• Environmental and Resource Economics Review
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• v.26 no.4
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• pp.499-517
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• 2017

The purpose of this article is to show profit margin hedging can be an optimal strategy in crude oil purchasing. This study theoretically analyzes profit margin hedging strategy is optimal in crude oil purchasing using expected target utility function and conducts simulations to show if the profit margin hedging is profitable. In addition, this study tests existence of mean reversion of crude oil futures prices to confirm the theory that profit margin hedging is more profitable than other strategies, such as always hedging or buying at expiration with spot price, if futures prices are mean reverting. The simulation results show that the expected utility of profit margin hedging higher than other strategies. Although we cannot find any evidence that crude oil futures prices follow mean reverting process, we can conclude that profit margin hedging can be optimal strategy in crude oil purchasing based on theoretical proof and simulation results.

• Journal of the Society of Naval Architects of Korea
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• v.52 no.2
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• pp.153-160
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• 2015

Pipelines are one of the most important structures in subsea equipment. It is the main equipment for transportation of crude oil and natural gas to the downstream facilities. Crude oil and natural gas leak will be carry out not only political and financial issues but also pollution to the environment. Inaccurate predictions of corrosion behavior will make hazardous consequences. The serviceability assessment of corroded structures is essential especially for subsea pipelines. As corrosion is concerned, the effects of failure due to significant reduction will make it hard to the pipeline operator to maintain the serviceability of pipelines. In this paper, the serviceability assessment of corroded crude oil pipeline is performed using the industry design code (Shell92, DNV RP F101, ASME B31G, BS 7910, PCORRC) and FEA depending on corrosion area. In last step, the future integrity of the subsea crude oil pipeline is assessed to predict the remaining year in service of crude oil pipelines.

• Environmental Engineering Research
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• v.23 no.2
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• pp.175-180
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• 2018

Box-Behnken Design (BBD) under response surface methodology (RSM) was implemented to optimization the operating parameters and assess the removal and recovery efficiencies of crude oil from contaminated soil using subcritical water extraction. The effects of temperature, extraction time and water flow rate were explored, and the results indicate that temperature has a great impact on crude oil removal and recovery. The correlation coefficients for oil removal ($R^2=0.74$) and recovery ($R^2=0.98$) suggest that the proposed quadratic model is useful. When setting the target removal and recovery (>99%), BBD-RSM determined the optimum condition to be a temperature of $250^{\circ}C$, extraction time of 120 min, and water flow rate of 1 mL/min. An experiment was carried out to confirm the results, with removal and recovery efficiencies of 99.69% and 87.33%, respectively. This result indicates that BBD is a suitable method to optimize the process variables for crude oil removal and recovery from contaminated soil.

• Journal of the Korean Home Economics Association
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• v.24 no.1
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• pp.59-64
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• 1986

The contents of proximate components of the polished adn unpolished Job's tears, Coix agrestis, were determined. And also the phisical and the chemical properties of fatty acids composition and the oxidative rancidity of the crude oil extracted from Job's tears were examined. RESULTS : 1.The contnets of moisture, total ash, crude protein, crude fat, and carbohydrate in Job's tears were shown to be about 9.2%, 2.1~5.0%, 19.5~20.8%, 3.7~7.2%, 60.7~67.0%. 2. The average values of specific gravity, refractive index iodine value, saponification value, acid value of the crude oil extracted from Job's tears were 0.917~0.920, 1.47574, 107~111, 198~199, 1.3~2.0, respectively. 3. The fatty acids composition in the crude Job's tears oil showed oleic acid 48.97~49.97%, linoleic acid 37.33~36.16%, palmitic acid 13.70~13.87%. 4. Generally, the peroxide values and thiobarbituric acid values of the Job's tears oils and control during 40 storage days at 40±1℃ showed very low increase. After 32 days, the peroxide values and TBA values of soybean oil showed higher than those of the Job's tears oils. Conclusively, the Job's tears oils were shown to be more stable than the soybean oil.

• Journal of Korea Soil Environment Society
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• v.2 no.1
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• pp.91-97
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• 1997

The result of an investigation conducted to study the effect of crude oil contamination on the geotechnical properties of sand is presented. The effect of the degree of oil contamination on compaction charateristics, shear strength, and one-dimensional compression charateristics has been investigated. The test results indicate that the compaction charateristics are somewhat influenced by oil contamination The angle friction of sand (based on total stress basis) decreases due to the presence of oil within the pore spaces in sand. The compression charateristics of sand are significantly influenced by oil contamination. The details of the tests conducted and the results are presented in the paper.

• Korean Chemical Engineering Research
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• v.45 no.2
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• pp.109-116
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• 2007

As conventional light oil resources deplete, it is becoming necessary to develop unconventional resources. To meet the demand for petrochemical industry, heavier sources such as heavy oil and bitumen are being utilized. Bitumens, a complex hydrocarbon made up of a long chain of molecules, are found in oil sand. It is estimated that 830 billion barrels of oil are located in the oil sand in Alberta, Canada. This paper will review briefly (1) the basic concept of oil sand, bitumen, and heavy oil, (2) methods how to extract oil from oil sand, (3) methods how to upgrade to synthetic crude oil, and (4) economic evaluation of technology.

• Microbiology and Biotechnology Letters
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• v.21 no.1
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• pp.74-81
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• 1993

To investigate the oil degrading properties of psychrotrophic bacterium Acinetobacter calcoaceticus Al-l the effects of environmental factors on this bacterium were studied. The optimal environmental conditions for cell growth rate and oil-emulsifying activity were as follows; temperature $15^{\circ}C$, pH 7.5, salt concentration 0- 3% and crude oil concentration 0.1%. Additionally the optimal concentration of Nand P source for cell growth rate and oil-emulsifying activity were 0.76 mM and 0.057 mM as $(NH_4)HS0_4$ and $K_2HP0_4$, respectively. Analysis of remnant oil by gas chromatography showed time dependent oil degradation pattern by A. calcoaceticus during cultivation; At lOoe and $15^{circ}$e, most alkane peaks were disappeared and it showed large quantities of crude oil were degraded. But at $25^{circ}$e alkane compounds in the crude oil were partially degraded even after 120 hours incubation.

• Journal of Environmental Science International
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• v.17 no.7
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• pp.795-799
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• 2008

We have studied bioremediation of effective microorganisms on crude oil spill in Taean, west-coast of Korea. Oil contaminated soil samples were collected on December 14, 2007, seven days after the Hebei Spirit oil-spilled accident. Total petroleum hydrocarbon (TPH) was measured to evaluate the effectiveness of effective microorganisms (EM) which were composed with yeast, photosynthetic bacteria and lactic acid bacteria on oil degradation. TPH concentration before EM treatment was 323.8 mg/kg, whereas TPH concentrations on 2 days after EM treatment and that of control (without EM) was 102.1 mg/kg and 170.6 mg/kg, respectively. On six days after EM treatment TPH was 91.3 mg/kg and that of control was 127.7 mg/kg. Percentages of degraded crude oil were 47.3% without EM and 68.5% with EM, 60.6% without EM and 71.8% with EM on 2 and 6 days after EM treatment, respectively. These results clearly showed that the application of effective microorganisms toward oil-contaminated soil was quite useful to degrade crude oil spill. These results were derived from the effects of biostimulation of microbial media nutrients and bioaugmentation of effective microorganisms. If we carefully apply these effective microorganisms, it can be a useful bioremediation method to recover oil-contaminated marine ecosystems.

• The Korean Journal of Malacology
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• v.29 no.1
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• pp.23-32
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• 2013

The purpose of this study is to evaluate the effects of oil dispersant and ultraviolet (UV) radiation on the toxicity of crude oil. The toxicity of water-accommodated fraction (WAF) and chemically enhanced water-accommodated fraction (CEWAF) of Hebei Spirit crude oil was investigated in the embryo of the Manila clam, Ruditapes philippinarum with- and without ultraviolet radiation. The WAF and CEWAF with- and without UV radiation affected significantly the embryonic development of R. philippinarum. The EC50s of WAF without UV, WAF with UV, CEWAF without UV, and CEWAF with UV were 2.82, 0.79, 1.60, and 0.45 g/L, respectively. CEWAF was 1.6 times more toxic than WAF. UV radiation increased crude oil toxicity to 3.6 times for both WAF and CEWAF. The oil dispersant and UV radiation did not affect the acute toxicity to the embryo but retarded the period of embryonic development up to 26%. R. philippinarum proved to be a sensitive species to reflect the toxic effects of oil spill combined with oil dispersant and UV radiation. It is suggested that the chemical analyses on the WAF and CEWAF is important for the identification and quantitative explanation of the phototoxic compounds in crude oil.

• Journal of Soil and Groundwater Environment
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• v.16 no.5
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• pp.24-30
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• 2011

Tidal flats which are ecologically sensitive, are hard to remediate once they are contaminated by oil spill accidents. Traditional oil remediation measures focus on removal efficiency, and their improper implementation can adversely affect crude oil contaminated coastal areas and greatly disrupt the structure and functions of crude oil contaminated tidal flats. In this study, the oil degradation due to the implementation of remediation measures naturally enhanced using air and natural oil sorbents was evaluated in the lower strata of tidal flats. The effects of air and natural oil sorbents on oil degradation for two concentration levels (< 500 ppm and > 500 ppm) were tested at artificially contaminated tidal flats. Fifty days after these treatments, the natural oil sorbent treatment showed the lowest total petroleum hydrocarbon (TPH) concentration ($4.46{\pm}1.47%$) at the low concentration level, whereas both air and natural oil sorbent treatments showed high degradation efficiencies at the high concentration level ($29.30{\pm}4.39%$). Although the phosphatase activity decreased for all treatments, there was no significant difference between the decreases for the different treatments; on the other hand, B-glucosidase activities were high for both air and natural oil sorbent treatments. Although degradation efficiencies decreased as the concentration increased, the air provision and natural oil sorbent treatment could be an effective ecological restoration measure for oil contaminated tidal flats while minimizing the environmental impact of the remediation efforts.