What is the stock of capital in the reservoir?
level of water in the reservoir is the stock of capital. Assume an economy that makes only one product and that year 3 is the base year. Output and price data for a five-year period are as follows.
What is an analogue reservoir?
Analogs are similar types of reservoirs to the targeted pool, which help to reduce exploitation risk as well as to suggest the type of reservoir development mechanism applicable and what future production performance might be expected.
Should the analog method be the primary forecasting method for assets?
If the analog method is to be the primary forecasting method for an asset then a more rigorous assessment of the analog dataset is warranted, moving the use of analogues into a more empirical methodology based on more quantitative, statistical based relationships between reservoir parameters.
What is capital stock?
In other words, capital stock is the amount of capital constituting ordinary and preference shares. Capital stock is a sum total of common and preferred stock that a company is permitted to issue. The corporate charter of a company would include information on the number of common ( equity shares) and preferred shares it is authorized to issue.
What are the two ways to adjust nominal GDP to reflect price change?
We account for this using real GDP, which is a measure of GDP that has been adjusted for the price level. In this way, real GDP is a truer measure of output in an economy. There are two approaches to adjusting nominal GDP to get real GDP: 1) using the same prices every year or 2) using the GDP deflator.
What would be the result if intermediate goods and services were included in the calculation of GDP?
If intermediate goods and services were included in GDP: the GDP would be overstated. the GDP would then have to be deflated for changes in the price level.
What are the three methods to measure GDP?
GDP can be measured in three different ways: the value added approach, the income approach (how much is earned as income on resources used to make stuff), and the expenditures approach (how much is spent on stuff).
What is the difference between national income and personal income group of answer choices?
NI is income EARNED by the factors of production (resources). PI is the income RECEIVED by the factors of production (resources). To calculate, take NI minus payroll taxes (social security contributions), minus corporate profits taxes, minus undistributed corporate profits, and add transfer payments.
How does capital stock affect aggregate demand?
An increase in the capital stock causes an increase (rightward shift) of both aggregate supply curves. A decrease in the capital stock causes a decrease (leftward shift) of both aggregate supply curves. Other notable aggregate supply determinants include the technology, energy prices, and the wages.
How are intermediate goods accounted for when calculating GDP the value of intermediate goods is?
Intermediate goods are not counted in a country's GDP, as that would mean double counting, as the final product only should be counted, and the value of the intermediate good is included in the value of the final good.
Which method is used to measure the economic?
The most common method is the GDP. GDP refers to the monetary value of all goods and services produced within the boundaries of a country over a period of time.
What are the various sectors to which firms make sales What are the various ways in which households are linked with other sectors of the economy?
Firms make sales to other firms, households, the government, and the rest of the world. Households are linked to firms through the sale of factors of production to firms, through purchases from firms of final goods and services, and through lending fund to firms in the financial markets.
What GDP means?
gross domestic productOne of the most common is GDP, which stands for gross domestic product. It is often cited in newspapers, on the television news, and in reports by governments, central banks, and the business community. It has become widely used as a reference point for the health of national and global economies.
What is the difference between gross private domestic investment and net private domestic investment?
Gross private domestic investment consists of net private domestic investment and the consumption of fixed capital. a. Net private domestic investment is the part of gross investment that adds to the existing stock of structures and equipment.
Why do national income accountants include indirect business taxes in the income approach to GDP computation?
why do national income accountants add these indirect business taxes to wages, rent, interest, and profits in determining national income? to account for expenditures that would are diverted to the government.
What is the difference between personal income PI and disposable personal income DPI )?
Explain the differences between PI (personal income) and DPI (disposable personal income). The PI is the total amount of income going to consumers before individual taxes are subtracted. The DPI is the total income the consumer sector has at its disposal after personal income taxes.
Why are intermediate goods and services not included in GDP?
Economists do not factor intermediate goods when they calculate gross domestic product (GDP). GDP is a measurement of the market value of all final goods and services produced in the economy. The reason why these goods are not part of the calculation is that they would be counted twice.
Why are intermediate goods excluded when calculating GDP using the expenditure model?
Intermediate goods and services, which are used in the production of final goods and services, are not included in the expenditure approach to GDP because expenditures on intermediate goods and services are included in the market value of expenditures made on final goods and services.
How are intermediate goods treated in GDP computations?
How are goods that go into inventory and are not sold during the current period treated in GDP terms? (a) They are counted as intermediate goods and so are not included in current-period GDP.
How are intermediate goods treated in the calculation of GDP quizlet?
How are intermediate goods treated in the calculation of GDP? Their value is not counted separately, but included as part of the value of the final good for which they are an input.
What is the task of identifying analogous reservoirs in petroleum systems?
The task of identifying analogous reservoirs in petroleum systems requires active collaboration between geoscience and reservoir engineering. Analogues are not necessarily situated in the same geographical location. While reservoirs in the same geographic area, and of the same age, typically provide better analogs, such proximity alone may not be the primary consideration.
What is analog reservoir?
Analogs are similar types of reservoirs to the targeted pool, which help to reduce exploitation risk as well as to suggest the type of reservoir development mechanism applicable and what future production performance might be expected. Analogues can be used to estimate likely reservoir parameters, initial rates or production profiles, as well as expected recovery factor and ultimate recovery.
Why is the development scheme of a reservoir important?
as reflected by well spacing, lift mechanism, fluid injection type) can also be important in establishing the relevance of the analogy and becomes especially important when using analogues for prediction how a production profile will look, as opposed to just overall recovery factor.
What is EOR in oil recovery?
Enhanced oil recovery (EOR) schemes require analogs that satisfy most conditions in addition to type of fluid injected, injected rates and injection pressures. There must be sufficient production history to reflect scheme performance and it must be repeatable to be classified as an analog.
What is principal component analysis?
Principal component analysis is a method that is used to recognize patterns in data to highlight similarities and differences is data sets. The major benefit of using this method is that the data in question can be reduced to a specific number of elements while the data are still kept in a meaningful state.
What is analog method?
The analog method is a more qualitative than quantitative approach which generally results in a wide range of estimates of performance with no clear basis for a most-likely estimate. It is often used as a cross check alongside other more in depth forecasting methodologies.
Why do oil and gas projects need production forecasts?
Oil and gas development projects need production forecasts for planning purposes and to understand the economic viability of each project. Sometimes, especially in the exploration and appraisal stages, it is necessary to develop a range of production forecasts for a project based on very limited data, often in the absence ...
How to calculate capital stock?
Common stock balance can be calculated by multiplying the par value of the common stock with the number of common shares outstanding.
What is capital stock?
In other words, capital stock is the amount of capital constituting ordinary and preference shares. Capital stock is a sum total of common and preferred stock that a company is permitted to issue. The corporate charter of a company would include information on the number of common ( equity shares) and preferred shares it is authorized to issue.
What is common stock?
Most common type of stock issued by a company, equity shares (common stock) entitles shareholders with different rights as compared to preferred stock. It allows the investor to be a part of the company’s growth and profit. Also, the holders of common stock have the privilege to vote on company matters while holders of preferred stock typically do ...
What is financial capital?
Financial capital refers to the cash in hand and obligations, if any, left after the production process is over. Human capital would essentially include the value of acquired skills and talent. Social capital would mean the value of relationships built during the process.
Is capital stock good for a company?
Capital stock of a company shows soundness of its financial health . The more it is, the better since that would mean less reliance on outside debt. However, this should not mean that a corporation with more debt on its balance sheet would not be a safe bet to invest in. Different financial experts have different opinions on the right mix of equity and debt, a corporation should strive for. 1,2
Do preferred stock holders vote?
Also, the holders of common stock have the privilege to vote on company matters while holders of preferred stock typically do not. But that doesn’t make preferred stock any less lucrative. Holders of preferred stock have right on fixed dividends and take precedence over common stockholders in case of bankruptcy.
GDP is a flow
In my classes last week at Helsinki University we discussed stocks and flows and how they fed into understanding national accounting and financial balances (flow of funds).
Keef Hartley Band
I felt like listening to some organ and guitar this morning and what better album but – Halfbreed.
Analogs
- Analogs are similar types of reservoirs to the targeted pool, which help to reduce exploitation risk as well as to suggest the type of reservoir development mechanism applicable and what future production performance might be expected. Analogues can be used to estimate likely reservoir parameters, initial rates or production profiles, as well as ex...
Analogous Reservoirs
- PRMS defines an analogous reservoirs (as used in resource assessment) as having “similar rock and fluid properties, reservoir conditions (depth, temperature, and pressure) and drive mechanisms, but are typically at a more advanced stage of development than the reservoir of interest and thus may provide concepts to assist in the interpretation of more limited data and e…
Qualitative Approach
- The analog method is a more qualitative than quantitative approach which generally results in a wide range of estimates of performance with no clear basis for a most-likely estimate. It is often used as a cross check alongside other more in depth forecasting methodologies.
Quantitative Approach
- If the analog method is to be the primary forecasting method for an asset then a more rigorous assessment of the analog dataset is warranted, moving the use of analogues into a more empirical methodology based on more quantitative, statistical based relationships between reservoir parameters. This type of analysis requires ranking of similar types of reservoirs based …
Principal Component Analysis
- Principal component analysis is a method that is used to recognize patterns in data to highlight similarities and differences is data sets. The major benefit of using this method is that the data in question can be reduced to a specific number of elements while the data are still kept in a meaningful state.
Cluster Analysis
- Cluster analysis is a way of analyzing groups of data by using homogeneity of the data as the classification criteria. This method entails grouping data to reflect what is homogeneous and multiple groups can be created to further simplify specific properties.
Analog Example
- A good example of analog use in oil reservoirs is found in Sidle et al (2010), which considers “a regionally productive formation” which “has multiple closures against updip faults as it dips to the south. Initially, a shallower structure in this formation, Jonathan Field, was discovered and developed as a commercially productive oil reservoir, Later a deeper closure, Macintosh Field, w…
Enhanced Oil Recovery (EOR) Schemes
- Enhanced oil recovery (EOR) schemes require analogs that satisfy most conditions in addition to type of fluid injected, injected rates and injection pressures. There must be sufficient production history to reflect scheme performance and it must be repeatable to be classified as an analog.
Steam Injection
- A steam injection example could use an aggregate such as φ(So-Sor)hi/ht. A comparison of a target reservoir with its analogs must show that these estimates are similar even if individual properties are slightly different. Other aggregates of properties such as mobility ratio [(Kw/μw)/(Ko/μo)] can be used to determine how successful other miscible flood process, such …
Multiple Analogs
- In the case of analyzing multiple analogs where the results appear different; the more conservative results will be beneficial to the overall objective of identifying suitable analogs. It also becomes imperative to evaluate how different the aggregated parameters from the analogs are to the target reservoir. If there is a significant difference between analogs and target reservo…