Julian Fennema | Heriot-Watt University (original) (raw)
Papers by Julian Fennema
In a previous publication we introduced a methodology to assist in choosing between Enhanced Oil ... more In a previous publication we introduced a methodology to assist in choosing between Enhanced Oil recovery (EOR) and infill well drilling (SPE 143300). Operating companies are often reluctant to use EOR techniques when they have the option of infill well drilling instead. Reasons for this include how operating companies assess and manage risk and uncertainties. The methodology developed includes performing reservoir calculations to evaluate additional recovery using both techniques, and then using data generated as input to economic analysis. In the previous work, polymer flooding for 10 years after two years of waterflooding was studied using a synthetic reservoir model. The technique involved running a range of reservoir simulation scenarios to test possible recovery outcomes; these outcomes then provide input data that will be used in the probabilistic economic evaluation tool to be introduced as a follow up in this paper.
It is a common observation that operating companies are reluctant to use EOR techniques when they... more It is a common observation that operating companies are reluctant to use EOR techniques when they have the option of infill well drilling instead. Reasons for this include the advances in technology that allow accurate prediction of where unswept reserves are located. Other factors include the quicker recovery of the investment, and the fact that oil companies are well experienced in judging the risk and possible returns associated with drilling wells, whereas quantification of the risk and possible returns from EOR projects is difficult to calculate in advance and to evaluate once in place. However, are the oil companies missing opportunities for maximising return on their investment, and are there limitations in the way in which risk is evaluated which inherently favour infill well drilling?
Our understanding of the effect of investment-financing constraints in transition economies faces... more Our understanding of the effect of investment-financing constraints in transition economies faces significant problems, both in terms of choice of the underlying theoretical model of investment behaviour and in the estimation framework adopted. These problems drive the choice in this paper of implementing a double hurdle estimation routine based on the Abel and Eberly (1998) investment model. We find evidence
Comparative Economic Studies
This paper assesses the results of a major survey of privatised enterprises in Russia, examining ... more This paper assesses the results of a major survey of privatised enterprises in Russia, examining the financial environment in which firms operate. We find that the three sources of finance analysed (the domestic banking sector, the state and equity markets) are strongly influenced by the industry, size and region of the firm and that of these short-term bank lending is
Comparative Economic Studies, 2003
This paper assesses the results of a major survey of privatised enterprises in Russia, examining ... more This paper assesses the results of a major survey of privatised enterprises in Russia, examining the financial environment in which firms operate. We find that the three sources of finance analysed (the domestic banking sector, the state and equity markets) are strongly influenced by the industry, size and region of the firm and that of these short-term bank lending is
Using data from a large enterprise-level panel designed to address this issue, we account for ent... more Using data from a large enterprise-level panel designed to address this issue, we account for enterprise performance in Russia. We link performance to four aspects of the economic environment: enterprise ownership; corporate governance; market structures and competition; and financial constraints. We conclude that private ownership and improved performance are not correlated, though restructuring is positively associated with the competitiveness of the market environment. These findings on private ownership support those of previous studies, e.g. Earle and Estrin (1997). Moreover, we find evidence that financially unconstrained firms are better in their undertaking of restructuring measures then financially constrained firms. Further analysis suggests that causality runs from restructuring to financial constraint, rather than the reverse.
In a previous publication we introduced a methodology to assist in choosing between Enhanced Oil ... more In a previous publication we introduced a methodology to assist in choosing between Enhanced Oil recovery (EOR) and infill well drilling (SPE 143300). Operating companies are often reluctant to use EOR techniques when they have the option of infill well drilling instead. Reasons for this include how operating companies assess and manage risk and uncertainties. The methodology developed includes performing reservoir calculations to evaluate additional recovery using both techniques, and then using data generated as input to economic analysis. In the previous work, polymer flooding for 10 years after two years of waterflooding was studied using a synthetic reservoir model. The technique involved running a range of reservoir simulation scenarios to test possible recovery outcomes; these outcomes then provide input data that will be used in the probabilistic economic evaluation tool to be introduced as a follow up in this paper.
It is a common observation that operating companies are reluctant to use EOR techniques when they... more It is a common observation that operating companies are reluctant to use EOR techniques when they have the option of infill well drilling instead. Reasons for this include the advances in technology that allow accurate prediction of where unswept reserves are located. Other factors include the quicker recovery of the investment, and the fact that oil companies are well experienced in judging the risk and possible returns associated with drilling wells, whereas quantification of the risk and possible returns from EOR projects is difficult to calculate in advance and to evaluate once in place. However, are the oil companies missing opportunities for maximising return on their investment, and are there limitations in the way in which risk is evaluated which inherently favour infill well drilling?
Our understanding of the effect of investment-financing constraints in transition economies faces... more Our understanding of the effect of investment-financing constraints in transition economies faces significant problems, both in terms of choice of the underlying theoretical model of investment behaviour and in the estimation framework adopted. These problems drive the choice in this paper of implementing a double hurdle estimation routine based on the Abel and Eberly (1998) investment model. We find evidence
Comparative Economic Studies
This paper assesses the results of a major survey of privatised enterprises in Russia, examining ... more This paper assesses the results of a major survey of privatised enterprises in Russia, examining the financial environment in which firms operate. We find that the three sources of finance analysed (the domestic banking sector, the state and equity markets) are strongly influenced by the industry, size and region of the firm and that of these short-term bank lending is
Comparative Economic Studies, 2003
This paper assesses the results of a major survey of privatised enterprises in Russia, examining ... more This paper assesses the results of a major survey of privatised enterprises in Russia, examining the financial environment in which firms operate. We find that the three sources of finance analysed (the domestic banking sector, the state and equity markets) are strongly influenced by the industry, size and region of the firm and that of these short-term bank lending is
Using data from a large enterprise-level panel designed to address this issue, we account for ent... more Using data from a large enterprise-level panel designed to address this issue, we account for enterprise performance in Russia. We link performance to four aspects of the economic environment: enterprise ownership; corporate governance; market structures and competition; and financial constraints. We conclude that private ownership and improved performance are not correlated, though restructuring is positively associated with the competitiveness of the market environment. These findings on private ownership support those of previous studies, e.g. Earle and Estrin (1997). Moreover, we find evidence that financially unconstrained firms are better in their undertaking of restructuring measures then financially constrained firms. Further analysis suggests that causality runs from restructuring to financial constraint, rather than the reverse.