Dean Foreman, Ph.D.’s Post

Check out the course Offshore Wind Economics for Complete Beginners by ORE Catapult and Ken Kasriel!

The PEP Report 180H Carbon Dioxide Capture Economics Model (Part) I [October 2023] looked at carbon capture from flue gases from coal-fired equipment and combined cycle gas turbines (CCGTs). This Excel-based Economics Model Part II looks at two more critical aspects: compression of captured CO2 and CO2 capture from synthesis gas (syngas) for blue hydrogen. The compression of CO2 is modeled for a typical carbon capture hub that will compress 1 million metric tons per annum (MMtpa) to 3.5 MMtpa of dry CO2 to a pressure of 150 bar gauge pressure (barg). The user only has to provide the amount of CO2 to be compressed and the model will display critical process parameters, such as the power and water consumed along with the economic data of the capital and operating costs. The user may note that only the compressor with CO2 drying using triethylene glycol (TEG) is modeled while the pipeline and sequestration are not. Carbon capture from syngas from a typical steam methane reforming (SMR) reformer is modeled using a blend of methyldiethanolamine (MDEA) and piperazine (PZ), also known as activated MDEA (aMDEA). The flows of syngas from 4 kilograms per second (kg/s) to 64 kg/s [CO2 capture of 0.074 MMtpa to 1.179 MMtpa or hydrogen ex-Absorber of 17 kilotons per annum (ktpa) to 280 ktpa] are modeled. The user only needs to provide the amount of syngas processed and the model will display the key process parameters, such as regeneration duty, diameters of the absorber and regenerator, and the amine flow rates. The economic data of the capital and operating costs per kilogram of hydrogen is also displayed. This will be useful to evaluate the minimum premium that blue hydrogen will command. For Economic Modeling, an Excel-based dashboard is presented to analyze the key operating and economic parameters for varying gas flows. This will allow the user to quickly estimate the major utility consumptions, key parameters and capital and operating expenditures. Apart from the technical and economic analysis, we have also included for one case each a material balance table, a sized equipment list and process flow diagrams for CO2 compression and CO2 capture from syngas. The technological and economic assessment of the process is the Process Economics Program (PEP)’s independent interpretation of a potential commercial process. Each of these is based on the information presented in the open literature, such as patents or technical articles and may not reflect in whole or in part the actual plant configuration. We do believe that these sources are sufficient to represent the process and process economics within the range of accuracy necessary for the economic evaluations of the conceptual process designs. #pep A clear-eyed view of the future Richard Charlesworth Susan Bell Jordan Brooksher Matt Coombs Olga Parfiryeva Jeffrey Hardy Quah

A few years ago, I embarked on my doctoral studies at the Center for Petroleum, Energy Economics, and Law (CPEEL) at Nigeria’s foremost university, the University of Ibadan. I was drawn to the Center by its multidisciplinary approach to bridging the knowledge and skills gap in the energy sector. Words cannot fully describe my experience; it has been quite a journey. I have experienced the full range of emotions, from excitement, joy, and pride to tears, pain, regret, anger, frustration, satisfaction, and finally, fulfilment. On Friday, 7 June 2024, I successfully defended my doctoral thesis to the glory of God, El Roi, who alone deserves the glory for holding me up when I felt like giving up. My gratitude goes to my supervisor, mentor, and father figure, Professor Akin Iwayemi, a prominent Professor of Economics and expert in Energy, Environment, Infrastructure, and Development Economics. He is the principal investigator at CPEEL, and I am grateful to have been under his guidance all these years. I could not have asked for a better supervisor. I also appreciate my co-supervisor, Dr. Patricia Ajayi of the Department of Economics, University of Ibadan, who brought her experience in household energy to the table. My thesis, titled “Household Preferences and Willingness to Pay for Clean Cooking Energy Technologies in the Federal Capital Territory (FCT), Nigeria,” encapsulates my research efforts during this period. The study examined cooking energy preferences, investigated the factors influencing willingness to pay (WTP), and estimated how much households are willing to pay for attributes of clean cooking technology in the FCT. A Household Energy Survey and a Discrete Choice Experiment were used to collect data from selected communities within the FCT. A Multinomial Logit Model was used to determine the factors influencing WTP and to estimate how much households were willing to pay for the attributes of clean cooking technologies, with all values estimated at a 0.05 level of significance. My sincere appreciation goes to my former Director General, Prof. E.J. Bala, and my former Director, Prof. I. J. Dioha. I also acknowledge my current directors and the management of the Energy Commission of Nigeria for their support. My special thanks to the staff of CPEEL, now the Department of Minerals, Petroleum, Energy Economics, and Law, including Prof. O. A. Falode, Dr. Kayode Aguda, Dr. Lucy Nwobi, Mr. Daramola, and all others for their support. Lastly, I must acknowledge my backbone and full support system, Ewah Eleri. Thank you for standing solidly, quietly, and stoically behind me through this journey; it has been quite a ride. Today, with a sense of fulfilment, I hold a Doctor of Philosophy (Ph.D.) in Energy Studies with a specialization in Energy Policy. Adeola Ijeoma ELERI, Ph.D. P.S. Mum, the late Dr. Bernice Nene Adeniji, I did it—this is for you!

Commodia paper brief by Joaquin Vespignani, Wensheng Kang and Distinguished Professor Ronald Ratti at @university of Missouri-Columbia. Explore the latest research on the effects of oil price shocks and policy uncertainty on US and non-US oil production in this insightful article published in Energy Economics. Find out how Kang, W., Ratti, R.A., and Vespignani, J.L. shed new light on this crucial topic. #energycommodity #oil #uncertanty #energy #economics https://lnkd.in/gyMBQvdd

I’m excited to share that I’ve successfully completed the Petroleum Economics course, expertly instructed by Biswajit Choudhury at Oman Institute for Oil and Gas - instOG This comprehensive training has provided me with in-depth knowledge in several key areas: 1. Oil and Gas Value Chain Exploration and Production (E&P): Involves discovering oil and gas reserves and extracting them. Midstream: Covers transportation, storage, and processing of oil and gas. Downstream: Encompasses refining, distribution, and marketing of petroleum products. 2. Role of Petroleum Economist Project Evaluation: Assessing the economic viability of exploration and production projects. Cash Flow Analysis: Analyzing project cash flows, including technical costs, royalties, and cumulative cash flows to gauge project health. Financial Modeling: Creating financial models for project selection and risk assessment. 3. Financial Concepts Time Value of Money: Understanding how money's value changes over time due to inflation and opportunity cost. Discounted Cash Flow (DCF): Calculating present value of future cash flows using a discount rate that reflects the cost of capital. Cost of Capital: The return rate required to make a project worthwhile. 4. Petroleum Fiscal Systems and Contracts Fiscal Regimes: Different systems that govern how governments and companies share revenues (e.g., royalties, production sharing agreements). Contract Structures: Various contracts that define rights, obligations, and revenue-sharing between parties. 5. Risk Analysis Sensitivity Analysis: Assessing how sensitive project outcomes are to changes in key assumptions (e.g., oil prices, costs). Monte Carlo Simulation: A statistical technique used to understand the impact of risk and uncertainty in project valuation. 6. Decommissioning and Abandonment Economic Considerations: Evaluating costs and financial implications of decommissioning oil and gas facilities when they are no longer productive. 7. Hubbert Peak Oil Theory Concept: The theory that predicts oil production follows a bell-shaped curve, with a peak point followed by a decline. 8. Equipment Decision-Making Renting vs. Purchasing: Analyzing cost-effectiveness, flexibility, and cash flow impacts of renting versus owning equipment. 9. Probability and Decision Theory Estimated Monetary Value (EMV): Quantifying potential outcomes to aid in decision-making under uncertainty. Decision Tree Analysis: Visualizing decisions and their potential consequences to identify optimal strategies. 10. Value of Information (VOI) Expected Value: Evaluating how additional information can impact decision-making, distinguishing between perfect and imperfect information scenarios. Conclusion: Petroleum economists integrate these elements to provide insights that guide investment decisions, manage risks, and optimize the value derived from oil and gas projects.

#AFeatured #ESpecialReports #UNITEN Building Malaysia’s future with energy economics insights: by: Dr. Azlina Abdullah Energy economics examines how energy resources are produced, distributed, and consumed, and their impacts on economic and environmental outcomes. Emerging as a distinct field in the mid-20th century, energy economics was driven by the finite nature of fossil fuels and environmental concerns, further emphasized by the oil crises of the 1970s. […] The post Building Malaysia’s future with energy economics insights first appeared on Asia News Today.

Introduction of a good book from Palgrave publishing house for the subject of international energy economy International energy economics is a field of study that deals with the economic interactions between countries in the global energy market. It involves analyzing the production, consumption, trade, and pricing of energy resources such as oil, natural gas, coal, and renewable energy sources on an international scale. Key topics in international energy economics include energy security, energy policy, sustainability, energy market integration, and the impact of geopolitics on energy markets. Researchers and policymakers in this field seek to understand how energy resources are produced, distributed, and consumed globally, as well as how changes in energy markets can affect economies, the environment, and geopolitical relationships between nations. Additionally, international energy economics examines the role of international organizations such as OPEC (Organization of the Petroleum Exporting Countries) and the International Energy Agency (IEA) in shaping global energy markets and policies. The field is essential for informing decision-making processes related to energy investments, strategies for energy transition, and efforts to address climate change on a global scale.

I recommend that 177 pages document "EXPLORING ENERGY DEMAND DYNAMICS" BOOK OF ABSTRACTS 18th Conference on Energy Economics and Technology https://lnkd.in/exRcmTig

I'm very happy to have successfully finalized another program in Energy Economics and Policy from MITx MicroMasters® Programs. 🎓 👨🎓 #RenewableEnergy #NuclearEnergy #Decarbonization #EnergyPolicy #EnergyPlanning #EnergyTransition

It's the Final Countdown!! With a great line up of speakers, don't miss this opportunity to hear from experts on energy transition in Asia. For more details about the session and speakers, click https://lnkd.in/g9QDKw5z Institute for Energy Economics and Financial Analysis (IEEFA) IEEFA Asia Pacific