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By Rafiq Islam, S.H. Moussavizadegan, Shabbir Mustafiz, Jamal H. Abou-Kassem

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It renders moot, or irrelevant, any previous assumption of resource scarcity or globally finite supply as a boundary condition, as the issue shifts increasingly away from the price of energy to how this price and its trend are modeled. The state-of-the-art model needs to be employed to predict the future oil price so that producers, consumers, firms, governments and other stakeholders in the industry are able to plan a sustainable growth of output, employment and income. Also, the model should be able to decompose the effects of each of the variables in determining the oil price and computing the individual contribution.

A new chaos theory has been developed by Ketata et al (2006c). 6 Economic Models Based on Futuristic Energy Pricing Policies There is a distinct need to integrate energy pricing and economic models with a reservoir simulator. The energy pricing policy is one of the most complex and sensitive global issues. With growing worldwide concern about environment and conservation of nature, the economic models must reflect them through futuristic, greenenergy policies. The economics models should have the following features, which are often ignored in economic models.

It is, therefore, important to develop a structural monitoring system that will integrate: a. b. c. d. e. Fiber optic sensor systems; Remote monitoring communication systems; Intelligent data processing system; Damage detection and modal analysis system; and Non-destructive evaluation system. It will be more useful if the monitoring device is capable of detecting signs of stress corrosion cracking. A system of fiber optic-based sensor and remote monitoring communication will allow not only monitoring of the internal operating pressures but also the residual stress levels, which are suspected for the initiation and growth of near-neutral pH stress corrosion cracking.

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Advanced Petroleum Reservoir Simulation (Wiley-Scrivener) by Rafiq Islam, S.H. Moussavizadegan, Shabbir Mustafiz, Jamal H. Abou-Kassem

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