Accounting Standards for the UK Oil and Gas Industry

1983 ◽  
Vol 9 (2) ◽  
pp. 24-31
Author(s):  
Kenneth C. Pratt
Keyword(s):  
Oil And Gas ◽  
Accounting Standards ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
The Uk

ACCOUNTING STANDARDS REFORM—WILL THERE BE HAVOC?

2005 ◽  
Vol 45 (1) ◽  
pp. 633
Author(s):  
M. Williamson
Keyword(s):  
Financial Reporting ◽  
Oil And Gas ◽  
Accounting Standards ◽  
Oil And Gas Industry ◽  
International Accounting Standards ◽  
Gas Industry ◽  
The World ◽  
Timely Fashion ◽  
And Performance ◽  
The Uk

Australia’s corporate regulatory authorities have been extensively lobbied during the last 10 years to move to adopt an international set of accounting standards that the major nations of the world have evolved. Following the establishment of the International Accounting Standards Board (IASB) in the UK, that body has moved to promulgate a broad range of accounting standards. Australia has been a member of the IASB from its early days.The IASB has moved to promulgate some accounting standards. The Australian Accounting Standards Board (AASB) has moved to adopt these same standards. In effect, the intent of those standards has been converted to Australian terms. The bulk of these new accounting standards (AASBs) will be effective for the first time to accounts of reporting entities for the years after 1 January 2005.The intention of the adoption of these standards has been to provide a consistent platform for the preparation of accounts in all of the major countries of the world. The expectation is to promote consistent reporting and more ready comparability between participants in various industries and between industries and from year to year.For a number of oil and gas listed companies, however, the short to medium-term is likely to produce the exact opposite in results and comparability terms. Accounting results for years prior to the adoption of the new AASBs will in certain circumstances bear results so dissimilar that their usage will be misleading.The conversion effort from the old standards to the new standards will involve considerable effort by all participants in the oil and gas industry; this should have started months ago.There will also be spin-off problems causing many legal documents, including borrowing agreements and performance bonus agreements that will need to be re-written. There will only be havoc in an administrative context if those oil and gas companies have not prepared themselves well and in a timely fashion. There may be financial havoc if the changes in accounting policies via the International Financial Reporting System (IFRS) make it difficult to raise new capital or cause problems under existing borrowing covenants.

Nimrod XV230—reflections on leadership, culture and priorities

2017 ◽  
Vol 57 (2) ◽  
pp. 374
Author(s):  
Martin Anderson
Keyword(s):  
Oil And Gas ◽  
Health And Safety ◽  
Oil And Gas Industry ◽  
Royal Air Force ◽  
Gas Industry ◽  
Leadership Culture ◽  
Key Issues ◽  
The Uk ◽  
Organisational Factors ◽  
Independent Inquiry

On 2 September 2006 a reconnaissance aircraft Royal Air Force Nimrod XV230 suffered a catastrophic mid-air fire on a mission over Afghanistan, leading to the total loss of the aircraft and the death of all 14 service personnel. This paper summarises key issues from an independent inquiry and challenges the oil and gas industry to reflect on these. The author, a Chartered specialist in human and organisational factors, contributed to The Nimrod Review as a Specialist Inspector with the UK Health and Safety Executive.

Ready to collaborate? Operator and supply chain under the spotlight

2017 ◽  
Vol 57 (2) ◽  
pp. 498
Author(s):  
Mike Lynn ◽  
Alan Samuel
Keyword(s):  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Commodity Price ◽  
Capital Projects ◽  
Gas Industry ◽  
New Ways Of Working ◽  
Service Companies ◽  
The North ◽  
The North Sea ◽  
The Uk

In the last 12 months or so, particularly with the drop in oil price, there’s been a lot of speculation about the future of the Australian oil and gas industry. Strenuous efforts are being made to bring down costs, reduce complexity and expedite the completion of major capital projects. Yet with the commodity price looking likely to be subdued for some time, serious questions persist. How can we sustain activity in Australia, secure the investment needed to continue exploration and appraisal drilling, for the next wave of projects? In looking for answers to these challenges, collaboration is a theme that comes up time and time again. But what does it actually mean? What does it look like in practice? Who does it well and how? And which companies are reaping the rewards of great collaboration? To fill this knowledge gap we are launching a survey which will look at many aspects of collaboration in the Australia and compare this with the results of similar surveys conducted in the UK. We will be looking to survey both operators and service companies working in the Australia and find out: What does collaboration mean? What constitutes effective collaboration? How do companies view themselves and each other as collaborators? How does collaboration in Australia compare with companies in the North Sea? We hope a better understanding of collaboration could help companies in Australia continue to improve productivity and efficiency, adopt new ways of working, and truly make the most of Australia’s abundant resources.

Catastrophic Events and Human Error: A Few Rotten Apples or Organizational Dysfunction?

2021 ◽  
Author(s):  
Peter Vincent Bridle
Keyword(s):  
Human Error ◽  
Oil And Gas ◽  
Wide Spectrum ◽  
Oil And Gas Industry ◽  
Operating Conditions ◽  
Oil Field ◽  
Gas Industry ◽  
Oil And Gas Producers ◽  
The North ◽  
The Uk

Abstract In July 2021, commemorations will be held to mark the 33 years since the 1988 Piper Alpha tragedy in the UK sector of the North Sea where 167 oil field workers lost their lives. Without question, the incident was a watershed event for the international oil and gas industry not simply because of the immediate toll in human lives lost, but also in terms of the devasting aftermath endured by countless friends, families and loved ones whose lives were forever changed. The tragedy also served to illustrate just how poorly the oil and gas industry really understood and managed those operating risks that possessed the potential for catastrophic loss, both in terms of business cost and overall reputational impact. In the wake of the public enquiry that followed and chaired by Lord Cullen of Whitekirk, one of the principal recommendations required that the international oil and gas industry do a much better job in determining both its major hazards (i.e. major operating risks) and also in creating the necessary operating conditions to demonstrate that such things were being well managed. The objective being to provide tangible assurance that the likelihood of the industry ever incurring such a calamitous event again in the future had been reduced to as low as reasonably practicable (ALARP). In taking its responsibilities very seriously, the international oil and gas industry responded by raising the profile of the management of Health, Safety and the Environment (HSE) across the wide spectrum of its global operations. By the mid-nineties, the industry had implemented comprehensive and structured systems of work within the framework of purposely built HSE Management Systems using templates designed and developed for the industry via the International Oil and Gas Producers (IOGP)*.

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