Fifty-Fifty

Author(s):  
Giuliano Garavini

Chapter 1 describes the negotiations and the reasons for the advent of the fifty-fifty oil profit sharing model in Venezuela in 1948, and then its application to the Middle East after the first ever visit to the region by a delegation of Venezuelan civil servants in the region in 1949. The chapter ends with a focuses on the last country to apply this model, Iran, where it was imposed with a coup against Mossadegh in 1953 in response to the nationalization of the petroleum industry. By the middle 1950s an oligopoly of seven or eight international oil companies was in control of basically all the world’s petroleum export.

2015 ◽  
Author(s):  
Omprakash Pal ◽  
Bilal Zoghbi ◽  
Waseem Abdul Razzaq

Abstract Unconventional reservoir exploration and development activities in the Middle East have increased and are expected to continue to do so. National oil companies in the Middle East have a strategy for maximizing oil exports as well as use of natural gas. This has placed emphasis on use of advanced technology to extend the lives of conventional reservoirs and more activities in terms of “unconventional gas and oil.” Understanding unconventional environments, such as shale reservoirs, requires unique processes and technologies based on reservoir properties for optimum reservoir production and well life. The objective of this study is to provide the systematic work flow to characterize unconventional reservoir formation. This paper discusses detailed laboratory testing to determine geochemical, rock mechanical, and formation fluid properties for reservoir development. Each test is described in addition to its importance to the reservoir study. Geochemical properties, such as total organic carbon (TOC) content to evaluate potential candidates for hydrocarbon, mineralogy to determine the formation type and clay content, and kerogen typing for reservoir maturity. Formation fluid sensitivity, such as acid solubility testing of the formation, capillary suction time testing, and Brinell hardness testing, are characterized to better understand the interaction of various fluids with the formation to help optimize well development. An additional parameter in unconventional reservoirs is to plan ahead when implementing the proper fracturing stimulation technique and treatment design, which requires determining the geomechanical properties of the reservoir as well as the fluid to be used for stimulation. Properties of each reservoir are unique and require unique approaches to design and conduct fracturing solutions. The importance of geomechanical properties is discussed here. This paper can be used to help operators obtain a broad overview of the reservoir to determine the best completion and stimulation approaches for unconventional development.


2020 ◽  
pp. 29-60
Author(s):  
Billie Melman

Chapter 1 examines the new definitions of antiquity that emerged after the First World War and relates them to the new post-war imperial order and international system. It tracks the shift from a perception of ancient objects and monuments as the loot of victors, through their handling within the framework, which had first emerged in the nineteenth century, of laws of war, to their treatment as a part of policies of an imperial peace in the Middle East—in peace treaties and the new mandates system. The chapter follows the internationalization of the discourse on antiquity and the formation of a new “regime of antiquities”, a term referring to international and local mandatory legislation on archaeology and to practices of its monitoring. It offers a view “from above” of the new regime and its formulation by internationalist experts, within the League of Nations and its organizations for intellectual cooperation, such as the International Institute for Intellectual Cooperation (IIIC) and International Museums Office (OIM), and of internationalist apparatuses, as well as considering the implementation of the regime “on the ground” by the antiquities’ administrations in mandate A territories, formerly under Ottoman rule (Palestine and Transjordan, and Iraq), and the nominally independent Egypt. The chapter demonstrates how the internationalist pull and discourse seeped to colonial rhetoric but conflicted with notions of imperial sovereignty and the power of the mandatories to implement policies on the ground. At the same time, visions of regional cooperation amongst archaeologists and national rights to patrimony were adopted by local archaeologists and nationalists.


Economies ◽  
2019 ◽  
Vol 7 (3) ◽  
pp. 71 ◽  
Author(s):  
Sedighi ◽  
Mohammadi ◽  
Fard ◽  
Sedighi

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.


1973 ◽  
Vol 67 (5) ◽  
pp. 230-234
Author(s):  
Robert H. Frick

It is impossible in a reasonable space of time to cover the changes that have occurred in relationships between host countries and oil companies since the first concession agreements in the early 1900’s. It is difficult to cover even the developments of the past three years. Oil producing countries have, of course, always wanted a greater share of the profits from producing operations within their borders and to exercise a greater control over such operations. With the use of hindsight it is possible to say that the degree to which these twin goals have been achieved over the past few years is not remarkable. I believe it is true, however, that five or even three years ago very few, if any, in the petroleum industry would have forecast the success which the producing countries have achieved.


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