Evaluation of the pollution load discharged at an upstream industry--Egypt--and methods for its reduction

Oil exploration in Egypt is a major contributor to the national Gross Domestic Product (GDP). With 50-65% of the oil resources located in the Gulf of Suez (GoS) region, the impact of such activity upon the region's water environment and its quality cannot be overlooked because of the volume of effluent generated. The objective of this study (September 2000-September 2001) was to assess the impact of a 650,000 barrels/day (bl/d) (100,000 m3/d) effluent arising from a major oil exploration site located south of GoS upon the local water environment. Another objective was to identify the pollutant contents amenable for reduction relative to the new Egyptian regulations. This was achieved by the characterization of the main contributing streams and the identification of the final effluent parameter constraints relative to the type of injection waters used. Subsequent investigations for the reduction of these contents were conducted on site and the results obtained are reviewed herewith.     

The threshold effect in expected volatility: a model based on asymmetric information

This article develops theoretical insight into the thresholdeffect in expected volatility, which means that large shocksare less persistent in volatility than small shocks. The modeluses the Kyle-Admati-Pfleiderer setup with liquidity traders,informed traders, and a market maker. Information is modeledas a GARCH process. It is shown that the GARCH process for informationis transformed into a TARCH process (for 'threshold GARCH')for the market price changes. Working with information flowsallows one to derive implications for trading volume and marketliquidity which provide the basis for a more complete test ofthe model.