Opções reais em projetos de investimentos: o caso de uma planta de liquefação de gás natural com flexibilidade de troca de mercado e de troca de produto

O objetivo deste trabalho é revisar os principais aspectos teóricos para a aplicação de Opções Reais em avaliação de projetos de investimento e analisar, sob esta metodologia, um caso real de projeto para investir na construção de uma Planta de Liquefação de gás natural. O estudo do caso real considerou a Opção de Troca de Mercado, ao avaliar a possibilidade de colocação de cargas spot de GNL em diferentes mercados internacionais e a Opção de Troca de Produto, devido à flexibilidade gerencial de não liquefazer o gás natural, deixando de comercializar GNL no mercado internacional e passando a vender gás natural seco no mercado doméstico. Para a valoração das Opções Reais foi verificado, através da série histórica dos preços de gás natural, que o Movimento Geométrico Browniano não é rejeitado e foram utilizadas simulações de Monte Carlo do processo estocástico neutro ao risco dos preços. O valor da Opção de Troca de Mercado fez o projeto estudado mais que dobrar de valor, sendo reduzido com o aumento da correlação dos preços. Por outro lado, o valor da Opção de Troca de Produto é menos relevante, mas também pode atingir valores significativos com o incremento de sua volatilidade. Ao combinar as duas opções simultaneamente, foi verificado que as mesmas não são diretamente aditivas e que o efeito do incremento da correlação dos preços, ao contrário do que ocorre na Opção de Troca de Mercado, é inverso na Opção de Troca de Produto, ou seja, o derivativo aumenta de valor com uma maior correlação, apesar do valor total das opções integradas diminuir.

Evaluation of the zinox and zeolite materials as adsorbents to remove H2S from natural gas

MELO, Dulce Maria de Araújo et al. Evaluation of the Zinox and Zeolite materials as adsorbents to remove H2S from natural gas. Colloids and Surfaces. A, Physicochemical and Engineering Aspects, Estados Unidos, v. 272, p. 32-36, 2006.

A revenda de combustível e os limites constitucionais para a sua regulação: uma análise aplicada aos aspectos concorrênciais e ao controle de preços

The gas retail represents the end of a section of the oil and natural gas derivative chain, for it is at this stage where the commercialization of those merchandises takes place towards the costumers. This process involves an enormous amount of economic agents, which reflects on an activity of great influence on the citizen's everyday. By the time of the gas retail price liberalization, in 2002, there were great expectations towards that measure, for the insertion of that segment in a competitive market was likely to create a decrease in prices. As there was not a drastic drop off in cost, the question was no longer the price itself, but, predominantly, the conduct taken by the economic agents that operate the market. Not in vain, the segment introduces a greater number of different procedures combined with the organs that compose the Brazilian System of Competition Protection. What is understood, however, is that many of these complaints are made in a lightly way, without a proper analysis of the market and its practices, that being why, in this paper, evidences the causes of these complaints and explained what, in fact, occurs in this market. Also, the organs that protect the free initiative in the sector use different methods to assess anticompetitive practices, which are counterproductive on the combat of anticompetitive practice, that being why the present paper analyzes the used methods on a critic perspective, choosing one which is believed to be the most adequate. The present work also tries to present the gas retail prices on a constitutional, free competition, free initiative and consumers defense perspective, analyzing the competition s aspects on the gas market; the shaping of the gas prices; the market boundaries; the anti-competitive practices under the gas market; and analyze the possibility, according to the defined economic standards in the constitutional text of existing a greater control or gas price indexing and/or regulation which limits the distributors and resellers profit on gas. Still, in consequence of this analysis, a study on Natal s market behavior will be developed in its competitive feature. That being said, moreover being a theoretical-descriptive study, data and statistics gathered is used, which will lead, willing to grasp an experiential study on a few aspects of the Potiguar gas retail market

O impacto do pagamento da participação sobre a produção de petróleo e gás natural sobre a renda familiar e a propriedade no Município de Governador Dix-Sept Rosado no período de 1998 a 2004

This scientific study deals about the oil and natural gas production participation payment impact in the county of Governador Dix-sept Rosado, Rio Grande do Norte, between 1998 to 2004, applied to family income and property. To do so, this analysis focus on the ricardian´s theory exposition which merges from the concept of the mineral income, in concern to the legal establishment of royalties. This paper also shows the world evolution oil exploration, inserting Brazil in this scene as a oil and natural gas producter. It identifies the productive site of oil and natural gas in Rio Grande do Norte as the Potiguar Oil Area, characterizing its components in the demographic, physical and social aspects, to reflect in the focus point of observation which is the Governador Dix-sept Rosado county. The participation payment on oil and natural gas is demonstrated in a qualitative analysis both in Brazil as in Rio Grande do Norte. The payments given to the land owners in this federative unity are shown in the period of analysis of this essay. The study tells, based in a field research, the benefaction impact of the payment to the land owners over the income and property. The family income were highly impacted, causing economic social classes change to some land owners. The property had less or none impact. It was found negative externalities as the income utilization to other county uses, not causing a multiplier effect in the studied county. The fact of the not utilization of the properties on productive investments in order to supply the finite characteristic of oil and this source of royalties, contradicts one of the reasons of its establishment which is the payment for its productive exhaustion of a land resource

A cadeia produtiva de gás natural no Rio Grande do Norte e perspectivas para o setor

The paper demonstrates how it is organized production chain of natural gas in Rio Grande do Norte and highlights some prospects for this sector. The study is backed by elements to understand the process of innovation as the driving force of capitalist dynamics as well as the features of the Brazilian economy in the years 1990 and 2000 that indicated the development of natural gas production in the energy matrix Brazil. It was found that the state has potiguar possibilities for structuring an energy based on elements from the region and with prospects of becoming self-sufficient in electricity, where natural gas has a share of participation in this segment. The automotive and industrial are the biggest consumers of this input. With emphasis on the textile industry. Signaling to a broad horizon of supply, this sector will depend on their investments in research and Deficient, and the policy adopted by government to develop the consumer market

Aspectos clínico-laboratoriais da infecção natural por Trypanosoma cruzi em cães de Mato Grosso do Sul

A doença de Chagas causada pelo T. cruzi é transmitida, principalmente, por insetos vetores e está distribuída na Argentina, no Chile, na Venezuela e no Brasil. O cão, além de ser um importante reservatório, também é vítima da doença e a única espécie capaz de desenvolver manifestações clínicas iguais a do homem. O presente trabalho teve como objetivo descrever as alterações clínicas encontradas em quatro cães infectados naturalmente pelo T. cruzi e alertar para a possibilidade de que a ocorrência dessa enfermidade em cães de Mato Grosso do Sul possa estar sendo subestimada. Os animais foram selecionados a partir de exames sorológicos de reação de imunofluorescência indireta (RIFI), ensaio imunossorvente ligado à enzima (ELISA) e immunoblotting com antígeno secretado e excretado da forma tripomastigota do T. cruzi (TESA-blot) e submetidos a xenodiagnóstico, exame físico, radiografia torácica, eletrocardiografia, ecocardiografia e bioquímica sérica. As alterações encontradas foram aumento de ventrículo direito, presença de arritmias do tipo bloqueio átrio ventricular, sinus arrest e bloqueio de ramo direito, além de disfunção sistólica e diastólica. Três animais apresentaram hiperproteinemia e as dosagens das enzimas CK e CK-MB revelaram valores indicativos de uma miocardite ativa. Esses são os primeiros casos descritos de cães com evidências consistentes de infecção natural pelo T. cruzi em Mato Grosso do Sul e ressalta-se o alerta aos médicos veterinários para a importância clínica e o papel dessa espécie como reservatório da doença.

Thermodynamic and economic analyses of a Brazilian natural gas thermal power plant

In this work, thermodynamic and economic analyses are applied to a Brazilian thermal power plant operating with natural gas. The analyses are performed in two cases: the current configuration and the future configuration. The current configuration is constituted by four gas turbines which operate in open cycle. The future configuration is obtained by a plant repowering by addition of four recovery boilers, two steam turbines and others equipment and accessories necessary to operate in combined cycle. In order to obtain the performance parameters, energetic and exergetic analyses for each case considered are carried out. on the other hand, thermoeconomic analysis provides means to evaluate the influences of the capital and fuel costs in the composition of the electricity costs. Techniques of investment analysis are also applied to the new configuration and from the results obtained it is possible to verify the advantages of the modifications.

Analysis of aluminum plates under heating in electrical and natural gas furnaces

This paper analyzes the thermal storage characteristics of aluminum plates in furnaces during their heating for lamination under two sources of heat: an electrical resistance bank and a combustion process carried out with natural gas. The set of equations to model the furnace under operation with electrical energy, for air as the fluid, is presented. This supports the theoretical analysis for the system under operation with natural gas combustion products. A numerical procedure, using the software ANSYS, is applied to determine the convection heat transfer coefficients for heating by the air flow. Temperatures measured in a plate inside a real furnace are used as parameters to determine these coefficients. Then convection and radiation heat transfer coefficients are determined for the natural gas combustion products. Results are compared, indicating a possible gain of 5.5 h in relation to a 19.5 h period of conventional electrical heating per plate.

CH and C2 radicals characterization in natural gas turbulent diffusion flames

This paper reports the construction of an axisymmetric nonpremixed piloted jet burner, with well-defined initial and boundary conditions, known as the Delft burner, to assess turbulence-chemistry interaction in non-premixed turbulent flames. Detailed experimental information is described, involving hot-wire anemometry, thin-wire thermocouples and chemiluminescence visualization measurements. Radial profile of the axial mean velocity indicates excellent agreement between flow patterns developed within Delft installation and the one described herein. Chemiluminescence emissions from CH and C2 free-radicals were acquired with a CCD camera. Tomography reconstruction analysis was utilised to compare radical emissions and temperature spatial distributions. There was a strong dependence between temperature and CH/C 2 emissions. This is an indication that these radicals can be used in flame front studies.

Thermoeconomic model considering the environment impacts on thermoelectric power plants: Natural gas versus diesel

In this paper a comparative analysis of the environmental impact caused by the use of natural gas and diesel in thermoelectric power plants utilizing combined cycle is performed. The objective is to apply a thermoeconomical analysis in order to compare the two proposed fuels. In this analysis, a new methodology that incorporates the economical engineering concept to the ecological efficiency once Cardu and Baica [1, 2], which evaluates, in general terms, the environmental impacts caused by CO2, SO2, NOx and Particulate Matter (PM), adopting as reference the air quality standards in vigour is employed. The thermoeconomic model herein proposed utilizes functional diagrams that allow the minimization the Exergetic Manufacturing Cost, which represents the cost of production of electricity incorporating the environmental impact effects to study the performance of the thermoelectric power plant [3,4], It follows that it is possible to determine the environmental impact caused by thermoelectric power plants and, under the ecological standpoint, the use of natural gas as a fuel is the best option compared to the use of the diesel, presenting ecological efficiency values of 0.944 and 0.914 respectively. From the Exergoeconomic point of view of, it was found out that the EMC (Exergetic Manufacturing Cost) is better when natural gas is used as fuel compared to the diesel fuel. Copyright © 2006 by ASME.

The natural gas industry and its regulation in Latin America

Includes bibliography

Experimental results and thermodynamic analysis of a natural gas small scale cogeneration plant for power and refrigeration purposes

In this work, experimental results are reported for a small scale cogeneration plant for power and refrigeration purposes. The plant includes a natural gas microturbine and an ammonia/water absorption chiller fired by steam. The system was tested under different turbine loads, steam pressures and chiller outlet temperatures. An evaluation based on the 1st and 2nd Laws of Thermodynamics was also performed. For the ambient temperature around 24°C and microturbine at full load, the plant is able to provide 19 kW of saturated steam at 5.3 bar (161 °C), corresponding to 9.2 kW of refrigeration at -5 °C (COP = 0.44). From a 2nd law point-of-view, it was found that there is an optimal chiller outlet temperature that maximizes the chiller exergetic efficiency. As expected, the microturbine presented the highest irreversibilities, followed by the absorption chiller and the HRSG. In order to reduce the plant exergy destruction, it is recommended a new design for the HRSG and a new insulation for the exhaust pipe. © 2013 Elsevier Ltd. All rights reserved.

Economía política de las cuentas del patrimonio natural

Incluye Bibliografía