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The Global Oil Economics and Strategic Planning training course will combine presentations with interactive practical exercises, supported by video materials, activities and case studies. Delegates will be encouraged to participate actively in relating the project evaluation and investment decision-making of oil, gas and LNG projects.
- What are the major uncertainties in a refinery planning problem?
- For the refinery planning problem, major uncertainties can be generally categorized into three aspects: purchase cost of crude oil and other raw materials, market demand and sale price for final products, and yields of streams or final products from processing units ( Shah et al., 2011 ).
- What is the refinery production-maintenance scheduling problem under uncertainty in crude oil prices?
- The refinery production–maintenance scheduling problem under uncertainty in crude oil prices seeks to determine the optimal production strategy that maximizes expected profit while reducing the risks linked to price volatility. Fig. 3. The price distribution of six crude oil types.
- How do we handle uncertainty in crude oil prices?
- To handle the uncertainty in crude oil prices, we construct norm uncertainty sets with a certain confidence level, explicitly expressing the relationship between the amount of historical data and the uncertainty sets.
- Are crude oil prices a risk to a refinery?
- However, the inherent uncertainty in crude oil prices introduces significant risks to the refinery. Meanwhile, the precise probability distributions of crude oil prices in real-world scenarios are often difficult to obtain.
- Can stochastic programming be used for oil refineries under uncertainty?
- Al-Qahtani and Elkamel (2010) built a two-stage stochastic programming model for multisite refineries under uncertainty. Uncertainties on delivery such as ship delay were investigated for the crude oil and refinery operations via stochastic programming approach ( Zhang et al., 2012; Zhang and Xu, 2014; Xu et al., 2017 ).
- What is a refinery planning model?
- Objective function The entire refinery planning model aims at maximizing the total profit, calculated by subtracting crude oils cost and operational cost for all processing units from the total revenue of product sale.
