ECONOMIC ANALYSIS of AMAZON RIVER PRAWN FARMING TO THE MARKETS FOR LIVE BAIT and JUVENILES IN PANTANAL, BRAZIL

The implementation of a hypothetical aquaculture facility with hatchery, nursery and grow-out earthen ponds for raising the Amazon River Prawn Macrobrachium amazonicum in the Pantanal was considered. Eight larviculture cycles per year were projected: four to produce post-larvae for stocking in grow-out bait ponds, and four to stock nursery tanks to sell juveniles as seed to grow-out farms, which produce prawns for human consumption. Annual production would be 146,880 dozen bait prawns and 2,938 thousand juveniles. The assumed sale prices were US$ 1.38 per dozen baits and US$ 15.39 per thousand juveniles. The net present value was US$ 555,890.79, internal rate of return was 48% per year, payback period was 2.4 years and benefit-cost ratio was 3.90. The breakeven price to cover total costs per dozen baits was US$ 0.70 and per thousand juveniles was US$ 17.00, indicating that the selling price assumed for juveniles in base scenario is not realistic. Net return was US$ 84,773.80. The results indicate that this activity would be a lucrative and attractive investment in the Pantanal.

Estudo do processo de combustão in-situ em reservatórios maduros de óleos médios e leves (high pressure air injection)

Nearly 3 x 1011 m3 of medium and light oils will remain in reservoirs worldwide after conventional recovery methods have been exhausted and much of this volume would be recovered by Enhanced Oil Recovery (EOR) methods. The in-situ combustion (ISC) is an EOR method in which an oxygen-containing gas is injected into a reservoir where it reacts with the crude oil to create a high-temperature combustion front that is propagated through the reservoir. The High Pressure Air Injection (HPAI) method is a particular denomination of the air injection process applied in light oil reservoirs, for which the combustion reactions are dominant between 150 and 300°C and the generation of flue gas is the main factor to the oil displacement. A simulation model of a homogeneous reservoir was built to study, which was initially undergone to primary production, for 3 years, next by a waterflooding process for 21 more years. At this point, with the mature condition established into the reservoir, three variations of this model were selected, according to the recovery factors (RF) reached, for study the in-situ combustion (HPAI) technique. Next to this, a sensitivity analysis on the RF of characteristic operational parameters of the method was carried out: air injection rate per well, oxygen concentration into the injected gas, patterns of air injection and wells perforations configuration. This analysis, for 10 more years of production time, was performed with assistance of the central composite design. The reservoir behavior and the impacts of chemical reactions parameters and of reservoir particularities on the RF were also evaluated. An economic analysis and a study to maximize the RF of the process were also carried out. The simulation runs were performed in the simulator of thermal processes in reservoirs STARS (Steam, Thermal, and Advanced Processes Reservoir Simulator) from CMG (Computer Modelling Group). The results showed the incremental RF were small and the net present value (NPV) is affected by high initial investments to compress the air. It was noticed that the adoption of high oxygen concentration into the injected gas and of the five spot pattern tends to improve the RF, and the wells perforations configuration has more influence with the increase of the oil thickness. Simulated cases relating to the reservoir particularities showed that smaller residual oil saturations to gas lead to greater RF and the presence of heterogeneities results in important variations on the RF and on the production curves

Nova técnica para obtenção de fraturas com altíssima condutividade em poços de petróleo

Increase hydrocarbons production is the main goal of the oilwell industry worldwide. Hydraulic fracturing is often applied to achieve this goal due to a combination of attractive aspects including easiness and low operational costs associated with fast and highly economical response. Conventional fracturing usually involves high-flowing high-pressure pumping of a viscous fluid responsible for opening the fracture in the hydrocarbon producing rock. The thickness of the fracture should be enough to assure the penetration of the particles of a solid proppant into the rock. The proppant is driven into the target formation by a carrier fluid. After pumping, all fluids are filtered through the faces of the fracture and penetrate the rock. The proppant remains in the fracture holding it open and assuring high hydraulic conductivity. The present study proposes a different approach for hydraulic fracturing. Fractures with infinity conductivity are formed and used to further improve the production of highly permeable formations as well as to produce long fractures in naturally fractured formations. Naturally open fractures with infinite conductivity are usually encountered. They can be observed in rock outcrops and core plugs, or noticed by the total loss of circulation during drilling (even with low density fluids), image profiles, pumping tests (Mini-Frac and Mini Fall Off), and injection tests below fracturing pressure, whose flow is higher than expected for radial Darcian ones. Naturally occurring fractures are kept open by randomly shaped and placed supporting points, able to hold the faces of the fracture separate even under typical closing pressures. The approach presented herein generates infinite conductivity canal held open by artificially created parallel supporting areas positioned both horizontally and vertically. The size of these areas is designed to hold the permeable zones open supported by the impermeable areas. The England & Green equation was used to theoretically prove that the fracture can be held open by such artificially created set of horizontal parallel supporting areas. To assess the benefits of fractures characterized by infinite conductivity, an overall comparison with finite conductivity fractures was carried out using a series of parameters including fracture pressure loss and dimensionless conductivity as a function of flow production, FOI folds of increase, flow production and cumulative production as a function of time, and finally plots of net present value and productivity index

A COST-BENEFIT ANALYSIS OF A 25% RPS IN MICHIGAN

Michigan depends heavily on fossil fuels to generate electricity. Compared with fossil fuels, electricity generation from renewable energy produces less pollutants emissions. A Renewable Portfolio Standard (RPS) is a mandate that requires electric utilities to generate a certain amount of electricity from renewable energy sources. This thesis applies the Cost-Benefits Analysis (CBA) method to investigate the impacts of implementing a 25% in Michigan by 2025. It is found that a 25% RPS will create about $20.12 billion in net benefits to the State. Moreover, if current tax credit policies will not change until 2025, its net present value will increase to about $26.59 billion. Based on the results of this CBA, a 25% RPS should be approved. The result of future studies on the same issue can be improved if more state specific data become available.

ECONOMIC PROFITABILITY OF THE BAKKEN, NORTH DAKOTA UNCONVENTIONAL OIL PLAYS BASED ON A TYPICAL WELL PERFORMANCE WITH CURRENT MARKET CONDITIONS

Increases in oil prices after the economic recession have been surprising for domestic oil production in the United States since the beginning of 2009. Not only did the conventional oil extraction increase, but unconventional oil production and exploration also improved greatly with the favorable economic conditions. This favorable economy encourages companies to invest in new reservoirs and technological developments. Recently, enhanced drilling techniques including hydraulic fracturing and horizontal drilling have been supporting the domestic economy by way of unconventional shale and tight oil from various U.S. locations. One of the main contributors to this oil boom is the unconventional oil production from the North Dakota Bakken field. Horizontal drilling has increased oil production in the Bakken field, but the economic issues of unconventional oil extraction are still debatable due to volatile oil prices, high decline rates of production, a limited production period, high production costs, and lack of transportation. The economic profitability and viability of the unconventional oil play in the North Dakota Bakken was tested with an economic analysis of average Bakken unconventional well features. Scenario analysis demonstrated that a typical North Dakota Bakken unconventional oil well is profitable and viable as shown by three financial metrics; net present value, internal rate of return, and break-even prices.

Plan de negocio Aprisco JAM

El Aprisco JAM busca entrar en el mercado de lácteos y derivados con un producto que posee atributos nutricionales importantes al igual que provee la facilidad de ser consumido por cualquier persona, principalmente aquellas que no toleran la leche vacuna encontrando en nuestros productos una alternativa para el disfrute de estos sin comprometer su salud y bienestar. Encontramos así pues una demanda existente en donde ofrecemos como solución a las necesidades un producto nutritivamente saludable siendo recordados y diferenciados por este aspecto. Todo ello en base a una producción limpia y sostenible que permita un aprovechamiento y uso eficiente de los recursos naturales. Para lograr dicho objetivo es necesario una inversión inicial de $24.742.036 COP, proyectado a 3 años dicha inversión se recuperará a partir del 5 mes con un interés esperado de 35,6% EA que representa beneficios en valor actual de $90´628.858. Por otro lado genera una relación beneficio-costo de 4,66, esto quiere decir que por cada peso invertido se generan beneficios de 3,66 pesos.

Modelli Stocastici per la valutazione di un Total Return Swap

L’obiettivo del presente lavoro di tesi è quello di derivare la valutazione di un Total Return Swap (TRS) utilizzando la modellistica stocastica che sta alla base dello studio del pricing di derivati finanziari. I contratti di tipo swap, la cui origine è collocata intorno agli anni ’70, prevedono lo scambio di flussi tra due parti, definiti sulla base del sottostante. In particolare, un Total Return Swap è un derivato finanziario che prevede lo scambio periodico di pagamenti definiti rispetto alla gamba di performance del sottostante e alla gamba di interesse. L’elaborato è composto da un’introduzione alle nozioni matematiche preliminari alla costruzione di un modello di mercato utile a derivare il pricing di un derivato (i.e. Teoria di non arbitraggio, esistenza di una misura martingala e le condizioni sotto le quali questa è unica). Nel secondo capitolo, vengono presentate le definizioni finanziarie necessarie alla descrizione di tali prodotti (e.g. Tassi d’interesse spot e Tassi forward). Nel corso della tesi viene presentata una rassegna della modellistica per l’evoluzione dei tassi descritti da dinamiche di volta in volta più complesse, e.g. Modello di Vasicek, modello di Dothan e approccio di Heath-Jarrow-Morton (HJM). In tale contesto, sono state derivate le formule di valutazione ad Accrual e a Net Present Value (NPV) per il TRS sfruttando la teoria di non arbitraggio, la cui principale differenza diviene dal considerare o meno l’attualizzazione tramite il fattore di sconto stocastico dei flussi di cassa previsti tra le due parti del contratto. Nell’ultimo capitolo, viene presentata un’analisi delle due modalità di pricing effettuata su due TRS rispettivamente su basket di azioni e basket di indici.

Areas of high conservation value in Georgia: present and future threats by invasive alien plants

Georgia is known for its extraordinary rich biodiversity of plants, which may now be threatened due to the spread of invasive alien plants (IAP). We aimed to identify (i) the most prominent IAP out of 9 selected potentially invasive and harmful IAP IAP by predicting thetheir distribution of 9 selected IAP under current and future climate conditions in Georgia as well as in its 43 Protected Areas, as a proxy for areas of high conservation value and (ii) the Protected Areas most at risk due to these IAP. We used species distribution models based on 6 climate variables and then filtered the obtained distributions based on maps of soil and vegetation types, and on recorded occurrences, resulting into the predicted ecological distribution of the 9 IAP's at a resolution of 1km2. We foundOur habitat suitability analysis showed that Ambrosia artemisiifolia, (24% and 40%) Robinia pseudoacaia (14% and 19%) and Ailanthus altissima (9% and 11%) have the largest potential distribution are the most abundant (predicted % area covered)d) IAP, with Ailanthus altissima the potentially most increasing one over the next fifty years (from 9% to 13% and from 11% to 25%), for Georgia and the Protected Areas, respectively. Furthermore, our results show indicate two areas in Georgia that are under specifically high threat, i.e. the area around Tbilisi and an area in the western part of Georgia (Adjara), both at lower altitudes. Our procedure to identify areas of high conservation value most at risk by IAP has been applied for the first time. It will help national authorities in prioritizing their measures to protect Georgia's outstanding biodiversity from the negative impact of IAP.

State of labor in Europe: 1878. Reports from the United States consuls in the several countries of Europe, on the rates of wages; cost of living to the laborers; past and present rates; present condition of trade; business habits, and systems; amount of paper money in circulation, and its relative value to gold and silver; for the several consular districts, in response to a circular from the Department of state requesting information upon these subjects;

Mode of access: Internet.

A practical treatise on rail-roads : and interior communication in general ... with tables of the comparative value of canals and rail-roads, and the power of the present locomotive engines /

Mode of access: Internet.

The symbolic, socio-economic and exchange value of Imperial German and National Socialist medals and badges, 1701 to the present

This thesis examines the manufacture, use, exchange (including gift exchange), collecting and commodification of German medals and badges from the early 18th century until the present-day, with particular attention being given to the symbols that were deployed by the National Socialist German Workers’ Party (NSDAP) between 1919 and 1945. It does so by focusing in particular on the construction of value through insignia, and how such badges and their symbolic and monetary value changed over time. In order to achieve this, the thesis adopts a chronological structure, which encompasses the creation of Prussia in 1701, the Napoleonic wars and the increased democratisation of military awards such as the Iron Cross during the Great War. The collapse of the Kaiserreich in 1918 was the major factor that led to the creation of the NSDAP under the eventual strangle-hold of Hitler, a fundamentally racist and anti-Semitic movement that continued the German tradition of awarding and wearing badges. The traditional symbols of Imperial Germany, such as the eagle, were then infused with the swastika, an emblem that was meant to signify anti-Semitism, thus creating a hybrid identity. This combination was then replicated en-masse, and eventually eclipsed all the symbols that had possessed symbolic significance in Germany’s past. After Hitler was appointed Chancellor in 1933, millions of medals and badges were produced in an effort to create a racially based “People’s Community”, but the steel and iron that were required for munitions eventually led to substitute materials being utilised and developed in order to manufacture millions of politically oriented badges. The Second World War unleashed Nazi terror across Europe, and the conscripts and volunteers who took part in this fight for living-space were rewarded with medals that were modelled on those that had been instituted during Imperial times. The colonial conquest and occupation of the East by the Wehrmacht, the Order Police and the Waffen-SS surpassed the brutality of former wars that finally culminated in the Holocaust, and some of these horrific crimes and the perpetrators of them were perversely rewarded with medals and badges. Despite Nazism being thoroughly discredited, many of the Allied soldiers who occupied Germany took part in the age-old practice of obtaining trophies of war, which reconfigured the meaning of Nazi badges as souvenirs, and began the process of their increased commodification on an emerging secondary collectors’ market. In order to analyse the dynamics of this market, a “basket” of badges is examined that enables a discussion of the role that aesthetics, scarcity and authenticity have in determining the price of the artefacts. In summary, this thesis demonstrates how the symbolic, socio-economic and exchange value of German military and political medals and badges has changed substantially over time, provides a stimulus for scholars to conduct research in this under-developed area, and encourages collectors to investigate the artefacts that they collect in a more historically contextualised manner.

Taxonomic value of foliar characters in Dahlstedtia Malme: Leguminosae, Papilionoideae, Millettieae

Dahlstedtia Malme (Leguminosae) is a neotropical genus, native to the Brazilian Atlantic Forest, and comprises two species, D. pinnata (Benth.) Malme and D. pentaphylla (Taub.) Burk., although it has been considered a monotypic genus by some authors. Leaf anatomy was compared to verify the presence of anatomical characters to help delimit species. Foliar primordium, leaflet, petiolule, petiole and pulvinus were collected from cultivated plants (Campinas, SP, Brazil) and from natural populations (Picinguaba, Ubatuba and Caraguatatuba, SP, Brazil - D. pinnata; Antonina, PR, Brazil - D. pentaphylla). Studies on leaflet surface assessment (Scanning Electron Microscopy), as well as histology and venation analyses were carried out of dehydrated, fresh and fixed material from two species. Leaflet material was macerated for stomatal counts. Histological sections, obtained by free-hand cut or microtome, were stained with Toluidine Blue, Safranin/Alcian Blue, Ferric Chloride, Acid Phloroglucin. Secretory cavities are present in the lamina, petiolule, petiole, pulvinus and leaf primordium in D. pentaphylla, but not in D. pinnata, and can be considered an important character for species diagnosis. Other leaf characters were uninformative in delimiting Dahlstedtia species. There is cambial activity in the petiolule, petiole and pulvinus. This study, associated with other available data, supports the recognition of two species in Dahlstedtia.

Predictive value for malignancy in the finding of microcalcifications on ultrasonography of thyroid nodules

Background. The am of this study was to determine the predictive value for malignancy of microcalcifications determined by ultrasonography in thyroid nodules. Methods. One hundred seventy-seven nodules were prospectively studied by ultrasonography and compared with their fine-needle aspirative biopsy. The association between the presence and type of calcification and cytologic findings was verified through the chi-square test or likelihood ratio. Results. Thirty nodules showed calcification, of which 17 had fine calcifications, 3 had fine and gross calcifications, and 10 had only coarse calcification. Seven (41.18%) of 17 fine calcified nodules were malignant on cytology, 8 (47.06%) were benign, 1 (5,88%) was indeterminate, and 1 was suspect for malignancy. We found statistical significance between the presence of fine calcifications and malignancy (p =.001) and, in the 13 malignant nodule group, 8 (61.50%) had fine calcifications. Conclusion. This study suggests that microcalcifications were highly specific for malignancy and were present in 61% of the malignant nodules. (c) 2008 Wiley Periodicals, Inc.

The prognostic value of CD147/EMMPRIN is associated with monocarboxylate transporter 1 co-expression in gastric cancer

The aim of the present work was to assess the role of monocarboxylate transporters (MCTs), namely MCT1 and MCT4 as well as MCT/CD147 co-expression in gastric tissues and evaluate their clinico-pathological significance in gastric carcinoma. For that, we analysed the immunohistochemical expression of MCT1, MCT4 and CD147, in a large series of gastric samples, including non-neoplastic, tumour and metastatic tissues. A significant decrease in MCT4 plasma membrane expression was observed from non-neoplastic to gastric primary malignant tissues and to lymph-node metastasis and both MCT1 and MCT4 correlated with CD147. Importantly, both MCT4 and CD147 were more frequently expressed in Lauren`s intestinal-type tumours and MCT1/CD147 co-expression was associated with advanced gastric carcinoma, Lauren`s intestinal type, TNM staging and lymph-node metastasis. Our results showed that the prognostic value of CD147 was associated with MCTI co-expression in gastric cancer cells, supporting the view that CD147 plasma membrane activity is dependent on MCT co-expression. (C) 2009 Elsevier Ltd. All rights reserved.

DETERMINATION OF ENERGY VALUE OF HAMBURGERS AND MEATBALLS BY DIRECT CALORIMETRY AND FOOD ANALYSIS COMPOSITION. COMPARISON WITH NUTRITION INFORMATION DISPLAYED ON PACKAGES

The nutritional composition found in the laboratory and those present on labels of manufactured foods can differ significantly. The purpose of this study was to determine the nutritional composition of hamburgers and meatballs and compare them with your labels. The food analysis was performed following the Analytical Standards Institute`s Adolfo Lutz and energy content was determined by bomb calorimetry. Regarding the energy value, all the samples had values less than informed on the label. The content of lipids of hamburgers and meatballs ( except the beef) were lower than those reported on the label. The values of protein for the meatballs and chicken hamburger had lower values than those labels. Thus, the labels may overestimate as underestimate some nutritional values, leading to population erroneous information.