Evaluation of the trading development in the Iberian Energy Derivatives Market

The efficiency of the Iberian Energy Derivatives Market in its first five and a half years is assessed in terms of volume, open interest and price. The continuous market shows steady liquidity growth. Its volume is strongly correlated to that of the Over The Counter (OTC) market, the amount of market makers, the enrolment of financial agents and generation companies belonging to the integrated group of last resort suppliers, and the OTC cleared volume in its clearing house. The hedging efficiency, measured through the ratio between the final open interest and the cleared volume, shows the lowest values for the Spanish base load futures as they are the most liquid contracts. The ex-post forward risk premium has diminished due to the learning curve and the effect of the fixed price retributing the indigenous coal fired generation. This market is quite less developed than the European leaders headquartered in Norway and Germany. Enrolment of more traders, mainly international energy companies, financial agents, energy intensive industries and renewable generation companies is desired. Market monitoring reports by the market operator providing post-trade transparency, OTC data access by the energy regulator, and assessment of the regulatory risk can contribute to efficiency gains.

Tren de licuefacción con licencia linde de la planta de Melkoya (Noruega)

El objeto principal del proyecto es describir las instalaciones de la planta de licuefacción de Melkoya (Noruega) y simular con el programa Aspen Plus el tren de licuefacción, que aplica una nueva licencia altamente eficiente para este tipo de plantas. En esta simulación, a partir de la información bibliográfica disponible, se ha realizado un análisis preliminar para determinar el diagrama de flujo y las características esenciales del proceso, incluyendo una estimación de la cantidad y composición del refrigerante necesario en cada etapa, información altamente confidencial por parte de los licenciantes de estas tecnologías. La finalidad del proceso y de la simulación es que el gas natural que entra gaseoso a 10 ºC, salga líquido a – 163 ºC para entrar en los tanques de almacenamiento de la instalación a la espera de ser transportado por buques metaneros. Tras una correcta simulación se realiza un estudio sobre los caudales, temperaturas de los intercambiadores de calor, autoconsumo de los compresores y la curva de enfriamiento del tren de licuefacción. La última parte del proyecto incluye un estudio económico, el cual incluye un análisis de sensibilidad. ABSTRACT The main object of the project is to describe the facilities of the plant of Melkoya's liquefaction (Norway) and to simulate the train of liquefaction with the program Aspen Plus, with the bibliographical available information. This program applies a new highly efficient license for this type of plants. A preliminary analysis has been realized to determine the flow diagram and the essential characteristics of the process. The simulation includes an estimation of the quantity and composition of the cooling needed in every stage. This information is highly confidential on the license of these technologies. In the simulation, the natural gas enters into the cycle as a gas at 10 ºC. Inside it, this gas condenses as a liquid at -163 ºC. After that, it enters into the storage’s tanks waiting its maritime transportation by LNG carriers. Later it realized a study about the correct operations conditions, like flows, temperatures of the heat interchangers, self-consumptions of the compressors and the cooling curve of the liquefaction train. The last part of the project is an economic study which includes a sensitivity analysis.

Solución de gestión y control de la integridad de pozos

El objetivo de este proyecto es la creación de un modelo de gestión y control de la integridad de pozo, basado en el seguimiento de la operación y el análisis de su diseño y construcción. Para ello se diseña una herramienta tecnológica que permita disponer de la información necesaria y gestionarla según estándares internacionales. En la fase inicial del proyecto se realizó una revisión bibliográfica de los estudios más relevantes sobre integridad de pozos, tanto de la asociación SPE (Society of Petroleum Engineers), de Universidades de Noruega y México, o de empresas como ECOPETROL, con el fin entrar en el contexto y analizar antecedentes de modelos y herramientas similares. En segundo lugar se ha realizado un estudio de las bases de datos, comenzando por un análisis de los estándares de PPDM (The Professional Petroleum Data Management Association) sobre los que se realiza la herramienta y se ha seleccionado la base de datos que más se adecua a la herramienta, considerando Access como la mejor opción por ser de fácil acceso e incorporar el módulo de informes. Para la creación de la solución se diseñó un modelo de datos, condicionado por los requisitos de integridad de pozos de la normativa noruega NORSOK D-010 y de la guía de recomendaciones para la integridad de pozos de la asociación de petróleo y gas de Noruega. La materialización de este modelo se realizó mediante la creación de una base de datos en la plataforma Access, y empleando lenguaje propio de Access combinado con programación SQL. Una vez definido y construido el modelo de datos, es posible crear una capa de visualización de la información. Para ello se define un informe de estado de pozo. Este informe será visible por el usuario según sus roles y responsabilidades. ABSTRACT The objective of this project is to create a model for managing and controlling the well integrity. It is based on the monitoring of the operation and the analysis of its design and construction. Therefore a technological tool is designed; to allow having the necessary information and to manage it according to international standards. At the beginning of the project, a literature review of the most relevant studies on well integrity was performed. It was made to enter into context and to analyze the history of the models and available similar tools. It included texts from the association SPE (Society of Petroleum Engineers), universities from Norway and Mexico, and companies like ECOPETROL. Secondly there has been a study of the databases. It began with an analysis of PPDM (The Professional Petroleum Data Management Association) standards; about which, the tool is made. After the analysis, Access was considered the best option because it is easily accessible and incorporates the reporting module. In order to create the solution a data model was designed. It was conditioned by the requirements of integrity of wells, in the Norwegian standards and in the NORSOK D010 recommendations guide for well integrity of the Norwegian oil and gas Association. This model was performed by a database in the Access platform, and using Access language, combined with SQL programming. Once the data model is defined and built, it is possible to create a layer of data visualization. A report of this well is defined to create it. This report will be visible for the user according to their roles and responsibilities.