INDONESIA—GROWTH OF THE OIL INDUSTRY DURING 1970

1971 ◽  
Vol 11 (1) ◽  
pp. 43
Author(s):  
Ir. Soediono
Keyword(s):  
Crude Oil ◽  
Rapid Growth ◽  
Oil Industry ◽  
The Political ◽  
Political Climate ◽  
Oil Companies ◽  
The Past ◽  
Production Sharing ◽  
Start Up ◽  
To Come

The growth of the oil industry in Indonesia during 1970 was the result of Pertamina's policy of encouraging foreign oil companies to invest in the country. By the end of the year production-sharing contracts had been signed with more than 35 groups of companies.The stabilisation of the political climate under the new government enabled exploration to start up again during 1967 and the next two years saw a rapid growth in geological activity. This has led to the drilling of over sixty exploration wells during the past year, and expenditure on exploration is now in excess of $U.S. 150 million per annum. A large part of the exploration effort is directed to offshore acreage and has been rewarded with discoveries by Sinclair in 1969, followed in 1970 by IIAPCO, Union Oil and Cities Service. These finds are expected to lead to production in 1971. Production in 1970 was in excess of 900,000 BOPD, compared with 600,000 BOPD in 1966. Existing refineries are being rehabilitated, a new plant at Dumai is planned to come on stream in July, 1971, and a further refinery is proposed for Java. A polypropylene plant is being built at Pladju, South Sumatra.As the campaign against pollution intensifies, other countries, particularly Japan, are hopeful of further significant finds of the good quality, low sulphur crude oil known to exist in Indonesia.

scholarly journals The Nexus between Stock Returns of Oil Companies and Oil Price Fluctuations after Heavy Oil Upgrading: Toward Theoretical Progress

Economies ◽  
2019 ◽  
Vol 7 (3) ◽  
pp. 71 ◽  
Author(s):  
Sedighi ◽  
Mohammadi ◽  
Fard ◽  
Sedighi
Keyword(s):  
Stock Market ◽  
Crude Oil ◽  
Stock Returns ◽  
Petroleum Industry ◽  
Oil Industry ◽  
Oil Price ◽  
Investment Policies ◽  
Price Fluctuations ◽  
Oil Companies ◽  
Petroleum Companies

This study attempts to discover the nexus between crude oil price fluctuation after heavy oil upgrading and stock returns of petroleum companies in the U.S. Stock Exchange for the years 2008 to 2018. One of the methods of upgrading heavy crude oil is to extract asphaltene from crude oil. Considering the Asphaltene Removal (AR) as a factor in the nexus between oil price and the stock market is an innovation in the literature of energy finance. Asphaltenes cause many problems in the petroleum industry, which increases the cost of oil production and reduces the financial efficiency of oil companies. The AR is certainly one of the significant matters of the oil industry and can affect the price of oil. Therefore, changes in the price of oil can influence the price of oil company stocks. Hence, changes in stock prices will certainly affect the stock returns of oil companies. In an effort to solve this puzzle, the four financial models were employed to explore the nexus between oil price fluctuations and stock returns. The analysis of the results demonstrated that the oil price fluctuations caused by the removal of asphaltenes influence the stock returns of petroleum companies. Eventually, the theoretical hypothesis was confirmed by considering the USA as a case study. The outcomes of this investigation are a theoretical progression in areas related to the petroleum industry and the stock market that could lead to the adoption of new investment policies in the petroleum industry including investing in new procedures to manage and decrease the costs and time of the AR process, which would result in the advancement of petroleum companies. In fact, we have introduced a modern investment strategy in the oil industry aimed at reducing oil production costs, improving financial statements and increasing the stock returns of petroleum companies. Eventually, we will present new investment policies in the oil industry that can lead to economic growth and development of financial markets especially stock market, derivatives market, futures exchange, commodities exchange, as well as bond market.

RECENT ACTIVITIES OF THE PRIVATE OIL SPILL COOPERATIVE IN JAPAN

1989 ◽  
Vol 1989 (1) ◽  
pp. 247-252
Author(s):  
Naomichi Kusunoki ◽  
Takeo Saito
Keyword(s):  
Crude Oil ◽  
Oil Spill ◽  
Oil Industry ◽  
Oil Companies ◽  
Set Up

ABSTRACT The grounding of the Juliana, a crude tanker, off the Niigata Port, in late November 1971, caused the first major oil spill in Japan, a spill of 7,200 kL (45,000 bbl) of Oman crude oil. The member companies of Petroleum Association of Japan (PAJ) hurriedly sent their oil booms and chemical dispersants to Niigata under the instructions of the headquarters set up in the secretariat of PAJ. This accident showed the oil industry the necessity of a nationwide network to supply oil cleanup equipment and materials in an emergency. In January 1973, a nationwide oil spill cooperative in Japan was initiated, with the agreement of 51 oil companies of PAJ. The organization of 47 branches covered all the Japan Islands, stretching about 3,000 km from Hokkaido to Okinawa. Each branch represents several petroleum facilities, a total of about 380. This oil spill cooperative has continued to act effectively. The utility of the arrangement has been proved clearly through provision of about 30 percent of the oil cleanup equipment and materials in Japan.

FIRST AFRICAN OIL SPILL COOPERATIVE: CLEAN NIGERIA ASSOCIATES

1987 ◽  
Vol 1987 (1) ◽  
pp. 151-156
Author(s):  
Godwin E. Omene ◽  
E. C. Odogwu ◽  
Tom E. Allen
Keyword(s):  
Oil Spills ◽  
Oil Industry ◽  
General Purpose ◽  
Oil Field ◽  
Competitive Bidding ◽  
Oil Companies ◽  
The Past ◽  
Port Harcourt ◽  
Petroleum Companies ◽  
Production Areas

ABSTRACT In November 1981 the petroleum companies operating in Nigeria formed a cooperative with the general purpose of developing an oil industry-sponsored organization for combating oil spills. The organization was named Clean Nigeria Associates (CNA). Individual oil companies operating in Nigeria now have and have had in the past the capability to combat oil spills, but most were unprepared to handle major oil spills. Thus, the main thrust of the cooperative was to develop an equipment stockpile and response capability commensurate with major spill risks. Through competitive bidding, Halliburton Nigeria, Ltd. was selected as the cooperative contractor. Agreements were formally signed in September 1984. Since that time the equipment required by the association was procured by Halliburton and put in place at two locations, Warri and Port Harcourt. These two locations were selected because of their proximity to major production areas. Bases were established at Nigerian Ports Authority facilities which were set aside for oil field operations. Thus, equipment warehouses are in excellent positions to respond to marine spills, and to respond to land spills by road. The equipment stockpile consists of 27,000 ft of booms, 28 skimmers—both for protected waters and offshore, 4,000 bales of sorbents, 26 pumps, 14 boats (ten 15 ft and four 49 ft) and an assortment of vehicles and other support equipment. CNA has a dedicated staff of 38. The staff consists of management, equipment operators, mechanics, boat crews, and support personnel. Since December 1984, training of national personnel on spill response and safety has been a high priority and has continued to this date.

INTERDEPENDENCE IN WORLD‐WIDE OIL EXPLORATION

Geophysics ◽  
1958 ◽  
Vol 23 (2) ◽  
pp. 318-325
Author(s):  
D. C. Ion
Keyword(s):  
World Wide ◽  
Geophysical Methods ◽  
Oil Industry ◽  
Oil Exploration ◽  
Mutual Dependence ◽  
Oil Companies ◽  
The Past ◽  
The World ◽  
Geological And Geophysical Methods ◽  
Early Training

Current exploration for oil is being conducted by governments, major integrated oil companies, independent oil companies and syndicates, all of whom have different interests. The interdependence of the various aspects of exploration, production, transportation, refining and consumption within the oil industry is obvious; but the interdependence of the producing, transit, refining, and consuming countries has only recently been realized by the world. Within the exploration branch of the oil industry the mutual dependence of geological and geophysical methods has become generally accepted over the past thirty years. Good early training and collaboration along the whole chain of exploration can solve many industrial problems, and education can solve the world‐wide problems between countries

scholarly journals Learning from Failure: China's Overseas Oil Investments

2013 ◽  
Vol 42 (1) ◽  
pp. 131-165 ◽  
Author(s):  
Susana Moreira
Keyword(s):  
Risk Management ◽  
Raw Materials ◽  
Political Risk ◽  
Oil Industry ◽  
The Political ◽  
Oil Companies ◽  
National Oil Companies ◽  
Learning From Failure ◽  
Recent Developments ◽  
Poor Management

Thirsty for oil and other raw materials needed to fuel its breakneck development, China is funnelling money and manpower into an expanding number of countries in order to secure access to natural resources. This effort has successfully increased Chinese oil assets overseas but it has also exposed Beijing and Chinese national oil companies (NOCs) to significant risks. The present paper focuses on one type of risk – political risk – and how it has affected China's global quest for oil since 1993. It starts with a brief overview of political risk. It then looks at political risk management as applied to the oil industry in general. The paper continues with a discussion of the political risk management of Chinese national oil companies over time. This includes a concise examination of several instances in which the interests of Chinese NOCs have been undermined due to poor management of political risk. Recent developments suggest that Chinese NOCs are learning from these mistakes and adjusting their strategies accordingly. Still China's own socio-political context continues to hamper the ability of Chinese NOCs to deal with on-the-ground realities that are clearly much more unstable than their own.

scholarly journals Approaching or Re-thinking the Realm of Criminal Law?

2019 ◽  
Vol 14 (3) ◽  
pp. 307-318
Author(s):  
Nicola Lacey
Keyword(s):  
Criminal Law ◽  
Criminal Responsibility ◽  
The Political ◽  
Moral Foundations ◽  
The Past ◽  
Political Morality ◽  
To Come ◽  
Civil Order ◽  
Antony Duff

Abstract In his latest monograph, The Realm of Criminal Law, Antony Duff gives us a further, magisterial statement of the vision of criminal law, its procedural framework, and its sanctioning system, which he has been developing over the past 35 years. This is Duff’s own book-length contribution to the tremendously fruitful collaborative Criminalization project. That project has already generated four edited volumes (Duff et al. in The boundaries of the criminal law, 2010; The structures of the criminal law, 2011; The constitution of the criminal law, 2013; Criminalization: the political morality of the criminal law, 2014) and two fine monographs by Farmer (Making the modern criminal law: criminalization and civil order, 2016) and Tadros (Wrongs and crimes, 2016; see also Tadros in The ends of harm: the moral foundations of criminal law, 2011). It will shape the field for decades to come; and it has decisively laid to rest a longstanding puzzle about why, within criminal law theory, the principles underlying criminalisation had received relatively little attention as compared with those underlying, most obviously, criminal responsibility (cf. Lacey in Frontiers of criminality, 1995).

‘Sumer-Is-Icumen-In’: Modern Folk Horror

Folk Horror ◽  
2017 ◽  
pp. 165-186
Author(s):  
Adam Scovell
Keyword(s):  
The Political ◽  
The Internet ◽  
Horror Film ◽  
Political Climate ◽  
Contributing Factors ◽  
Political Issues ◽  
High Point ◽  
The Past ◽  
Dominant Period ◽  
The Witch

This chapter assesses the recent resurgence of Folk Horror in a variety of media. It highlights Robert Eggers' horror film The Witch (2015), not simply because the film has managed to put folklorically psychological material back into the cinematic mainstream, but because it can actually be seen as the high point of a period of new films, television, and music re-exploring Folk Horror as a form that started at the beginning of the new millennium. This resurgence in all things Folk Horror, from delving into familiar thematic territory, remaking older examples, or even just generally rediscovering long-lost relics from its more dominant period, has a number of contributing factors. Arguably, it has two chief specific outcomes: work that reflects nostalgia, whether effectively subverting it (hauntologically) or succumbing to the past visions of Folk Horror's primary era, to produce referential work; and using certain thematic traces within the inner workings of Folk Horror to assess current political issues and even reflect on the parallels of the political climate from the period of 1970s Britain in particular. With the ubiquity of technology and the internet, Folk Horror has entered a new realm but it is one that at first seems contrary to its potential causational factors.

scholarly journals Predictive Scenarios of the Russian Oil Industry; with a Discussion on Macro and Micro Dynamics of Open Innovation in the COVID 19 Pandemic

2020 ◽  
Vol 6 (3) ◽  
pp. 85 ◽  
Author(s):  
Vadim Ponkratov ◽  
Nikolay Kuznetsov ◽  
Nadezhda Bashkirova ◽  
Maria Volkova ◽  
Maria Alimova ◽  
...  
Keyword(s):  
Crude Oil ◽  
Supply And Demand ◽  
Scientific Information ◽  
Sharp Decrease ◽  
Oil Industry ◽  
Activity Level ◽  
Demand And Supply ◽  
Industry Development ◽  
Oil Companies ◽  
The World

The decrease in the economic activity level around the world due to the COVID-19 pandemic spread has led to a sharp decrease in the crude oil price and provoked an oil war outbreak in the global energy market. The current situation has provoked the need for a total decrease in the crude oil production in the world. Considering that Russia is one of the main oil exporters on the world market, the need to determine the supply and demand levels for Russian oil is becoming relevant. The aim of the paper is to model predictive scenarios of Russian oil industry development, considering the specifics of the current economic environment given the COVID-19 pandemic. The multifactor correlation modeling method was used to form the system of indicators determining the level of demand and supply for Russian oil used and the total level of their influence. The functions determine the probability of implementing various scenarios of oil industry development depending on the predicted values of demand and supply. The three-sigma rule and the fuzzy sets method were used to estimate three scenarios of oil industry development for 2020–2021. Changes in revenues of the industry under the influence of forecast indicators of supply and demand for oil have been assessed and the probability of implementation of each of the scenarios has been reasoned. The results obtained are of a practical nature and can be used by government agencies, financial intermediaries, and scientists to diagnose Russian oil industry development. The results will be useful for oil companies to develop a strategy of open innovations for further design of the scientific information field for the effective functioning of the industry in complete uncertainty conditions.

scholarly journals The Possibility of Nationalization by the Kurdistan Regional Government of Iraq under the Light of Signed Petroleum Contracts and Establishment of Kurdistan National Oil Company (KNOC)

2020 ◽  
Vol 6 (1) ◽  
pp. 35
Author(s):  
Arez Mohammed Sediq Othman
Keyword(s):  
Oil And Gas ◽  
Oil Industry ◽  
Regional Government ◽  
Oil Companies ◽  
Production Sharing ◽  
Direct Support ◽  
Oil Sector ◽  
Oil Contracts ◽  
The Government ◽  
Oil Company

In the past 20 years, Kurdistan Regional Government (KRG) of Iraq has signed hundreds of Production Sharing Contracts with many international oil companies to expand investment and develop its oil sector. According to the applicable laws in the region, in particular Oil and Gas Law No.22 of 2007, government shall work to establish Kurdistan National Oil Company (KNOC) to take charge of petroleum operations. Meanwhile, according to the same law, the duration of petroleum production sharing contracts shall not exceed 20 years with the possibility of five years extension. Despite the fact that KRG is abided to many legal obligations to share the produced oil under production sharing contracts, there is always a question of whether KRG will be able to administer its oil industry and what will be the future of these oil contracts? This paper argues that KRG cannot nationalize (by appropriating the whole oil industry and assets of foreign oil companies) its petroleum sector even after the establishment of KNOC as there are many legal terms preventing it from nationalizing the oil industry besides the lack of technical ability to run the sector without the direct support from foreign oil companies. Moreover, the paper also discusses different possibilities after the end of oil contracts with foreign international companies; Does KRG continue with the current contractual form or it will shift to other forms of contract such as service contract to develop oil industry in the region? It suggests that the best practice for the government is to institutionalize its oil sector with receiving direct support from oil companies. The establishment of KNOC is considered to be an effective step towards institutionalization of oil sector in the Iraqi Kurdistan Region.

scholarly journals Venezuela's Nascent Oil Industry and the 1932 US Tariff on Crude Oil Imports, 1927–1935

2009 ◽  
Vol 27 (3) ◽  
pp. 427-462 ◽  
Author(s):  
Brian S. McBeth
Keyword(s):  
Crude Oil ◽  
Negative Impact ◽  
Oil Prices ◽  
Oil Industry ◽  
Petroleum Products ◽  
Initial Development ◽  
Oil Companies ◽  
Competitive Edge ◽  
Crude Oil Prices ◽  
The Impact

ABSTRACTAfter a brief description of the initial development of Venezuela's crude oil industry, this paper examines the impact the 1932 US tariff on crude oil imports had on the country. The US tariff on crude oil imports stabilised domestic crude oil prices but prevented consumers from benefting from lower prices in refned petroleum products. The large us international integrated crude oil companies gained from higher crude oil prices for their domestic production while supplying their european markets with mostly cheap crude oil from their newly developed Venezuelan oilfelds. The tariff increased the Venezuelan oil industry's vulnerability to international events because it narrowed the competitive edge it had over domestic us crude oil production. consequently, the Gómez dictatorship in Venezuela at the time became more dependent on the oil companies operating in the country since they could reduce production considerably, or even leave the country as quickly as they entered with a negative impact on government revenues.

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