Black Sheep of  the family………….... 149 The curse of the investment cycle …………………….. 152  What is Refining?…………......... 153 What do refineries make ? ……………… 153 The stream of oil products …………......... 1 54 How does a refinery wo rk? …………........ 155  ……Refining Industry Structure …………........ 172 Petroleum Administration for Defence Districts (PADDS) ………….......172  Marketing ……………………. 174 Stability in a cy clical world …………....... .. 174  The wholesale/ retail chain………………176  Removing capital, containing costs……………………. 177 What’s in a litre of fuel? European Ret ail Data…………....178  What’s in a litre of fuel? US Ret ail Data ……………….... 178 Biofuels………… 179 What are biofuels? ………………........ ... 179  …… Petrochemic als ……………….. 189 Part of the integrated chain…………........ 189  The olefin plant (cracker) ……………… .. 190  Petrochemical Industry profita bility……………………. 192 Olefin and Aromatic Building Blocks and their Chains ……..193  Ethylene –  C2 Olefin………………...... ... 193  Propylene – C3 Olefin ………………..... . 194 Butadiene – C4 Olefin ………………...... 195 Benzene – C6 Aromatic……………….... 195 Paraxylene – C8 Aromat ic ……………… 19 6 The Major Plastics or Po lymers …………. 197  Polyethylene  (PE) ………….. 199  Polyprop ylene …………....... 199 Purified Terephthalic Acid (P TA)…………. 199 Conventionals & Unconventio nals………….. 201  Conventionals …………....... 201 Unconventionals …………... 201  Liquefied Natural Gas (LNG) …… 202  ……                                                                                Canada’s Oil Sands…………...... 226  A huge unconventional resource………… 226  Methods of Extraction – Mining…………. 228  Methods of Extraction – In-situ ………….. 228  Upgrading …………...... ....... 230  Costs – The highest marginal cost barrel on the glob e …….231 Gas to Liquids (GTL)………….... 233  An expensive altern ative to LNG………… 233  Background ………………. 233  Commercial GTL plants are limi ted ……………………. 234  There are positives………………....... .... 236  An uncertain future  at this time………….. 236 Coal Bed Methane …………....... 237 Exactly what it says  on the label ………… 237  Tight & Shal e Gas…………........ 239 Huge potential resource………………... 239  Economic at curren t gas pri ces?………… 241 Section II: The Countries……....... 243 Major non-OPEC producers …….. 244 Norway ………… 245 United Kingdom………………. 251  US Deepwater Gulf of Mexi co…………......... 257 US Alaska ……………………. 263 Canada – Oil Sands…………...... 269  …… Major OPEC Producers………… 319 Angola………….. 321 Iran …………....... 327 Iraq …………....... 335 Kuwait …………. 343 Libya ………….... 351 Nigeria …………. 359 Qatar ………….... 367 Saudi Arabia………………....... 373 United Arab Emirates ………….. 381Venezuela ……………………. 387 Section III: the  Compani es…….... 394   BP ……………………..... 395 Royal Dutch  Shell plc ………………....... 399  Total SA…………....... …… 403  ENI …………………….... 407 …… ExxonMobil ………………. 431  Chevron………………....... 435  ConocoPhi llips …………. ..... 439 Glossary…………………….... 443 Industry Investment thesis ……... 453