AUSTRALIA'S ECONOMIC RESTRUCTURING AND ITS POTENTIAL IMPACT ON PETROLEUM EXPLORATION

1988 ◽  
Vol 28 (1) ◽  
pp. 344
Author(s):  
M.G. D'Arcy
Keyword(s):  
State Government ◽  
Public Funding ◽  
Petroleum Industry ◽  
Mining Industry ◽  
Economic Restructuring ◽  
Petroleum Exploration ◽  
Equal Treatment ◽  
Uniform Structure ◽  
Market Signals ◽  
The World

Changes in the structure of a modern economy are a natural function of altered world and domestic economic circumstances. It is important that the instrument of change be the marketplace. Governments around the world have not demonstrated a superior ability to 'pick winners'. There are many instances where governments have used public funds to foster the development of particular industries only to find that, as a result of economic circumstances, the favoured industries' reliance on public funding becomes chronic. The Government's role should be to ensure that market signals are transmitted and received clearly.In Australia structural change in the economy has been a fairly slow process. This has been brought about by the numerous obstacles that have existed in the marketplace. These have meant that, not only were market signals distorted or delayed, but when received did not motivate appropriate responses. For example, labour market rigidities, inequitable taxation policies, a fixed exchange rate, together with State Government charges, have posed real impediments to implementing the necessary adjustments to the Australian economy.The Australian mining industry and the petroleum industry, in particular, have always been geared to the world market and have increasingly constituted an important component of the nation's export receipts. With regard specifically the petroleum industry, the world price downturn of the past few years and the Government's decision to drop its import parity pricing will result in major changes in the Australian industry, particularly in the exploration sector. These signals suggest a world oversupply of petroleum with the corollary that additional reserves are not needed. A resultant downturn in exploration could develop into an irrevocable reversal and jeopardise the nation's strategically important petroleum industry.In light of the diminished circumstances of the sector it is essential that the petroleum industry receives equal treatment regarding taxation and other Government imposts. Failure to remove the discriminations against petroleum and to impose a uniform structure will result in a misallocation of resources and the possibility of a permanent winding down in exploration.

LONG-TERM PERSPECTIVES FOR THE AUSTRALIAN GAS INDUSTRY

1988 ◽  
Vol 28 (1) ◽  
pp. 348
Author(s):  
T. Tormasi
Keyword(s):  
State Government ◽  
Public Funding ◽  
Petroleum Industry ◽  
Mining Industry ◽  
World Market ◽  
Equal Treatment ◽  
Uniform Structure ◽  
Natural Function ◽  
Market Signals ◽  
The World

Changes in the structure of a modern economy are a natural function of altered world and domestic economic circumstances. It is important that the instrument of change be the marketplace. Governments around the world have not demonstrated a superior ability to 'pick winners'. There are many instances where governments have used public funds to foster the development of particular industries only to find that, as a result of economic circumstances, the favoured industries' reliance on public funding becomes chronic. The Government's role should be to ensure that market signals are transmitted and received clearly.In Australia structural change in the economy has been a fairly slow process. This has been brought about by the numerous obstacles that have existed in the marketplace. These have meant that, not only were market signals distorted or delayed, but when received did not motivate appropriate responses. For example, labour market rigidities, inequitable taxation policies, a fixed exchange rate, together with State Government charges, have posed real impediments to implementing the necessary adjustments to the Australian economy.The Australian mining industry and the petroleum industry, in particular, have always been geared to the world market and have increasingly constituted an important component of the nation's export receipts. With regard specifically the petroleum industry, the world price downturn of the past few years and the Government's decision to drop its import parity pricing will result in major changes in the Australian industry, particularly in the exploration sector. These signals suggest a world oversupply of petroleum with the corollary that additional reserves are not needed. A resultant downturn in exploration could develop into an irrevocable reversal and jeopardise the nation's strategically important petroleum industry.In light of the diminished circumstances of the sector it is essential that the petroleum industry receives equal treatment regarding taxation and other Government imposts. Failure to remove the discriminations against petroleum and to impose a uniform structure will result in a misallocation of resources and the possibility of a permanent winding down in exploration.

PRODUCTION SHARING AGREEMENTS VERSUS THE ROYALTY REGIMES: WHERE IS THE BALANCE?

1992 ◽  
Vol 32 (1) ◽  
pp. 481
Author(s):  
Richard Cottee
Keyword(s):  
Petroleum Industry ◽  
Mining Industry ◽  
Third Party ◽  
Petroleum Exploration ◽  
Veto Power ◽  
Regulatory Regime ◽  
Fixed Rate ◽  
Regulatory Scheme ◽  
Production Sharing ◽  
The Government

For many years the mining industry made its investment decisions safe in the knowledge that petroleum or minerals in the ground belonged to the State but upon severance of such petroleum from the ground the oil was vested in the miner. Commensurate with the ownership changing, a royalty was payable to the government at a fixed rate. With the enactment of the Petroleum (Australia-Indonesia Zone of Co-Operation) Act of 1990 (the 'Act'), serious consideration must now be given as to whether in the future this basic scheme may be dramatically and radically changed to a scheme based on a services contract whereby a certain percentage of the oil is paid in consideration of the miner 'managing the discovery and extraction of petroleum'.An increasing number of countries, including those such as Malaysia which have legal systems based on common law, have adopted petroleum sharing agreements as a basic method by which they 'encourage' petroleum exploitation. This paper:explores the major features of petroleum sharing agreements (which are now in use in the Timor Gap, Indonesia and Malaysia), and compares and contrasts those models with a regulatory scheme based on statutory leases with royalty payments (being the regulatory scheme used in Australia, New Zealand, Canada and elsewhere);reviews both the economic and legal consequences of the two regimes, assuming a constant Income Tax System.It concludes that whilst there are certain merits in both the royalty regulatory type regime and a production sharing regime it appears to the writer that on balance the royalty regulatory regime is much more beneficial to the industry than the alternate. This is particularly true given the fact that Australian governments generally should have sufficient confidence in their regulatory skills and Australian technology that it does not feel it necessary to be given a veto power for each and every decision made in respect of petroleum exploration or production.The major deficiencies of a production sharing arrangement are the fact that the risk taker does not obtain legal tide to the product until after it has either passed the point of tanker loading or been sold to some third party, and the concept of 'cost oil'. If the rates of government 'take' is so high that it is more profitable to obtain 'cost oil' for the company than to receive its 'share' under the production sharing agreement, then the petroleum industry as a whole will suffer gross inefficiency in that area.

Paulista Agriculture, 1899–1950

2018 ◽  
pp. 91-131
Author(s):  
Francisco Vidal Luna ◽  
Herbert S. Klein
Keyword(s):  
20Th Century ◽  
19Th Century ◽  
State Government ◽  
World Market ◽  
Sao Paulo ◽  
The State ◽  
Half Century ◽  
Market Signals ◽  
The World ◽  
The 19Th Century

The growth of this powerful state government to 1930 would be crucial to the survival of São Paulo agriculture in the next half century. The secular growth of the coffee economy up to the end of the 19th century was spectacular. But the constant incorporation of ever more virgin lands into this coffee economy created problems of overproduction as the state alone produced more coffee than the world market could consume. The paulista planters had difficulty responding to these market signals and in the end required significant assistance from the new state government to control crop output. This direct intervention of both the state and federal governments in the coffee economy, defines paulista agriculture in the 20th century.

scholarly journals Geosensing techniques for mineral exploration and mine planning

1989 ◽  
Vol 20 (2) ◽  
pp. 131
Author(s):  
P.A. Gray ◽  
J.F. Doyle ◽  
P.H. Scaiffe
Keyword(s):  
Developmental Stage ◽  
Geophysical Methods ◽  
Petroleum Industry ◽  
Mining Industry ◽  
Coal Industry ◽  
Mine Planning ◽  
Petroleum Exploration ◽  
Production Environment ◽  
Wide Range ◽  
Geophysical Techniques

Geophysical techniques have been applied to petroleum exploration since early in the 20th Century. More recently geophysical methods have been applied in detail to mineral and coal exploration. As a generalisation, geophysical techniques have not been applied in the areas of mine planning, development and production.A variety of geophysical methods have been improved or adapted within BHP to provide accurate, cost effective services to the mine manager on time scales that are realistic for day to day planning and production. Considerable success has been achieved with in-seam seismic, cross-hole seismic and surface seismic techniques. Electrical and magnetic methods have also been beneficial for specific applications.The identification and evaluation of mineral deposits increasingly uses a range of advanced geophysical techniques. Geophysical techniques are now also emerging as key factors in mine planning and production. The purpose of this paper is to show how BHP is developing a variety of geophysical techniques to improve the eSfficiency of exploration, mine planning and production both for minerals and coal. Emphasis is placed on the benefits of these advanced geophysical techniques on day-to-day mine operations. This, of course is only one company's perspective viewpoint, but since BHP has such a wide diversity of operations, this viewpoint may have general applicability.BHP has had a long history of using geo-expertise in a wide range of operations over the past 40 years. This expertise developed in the minerals and coal industries but has subsequently developed into the petroleum industry. In regard to the coal industry alone, several notable geophysics firsts can be attributed to the coal geology groups within BHP. These firsts include: The application of surface seismics to coal exploration; Geophysical logging ? BHP were instrumental in bringing BPB Instruments Ltd to Australia; Radar ? early experiments were undertaken at Cook Colliery; Development and application of high resolution surface seismics in Queensland and New South Wales; Development and routine application of in-seam seismics; Cross-hole seismic/in-seam seismic tomography ? application of a production oriented package to coal and metalliferous mines.In the development of these techniques for the mining industry, a number of common factors are present which have resulted in them being commercially successful. BHP's background as a large resources company has obviously provided the initial impetus to develop smarter geophysical techniques, but this is only one factor which has made them successful. The old adage of a new product or technique being 1% inspiration and 99% perspiration also applies to the development of these techniques.Probably the most important single factor to consider for the successful development of innovative geophysical techniques is that they require a multi-stage team effort over at least two years, (typically 4-5 years for the more complex developments) and that failures can be expected throughout this period. Also the expectations of production personnel are often too great during this developmental stage, which leads to a perception that the technique in question is not useful even after all the 'bugs' in the system have been removed. The onus is on researchers to clearly outline both the potential benefits and possible failures of a new technique during its developmental stage, so that it will subsequently be more readily accepted in the mining production environment.

Covid-19 and Mining industry

2020 ◽  
pp. 10-18 ◽  
Author(s):  
V.B. Kondratiev
Keyword(s):  
Mining Industry ◽  
Commodity Markets ◽  
Current Crisis ◽  
Mining Companies ◽  
The World ◽  
Commodity Demand ◽  
Long Term Impact

The COVID-19 pandemic has affected the commodity markets and mining industry around the world in different ways. Mining company’s operations have been hit by coronavirus outbreaks and government-mandated production stops. Demand for many commodities remains low. This paper examines the potential long-term impact of the COVID-19 pandemic on future commodity demand, mining prospects, as well as tactical and strategic steps by mining companies to overcome the current crisis quickly and effectively.

scholarly journals Between Distancing and Interdependence: The Conflict of Solidarities in the COVID-19 Pandemic

2021 ◽  
pp. 073112142110054
Author(s):  
Mauro Basaure ◽  
Alfredo Joignant ◽  
Aldo Mascareño
Keyword(s):  
Social Interaction ◽  
Equal Treatment ◽  
Natural Conditions ◽  
The World ◽  
Mechanical Solidarity

In a bid to contain the spread of COVID-19, different national states around the world have introduced strict measures to regulate social interaction that have affected the interdependence of modern societies. In this article, we argue that this handling of the pandemic produces a conflict of solidarities that can be interpreted by expanding Durkheim’s classic formulations (organic and mechanical solidarity) to include the distinction between fragmentary solidarity (based on distancing) and ordinary solidarity (based on empathy and equal treatment). The conflict is triggered precisely by the introduction of fragmentary solidarity. Through this conceptualization, we identify different paradoxes and problems that the pandemic poses for present-day society and analyze how it attempts to overcome them through a generalization of ordinary solidarity. The paper concludes that the conflict of solidarities that characterizes the pandemic is not a passing phenomenon. Its anchorage in the complexity and interdependence of contemporary technological, social, and natural conditions points to its persistence.

scholarly journals Globalisation and older people: effects of markets and migration

2002 ◽  
Vol 22 (5) ◽  
pp. 647-663 ◽  
Author(s):  
GAIL WILSON
Keyword(s):  
Social Policy ◽  
Older People ◽  
Economic Restructuring ◽  
Older Men ◽  
World Trade Organisation ◽  
Men And Women ◽  
The Poor ◽  
The World ◽  
The Rich ◽  
Older Men And Women

This paper discusses the material aspects of globalisation and the effects of the movements of trade, capital and people around the world on older men and women. While some older people have benefited, most notably where pensions and health care are well developed, the majority of older men and women are among the poor who have not. Free trade, economic restructuring, the globalisation of finance, and the surge in migration, have in most parts of the world tended to produce harmful consequences for older people. These developments have been overseen, and sometimes dictated, by inter-governmental organisations (IGOs) such as the International Monetary Foundation (IMF), the World Bank and the World Trade Organisation (WTO), while other IGOs with less power have been limited to anti-ageist exhortation. Globalisation transfers resources from the poor to the rich within and between countries. It therefore increases social problems while simultaneously diminishing the freedom and capacity of countries to make social policy. Nonetheless, the effects of globalisation, and particularly its financial dimensions, on a nation's capacity for making social policy can be exaggerated. Political will can combat international economic orthodoxy, but the evident cases are the exception rather than the rule.

The World Mining Industry: Investment Strategy and Public Policy

1989 ◽  
Vol 20 (1) ◽  
pp. 182-184
Author(s):  
Jean-Francois Hennart
Keyword(s):  
Public Policy ◽  
Mining Industry ◽  
Investment Strategy ◽  
The World ◽  
Industry Investment

The Future of Water

2019 ◽  
pp. 227-232
Author(s):  
Edward B. Barbier
Keyword(s):  
Water Security ◽  
Freshwater Ecosystems ◽  
Freshwater Ecosystem ◽  
World Population ◽  
Policy Reforms ◽  
Global Management ◽  
Market Signals ◽  
The World ◽  
The Future ◽  
The One

This concluding chapter looks at the future of water. There are two possible paths for managing water. First, if the world continues with inadequate governance and institutions, incorrect market signals, and insufficient innovations to improve efficiency and manage competing demands, most chronic water and scarcity problems will continue to worsen. The world will see a future of declining water security, freshwater ecosystem degradation, and increasing disputes and conflicts over remaining water resources. The alternative path to managing water is the one offered by this book. If, in anticipation of the coming decades of increasing water scarcity, humankind is able to develop appropriate governance and institutions for water management, instigate market and policy reforms, and address global management issues, then improved innovation and investments in new water technologies and better protection of freshwater ecosystems should secure sufficient beneficial water use for a growing world population.

scholarly journals FEATURES OF RESULT BASED FINANCING HIGHER EDUCATION

THE BULLETIN ◽  
2021 ◽  
Vol 2 (390) ◽  
pp. 50-57
Author(s):  
Iryna Kalenyuk ◽  
Olena Grishnova ◽  
Liudmyla Tsymbal ◽  
Deniss Djakons
Keyword(s):  
Higher Education ◽  
Education System ◽  
Higher Education Institutions ◽  
Knowledge Society ◽  
Public Funding ◽  
Negative Consequences ◽  
Financial Flows ◽  
Higher Education System ◽  
The World ◽  
Financing Higher Education

The key role of the education system in the formation of a knowledge society is raising the issue of improving its financing. In the face of new challenges and aggravation of global competition, the mechanism for financing the higher education system is being transformed. The need to increase funding is manifested in expanding financial sources and improving the management of various financial flows. Increasing the effectiveness of public funding is becoming an important issue, which remains the main source of financial revenues for institutions of higher education in countries of the world. A promising practice in the world is the use of funding based on the results of activity, which is becoming more widespread in various areas of economic activity. The purpose of this article is to study the current world-wide practice of applying results-based financing of higher education and defining promising directions for its implementation in Ukraine. The essence and features of RBF - Result Based Financing (RBF) method, including in the system of higher education, are revealed. The existing approaches to financing higher education institutions in the world based on results are systematized, the main criteria for their definition are identified: on the basis of inputs, process, output, output. The world practice of using higher education institutions financing based on the results, positive and negative consequences of its implementation is highlighted and summarized. The necessity of using RBF funding in the system of native education is proved, the main directions and areas of its use are determined. The application of a two-tier model of financing higher education institutions in Ukraine is proposed, which combines the traditional cost-oriented approach and funding based on the results of the activity.

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