Dissertations / Theses on the topic 'Oil and gas flow'
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Valle, Arne. "Three phase gas-oil-water pipe flow." Thesis, Imperial College London, 2000. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.248608.
Full textOdozi, Utomi Ayodele. "Three-phase gas/liquid/liquid slug flow." Thesis, Imperial College London, 2000. http://hdl.handle.net/10044/1/8444.
Full textSantos, Pedro Miguel Matos dos. "Investment in new HUB for Oil & Gas Engineering Centres by Oil & Gas Services Companies." Master's thesis, Instituto Superior de Economia e Gestão, 2014. http://hdl.handle.net/10400.5/7882.
Full textO renovado interesse na indústria petrolífera coloca-a no topo da lista de prioridades de investimento estrangeiro para alguns países. A competitividade empresarial é um factor bastante importante numa Sociedade global e, como tal, um factor que não pode ser descurado a este nível. O objectivo deste trabalho assenta no estudo de uma decisão de investimento referente à possível expansão da actividade de empresas prestadoras de serviços na indústria petrolífera. Além da definição do enunciado da situação, uma resolução é apresentada. Esta resolução assenta em três metodologias distintas: - Modelo Free Cash-Flow; - Análise Strengths, Weaknesses, Opportunities e Threats (SWOT); - Modelo Matriz Híbrida. O modelo de Free Cash-Flow permitiu considerar os custos de capital de cada empresa e chegar a uma conclusão sobre o país/local que apresenta as métricas financeiras mais apelativas. A análise SWOT oferece-nos uma visão mais generalista acerca dos países considerados sobre a perspectiva de investimento.. Com o intuito de analisar factores estratégicos induzidos por parâmetros externos (de forma a não considerar apenas métricas financeiras), foi criada uma Matriz Híbrida e foi realizada a respectiva análise. Neste seguimento, os resultados apresentados pelo Modelo de Matriz Híbrida deverão ser considerados aquando da decisão de expansão. Foi possível concluir que a melhor opção base é a criação de um escritório em Portugal. Apesar desta conclusão, a solução óptima é observada quando contabilizamos os custos de abrir um escritório em Portugal e quando, simultaneamente, consideramos os impostos que são pagos na Holanda (devido à sua política de impostos mais atractiva).
The renewed interest in the Oil & Gas sector places this Industry at the top of the list of priorities for some countries in order to attract foreign investment. Corporate competitiveness is, therefore, an extremely important vehicle for a globalized Society. The aim of the present work was to study the possible investment contemplated by an expansion decision taken by some Oil & Gas Services companies. Besides the definition of the problem, an adequate resolution is also presented. This resolution is sustained by three distinct methodologies: - Free Cash-Flow Model; - Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis; - Hybrid Matrix Model. The Free Cash-Flow Model enabled us to consider costs of capital and come to a decision regarding the country that presented the best financial results. The SWOT analysis provided a more generalist view over the several analysed countries. With the purpose of analysing strategic factors induced by external parameters (besides the financial field), the Hybrid Matrix Model was created and a study was carried out. Subsequently, the results presented by the Hybrid Matrix Model shall be taken into account when choosing a location for an international expansion. It was possible to conclude that the best base scenario is observed when opening an Office in Portugal. However, the optimal solution would be opening an Office in Portugal and account the profits/losses in the Netherlands, mixing the country that presents the lowest costs with the country that has the best taxation policies.
Camacho-Velázquez, Rodolfo Gabriel. "Well performance under solution gas drive /." Access abstract and link to full text, 1987. http://0-wwwlib.umi.com.library.utulsa.edu/dissertations/fullcit/8720613.
Full textAbdulkareem, Lokman Aziz. "Tomographic investigation of gas-oil flow in inclined risers." Thesis, University of Nottingham, 2011. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.546555.
Full textDarman, Nasir B. Haji. "Upscaling of two-phase flow in oil-gas systems." Thesis, Heriot-Watt University, 2000. http://hdl.handle.net/10399/570.
Full textLabed, Ismail. "Gas-condensate flow modelling for shale gas reservoirs." Thesis, Robert Gordon University, 2016. http://hdl.handle.net/10059/2144.
Full textTay, Boon Li. "Forces on pipe bends due to intermittent gas-liquid flow." Thesis, University of Cambridge, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.289501.
Full textKee, Kok Eng. "A Study of Flow Patterns and Surface Wetting in Gas-Oil-Water Flow." Ohio University / OhioLINK, 2014. http://rave.ohiolink.edu/etdc/view?acc_num=ohiou1401985339.
Full textMohammadi, Shahrokh. "Stochastic modelling of capillary dominated gas condensate flow in porousmedia." Thesis, Heriot-Watt University, 1993. http://hdl.handle.net/10399/1451.
Full textShaidi, Salman Mohammed Al. "Modelling of gas-condensate flow in reservoir at near wellbore conditions." Thesis, Heriot-Watt University, 1997. http://hdl.handle.net/10399/672.
Full textMohammed, Shara Kamal. "Gas-high viscosity oil flow in vertical large diameter pipes." Thesis, University of Nottingham, 2017. http://eprints.nottingham.ac.uk/43311/.
Full textHall, Andrew Robert William. "Multiphase flow of oil, water and gas in horizontal pipes." Thesis, Imperial College London, 1992. http://hdl.handle.net/10044/1/7612.
Full textSalisbury, Peter Evan. "Compositional multiphase vertical lift performance modelling of oil, gas and retrograde gas-condensate wells." Thesis, Heriot-Watt University, 1987. http://hdl.handle.net/10399/1587.
Full textHatzignatiou, Dimitrios Georgios. "Advances in well testing for solution-gas-drive reservoirs /." Access abstract and link to full text, 1990. http://0-wwwlib.umi.com.library.utulsa.edu/dissertations/fullcit/9033497.
Full textDonnelly, G. F. "An analytical evaluation of horizontal multiphase flow." Thesis, Queen's University Belfast, 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.361244.
Full textDuruewuru, Anthony U. "Thermodynamic analysis of transient two-phase flow in oil and gas reservoirs /." Full-text version available from OU Domain via ProQuest Digital Dissertations, 1985.
Find full textAl-Kharusi, Badr Soud. "Relative permeability of gas-condensate near wellbore, and gas-condensate-water in bulk of reservoir." Thesis, Heriot-Watt University, 2000. http://hdl.handle.net/10399/1098.
Full textLima, P. C. R. "Modelling of transient gas-liquid flow and pigging in pipes." Thesis, Cranfield University, 1999. http://hdl.handle.net/1826/4176.
Full textBrini, Ahmed Salem Kalifa. "A study of gas lift on oil/water flow in vertical risers." Thesis, Cranfield University, 2014. http://dspace.lib.cranfield.ac.uk/handle/1826/8507.
Full textAkartuna, Sevket Ersin. "Identification of phase flow rates in oil-gas-water flow from turbulent capacitance and pressure signals." Thesis, Imperial College London, 1994. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.321627.
Full textHayes, D. G. "Tomographic flow measurement by combining component distribution and velocity profile measurements in 2-phase oil/gas flows." Thesis, University of Manchester, 1994. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.501710.
Full textDarwich, Tarek D. A. "A statistical technique for two-phase flow metering." Thesis, Imperial College London, 1989. http://hdl.handle.net/10044/1/7482.
Full textJia, Ke S. M. Massachusetts Institute of Technology. "A coupled model for ring dynamics, gas flow, and oil flow through the ring grooves in IC engines." Thesis, Massachusetts Institute of Technology, 2009. http://hdl.handle.net/1721.1/46383.
Full textThis electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Includes bibliographical references (p. 127-129).
Oil flows through ring/groove interface play a critical role in oil transport among different regions the piston ring pack of internal combustion engines. This thesis work is intended to improve the understanding and modeling capability on this important oil transport mechanism for better analysis in engine oil consumption. A model incorporating ring dynamics, gas flow, and oil flow was developed to study oil transport in the piston ring-pack system. The major new element of this new model is adaptation of a mass conserved two phase oil/gas flow sub-model. Doing so, the present model can describe the oil flows through the ring/groove interface in a consistent manner. The model was applied to a heavy duty diesel engine at maximum power condition and to a SI engine at engine-braking and moderate load conditions. In the diesel application, the model demonstrates that oil can be released through the second ring/groove interface during second ring flutter and ring/groove interface plays positive role in reducing oil consumption and oil residence time. On the other hand, oil can be pumped up into the top ring groove and combustion chamber through the top ring/groove interface at engine braking conditions in the SI engine. Both applications show that oil flow rate through ring/groove interface is most prominent during the period of the engine cycle when the ring motion and gas pressure exhibit dynamic behaviors, and thus show that the coupling of the ring dynamics and gas/oil flows in the present model is essential to predict the oil pumping through ring/groove interface.
by Ke Jia.
S.M.
Oliveira, Paulo Jorge Dos Santos Pimentel de. "Computer modelling of multidimensional multiphase flow and application to T-junctions." Thesis, Imperial College London, 1992. http://hdl.handle.net/10044/1/8637.
Full textFatemi, S. Mobeen. "Multiphase flow and hysteresis phenomena in oil recovery by water alternating gas (WAG) injection." Thesis, Heriot-Watt University, 2015. http://hdl.handle.net/10399/3148.
Full textHwang, Du-Hyun Dwayne. "Flow quality measurement based on stratification of flow in nitrogen gas-water and HFC-134a refrigerant-PAG oil two-phase flow systems." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 2001. http://www.collectionscanada.ca/obj/s4/f2/dsk3/ftp04/MQ58743.pdf.
Full textKaul, Ashwini. "Study of Slug Flow Characteristics and Performance of Corrosion Inhibitors, in Multiphase Flow, in Horizontal Oil and Gas Pipelines." Ohio University / OhioLINK, 1996. http://rave.ohiolink.edu/etdc/view?acc_num=ohiou1203978425.
Full textTucci, Alessandro. "Sviluppo di un separatore compatto per applicazioni Oil & Gas." Master's thesis, Alma Mater Studiorum - Università di Bologna, 2019. http://amslaurea.unibo.it/18629/.
Full textRoberts, Ian Frank. "Modelling and experimental studies of transient stratified multiphase flows." Thesis, Imperial College London, 1996. http://hdl.handle.net/10044/1/7433.
Full textOwen, Joshua James. "Erosion-corrosion of carbon steel in complex flow geometries in oil & gas CO2 environments." Thesis, University of Leeds, 2018. http://etheses.whiterose.ac.uk/21507/.
Full textAmin, Aram. "Well test analysis of infrequent flow behaviour of fractured wells in oil and gas reservoirs." Thesis, Imperial College London, 2012. http://hdl.handle.net/10044/1/24556.
Full textLee, Ai Hsin. "A study of flow regime transitions for oil-water-gas mixtures in large diameter horizontal pipelines." Ohio : Ohio University, 1993. http://www.ohiolink.edu/etd/view.cgi?ohiou1175713378.
Full textPEREIRA, LUIZ OCTAVIO VIEIRA. "PERFORMANCE VERIFICATION METHODOLOGY OF MULTIPHASE FLOW METERS IN ALLOCATION MEASUREMENT IN THE OIL AND GAS INDUSTRY." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2018. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=37027@1.
Full textO medidor de vazão de fluido multifásico (MM) se desenvolveu impulsionado principalmente pela necessidade da indústria de óleo e gás em medir a vazão da produção dos poços que comumente é composta por petróleo, gás e água. Em outubro de 2015, a Agência Nacional de Petróleo, Gás Natural e Biocombustíveis (ANP) publicou o Regulamento Técnico de Medição de Fluido Multifásico para Apropriação de Petróleo, Gás Natural e Água que apresenta os requisitos através de planos que as empresas operadoras de óleo e gás precisam preparar e submeter para obter a autorização para aplicar o MM na medição para apropriação. Contudo, esse regulamento não especifica a metodologia que deve ser utilizada no denominado plano de verificação de desempenho para avaliar desempenho do MM no campo, cabendo a cada operadora desenvolver a sua metodologia para esse fim e apresentar a ANP. Este trabalho propõe e aplica uma metodologia para verificação de desempenho para MM com resultados de testes realizados em laboratório com fluidos reais e em campo de produção de petróleo e gás. É observado que testes com tempo curto de duração, inferior a 1000 segundos, tendem a gerar incertezas mais elevadas do que testes com longa duração, com mais de 1000 segundos, como os realizados na plataforma. Sendo assim, os resultados de incerteza de medição maiores gerados no laboratório com tempos de integração curtos podem ser considerados mais conservativos que os resultados dos testes realizados na plataforma.
The multiphase flowrate (MM) was driven by the necessity of the oil and gas industry to measure the production flow of the wells that are commonly composed of oil, gas and water. In October 2015, the National Agency for Petroleum, Natural Gas and Biofuels (ANP) published the Technical Regulation for Measurement of Multiphase Fluid for Petroleum, Natural Gas and Water produced, which presents the requirements through plans that oil and gas companies need to prepare and submit for authorization to apply the MM in the measurement for allocation. However, this regulation does not specify the methodology that should be used in the so-called performance verification plan to evaluate the performance of the MM in the field, it being incumbent on each operator to develop its methodology for this purpose and present the ANP. This work proposes and applies a methodology for performance verification for MM with test results performed in the laboratory with real fluids and in oil and gas field. It was observed that short duration tests, below 1000 seconds, tend to generate higher uncertainties than long tests, higher than 1000 seconds, such as those performed on the platform. Thus, the higher measurement uncertainty results generated in the laboratory with short integration times can be considered more conservative than the results of the tests performed in the platform.
Ismail, Idris. "Measurement of wet gas flow and other two-phase processes in oil industry using electrical capacitance tomography." Thesis, University of Manchester, 2009. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.616964.
Full textDupoiron, Marine Agnes Nicole. "The effect of gas on multi-stage mixed-flow centrifugal pumps." Thesis, University of Cambridge, 2018. https://www.repository.cam.ac.uk/handle/1810/273361.
Full textSubhono, Boya. "Deploying nanotechnology for oil and gas flow assurance : understanding the transport and penetration of nano-particles in porous media." Thesis, University of Leeds, 2014. http://etheses.whiterose.ac.uk/9284/.
Full textLee, Joshua. "Experimental Analysis on the Effects of Superficial Liquid and Gas Velocities in the Removal of Hydrogen Sulfide From a Brine/Oil Mixture." Master's thesis, University of Central Florida, 2010. http://digital.library.ucf.edu/cdm/ref/collection/ETD/id/2137.
Full textM.S.M.E.
Department of Mechanical, Materials and Aerospace Engineering
Engineering and Computer Science
Mechanical Engineering MSME
Roustaei, Ali. "Yield stress fluid flows in uneven geometries : applications to the oil & gas industry." Thesis, University of British Columbia, 2016. http://hdl.handle.net/2429/58049.
Full textApplied Science, Faculty of
Mechanical Engineering, Department of
Graduate
Vancko, Jr Robert M. "Effect of a drag reducing agent on pressure drop and flow regime transitions in multiphase horizontal low pressure pipelines." Ohio University / OhioLINK, 1997. http://rave.ohiolink.edu/etdc/view?acc_num=ohiou1184354301.
Full textOchoa, Lara Ismael Orlando 1987. "Desenvolvimento de um simulador físico de gas lift intermitente e bombeio pneumático Zadson em escala de laboratório." [s.n.], 2013. http://repositorio.unicamp.br/jspui/handle/REPOSIP/264372.
Full textDissertação (mestrado) - Universidade Estadual de Campinas, Faculdade de Engenharia Mecânica e Instituto de Geociências
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Resumo: Apesar dos avanços alcançados, alguns aspectos da operação do gas-lift intermitente (GLI) convencional permanecem inexplorados ou pouco estudados até o presente, como por exemplo, a concomitância de etapas do ciclo apresentada por Carvalho (2004), ou a estabilidade de ciclos em função da temporização da válvula motora e do ajuste da válvula operadora. Ao mesmo tempo, o bombeio pneumático de Zadson (BPZ) tem apresentado bons resultados em sua aplicação em campos no Brasil, motivando-se estudos para se desenvolverem simuladores computacionais para o projeto e análise destes sistemas. Neste trabalho, foi construído um simulador físico para os métodos GLI convencional e BPZ, para validar simuladores numéricos propostos anteriormente por outros autores. O aparato laboratorial é constituído por quatro conjuntos operacionais: o primeiro conjunto representa a coluna de produção do GLI convencional, o segundo conjunto representa a coluna do BPZ, o terceiro conjunto representa o acoplamento poço-reservatório e o quarto conjunto representa a injeção de gás comprimido. Para a medição, há transdutores de pressão localizados em vários pontos do aparato e tanques de medição do volume produzido. O sistema de aquisição de dados e atuação das válvulas operadora e motora é operado por uma placa micro-controlada. Testes foram realizados alterando-se as variáveis operacionais dos métodos. Como conclusões do trabalho foram identificadas a concomitância das etapas do ciclo GLI, avaliado o fallback para várias condições operacionais, estudada a estabilidade dos ciclos de GLI, e desenhado um mapa operacional das condições de um ciclo GLI regular. Além disso, foi testado o funcionamento de três modos de operação do BPZ
Abstract: Despite the advances achieved so far, some important aspects of the operation of the conventional intermittent gas-lift (IGL) remain unexplored or poorly studied, as for instance, the concurrency of cycle stages, as presented by Carvalho (2004), or the stability of cycles due to motor valve timing and adjustment of the gas-lift valve. At the same time, the Zadson pneumatic pump (ZPP) has presented good results in Brazilian fields, motivating studies to develop computational simulators for the design of this method. In the course of the present work, a physical simulator was built for the IGL and ZPP, to validate numerical simulators proposed by previous authors. The laboratory apparatus consists of four operational sets; the first set is the production column of conventional IGL, the second set is the column of ZPP, the third set represents the well-reservoir coupling and the fourth set is the injection of compressed gas. For measurement, there are pressure transducers located at various points of the apparatus and tanks for measuring the produced volume. The system of data acquisition and actuation of gas-lift and motor valves are operated by a microcontroller board. Tests were performed by changing the operating variables of the gas lift methods. The results of the study are: the identification of the concurrent stages during the IGL cycle, the fallback for various operating conditions, the stability of IGL cycles, and an operating map for the conditions of a stable IGL cycle. In addition, the operation of three lifting modes of the ZPP were tested
Mestrado
Explotação
Mestre em Ciências e Engenharia de Petróleo
Morakinyo, Barnabas Ojo. "Flaring and pollution detection in the Niger Delta using remote sensing." Thesis, University of Plymouth, 2015. http://hdl.handle.net/10026.1/4314.
Full textEl, Mellas Ismail. "Numerical simulation of wax deposition in pipelines." Master's thesis, Alma Mater Studiorum - Università di Bologna, 2020.
Find full textOzigagu, Christopher E. "Method Development for Corrosion Testing of Carbon Steel and Ni-based Alloy Coatings Exposed to Gas Hydrate Formation Environments." Thesis, University of North Texas, 2019. https://digital.library.unt.edu/ark:/67531/metadc1538777/.
Full textPutri, Autie Minati, and Hadla Mostafa Al. "Organizational Learning and Project Portfolio Success : An Empirical Study in a Multinational Oil and Gas Company." Thesis, Umeå universitet, Företagsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-115224.
Full textHoward, Mitchell James. "Development of a machine-tooling-process integrated approach for abrasive flow machining (AFM) of difficult-to-machine materials with application to oil and gas exploration componenets." Thesis, Brunel University, 2014. http://bura.brunel.ac.uk/handle/2438/9262.
Full textValentini, Francesco. "Experimental and numerical study of methods to displace oil and water in complex pipe geometries for subsea engineering." Master's thesis, Alma Mater Studiorum - Università di Bologna, 2019. http://amslaurea.unibo.it/17528/.
Full textReimer, Mark. "Multimodal transportation systems analysis to characterize petroleum-related freight flows." Transportation Research Board of the National Academies, 2014. http://hdl.handle.net/1993/30288.
Full textSteimes, Johan. "Performance study and modelling of an integrated pump and gas-liquid separator system: Optimisation for aero-engine lubrication systems." Doctoral thesis, Universite Libre de Bruxelles, 2013. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/209365.
Full textIt works efficiently and can be used in many applications (nuclear power plants,
pulp and paper processing, petroleum extraction, etc.). However, this pump and separator
system (PASS) was especially designed to handle air-oil mixture generated in
aero-engine lubrication systems. The PASS combines three important functions of the
scavenge part of the lubrication system: the deaeration and deoiling of the air-oil mixture
generated in the bearing and gearbox sumps and the pumping of the oil towards
the tank. These are critical functions for the engine. Indeed, a poor deoiling efficiency
leads to a high oil consumption. This reduces the flight endurance, increases the size
and weight of the oil tank and has a negative impact on the environment. Poor deaeration
and pumping characteristics lead to problems in the cooling and the lubrication of
the engine bearings.
Integrating a PASS into the lubrication system allows considerable improvements
(and simplification) to the lubrication system architecture. An important number of
components are suppressed: the vent lines, the deoiler, the cyclone deaerator and the
scavenge pumps. This reduces the size and the weight of the lubrication system and
increases its reliability. Furthermore, an important part of this PhD thesis focuses on
reducing the oil consumption in the PASS. This improves the flight endurance, reduces
engine maintenance and working costs and is profitable to the environment.
In addition to the development of an advanced PASS design system, the objective of
this thesis was to obtain a good understanding of the separation processes occurring in
the PASS and to develop theoretical models able to predict the separation performance
for every working condition encountered in a typical aircraft flight. To achieve this
goal, three main tasks were performed: the development of different two-phase measurement
systems, the experimental tests of four different PASS architectures and the
theoretical development (after an extensive literature review) of correlations predicting
the performance of the PASS in function of the working conditions. Five specific aspects
of the PASS were studied: the inlet flow, the deoiling efficiency, the deaeration efficiency,
the pumping efficiency and the pressure drop. Finally, the models that have been developed
with the help of the measurement systems and of the experiments have been
integrated in a complete model of the lubrication system (under the EcosimPro modelling
environment). This helps to predict real in flight PASS working conditions and
performance. Indeed, the PASS is very sensitive to the engine working conditions and
an optimisation of the prototype size and performance is only feasible with an accurate
knowledge of these working conditions and a complete lubrication system model.
Finally, with the results of this PhD thesis, a new PASS design, optimised for different
aero-engine lubrication systems, is presented.
Doctorat en Sciences de l'ingénieur
info:eu-repo/semantics/nonPublished
Quites, Arthur Pinheiro. "Equity research - Galp Energia SGPS SA : using the expected cash flow approach." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20800.
Full textO presente documento consiste num relatório premiado de um Equity Research sobre a GALP S.G.P.S., SA. Este documento foi utilizado no CFA Institute Research Challenge 2020, obtendo um 1o lugar a nível Local e um 2o lugar a nível Regional. O relatório segue o formato do CFA Institute e apenas foram consideradas informações públicas até 18/10/2020. Além do formato padrão escolhido, este relatório possui um capítulo adicional, que juntos consistem num Trabalho Final de Mestrado. O capítulo em causa explora em maior detalhe como definir o preço-alvo, usando a abordagem do expected cash flow. Entre a utilização de análises de sensibilidade e diferentes cenários de preços, em conjunto com uma metodologia matemática para definir probabilidades, este capítulo fornece mais um conjunto de informações para auxiliar os investidores na decisão de investimento. A GALP é a principal empresa petrolífera integrada portuguesa. A empresa foi avaliada com uma de soma de partes, onde um FCFF DCF foi feito para cada unidade de negócios, refletindo todas as idiossincrasias de cada unidade. O resultado foi somado, ajustamentos foram feitos e resultou num preço-alvo final de 12,1€ por ação. Para apoiar esta avaliação, outros métodos também foram utilizados. A avaliação foi sujeita a análises de sensibilidade. Adicionalmente, os riscos aos quais a empresa está exposta são explicados no relatório. Também é importante mencionar que o relatório foi finalizado em 15/01/2020. No entanto, foi criado um research snapshot atualizado para incluir novas informações, refletindo os impactos da pandemia COVID-19. Esta atualização reflete informações de Março 2020.
The present document consists of an award-winning report of an Equity Research on GALP S.G.P.S., SA. This document was used in the CFA Institute Research Challenge 2020, obtaining a 1st place at the Local level and a 2nd place at Regional level. The report follows the CFA Institute format and only public information until 18/10/2020 was considered. In addition to the standard format chosen, this report has one additional chapter, that all together form the Master Final Work. The said chapter explores further on how to define the price target, by using the expected cash flow approach. Between using sensitivity analysis and different price scenarios together with a mathematical methodology to define probabilities, another piece of information is provided to help investors make an investment decision. GALP is the leading Portuguese integrated oil company. It was valued with a Sum-of-the-Parts approach, where a FCFF DCF was made to each business unit, reflecting all the idiosyncrasies of each BU. The result was them summed up, adjustments were made, a final price target of 12.1€/sh was obtained. To support this valuation other methods were also used. The valuation was subject to sensitivity analysis in order to address risk. Additionally, the risks the company is subject to is thoroughly explained in the report. It is also important to mention that the report was finalized on January 15th, 2020. However, an updated research snapshot was made, to include new information, reflecting the impacts of the COVID-19 pandemic. This update reflects information from March 2020.
info:eu-repo/semantics/publishedVersion