scholarly journals Accounting for the expenses of the stages of oil research and exploration and its role in improving revenues for crude oil companies

2021 ◽  
Vol 7 (3) ◽  
pp. 92-103
Author(s):  
Hawre Jalal Huseein
Keyword(s):  
Crude Oil ◽  
Oil Industry ◽  
Kurdistan Region ◽  
Total Cost ◽  
Oil Companies ◽  
The Third ◽  
Industry Sector ◽  
Local Organizations ◽  
Total Capital ◽  
The One

The research dealt with one of the important topics that received great attention in the field of accounting in general and in the field of accounting for oil costs in particular, which is the topic of methods for recording the expenses of the stages of oil research and exploration, at a time when contributions and research efforts were focused on searching for procedures and factors of success of these methods Which was often based on traditional discussions, by focusing on the differentiation between registration methods and the assumption of calculating costs and risks for each of them, despite the importance of such discussions in understanding how accountants work and the preference procedures in adopting each of these methods in oil companies as it is the best for the work of companies oil organizations. However, it does not express the specificity of each of these methods, and then reveals the foundations of their advantage based mainly on maximizing the revenues of the crude oil companies. Based on this, the research aims to measure the contribution of methods for recording the expenses of the stages of oil research and exploration in improving revenues for crude oil companies, within a framework that simulates the reality of local organizations on the one hand and embodies their available applicable accounting practices on the other hand. The research was conducted in the crude oil industry sector by adopting personal interviews and surveying the opinions of a sample of accountants in crude oil companies operating in the Erbil Governorate - Kurdistan Region of Iraq. The first axis included (15) questions that embodied the contents of the methods of recording the expenditures of the stages of oil research and exploration and their practices, which were measured into three methods: (revenue cost method, total cost method, and successful efforts method) for each of them (5) questions, while the third axis included (10) questions about the contents of the revenues of oil companies Crude, with the aim of identifying the methods of recording the expenses of the stages of oil research and exploration, and the extent of their contribution to improving the revenues of the researched organizations. A set of statistical tools were adopted to test the study's hypotheses using the Rasa program and its diagnosis. The research reached a set of conclusions, the most important of which was, the existence of a significant effect of the methods of recording the expenses of the stages of oil research and exploration in improving the revenues of the oil companies in the organization, the study sample, and the most effective method is the total cost (capital) method, and based on that, some proposals were indicated, the most important of which is the necessity Enhancing the organization's interest in the study sample in analyzing the total (capital) cost related to the work of oil companies and studying it to find out the contents that can be benefited from in the future.

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.

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 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 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.

Alkohol im Tank – Bio-Kraftstoffe und die Grenzen moderner Mobilität

2004 ◽  
Vol 34 (136) ◽  
pp. 455-468
Author(s):  
Hartwig Berger
Keyword(s):  
Third World ◽  
Fossil Fuel ◽  
Energy Resources ◽  
The Third ◽  
Political Conflicts ◽  
The Future ◽  
Long Time ◽  
Food Market ◽  
The One ◽  
The Third World

The article discusses the future of mobility in the light of energy resources. Fossil fuel will not be available for a long time - not to mention its growing environmental and political conflicts. In analysing the potential of biofuel it is argued that the high demands of modern mobility can hardly be fulfilled in the future. Furthermore, the change into using biofuel will probably lead to increasing conflicts between the fuel market and the food market, as well as to conflicts with regional agricultural networks in the third world. Petrol imperialism might be replaced by bio imperialism. Therefore, mobility on a solar base pursues a double strategy of raising efficiency on the one hand and strongly reducing mobility itself on the other.

Tax maneuver in the oil industry: Provisional results and risks for further implementation

2020 ◽  
pp. 28-43
Author(s):  
A. S. Kaukin ◽  
E. М. Miller
Keyword(s):  
Oil Industry ◽  
Oil Products ◽  
Oil Refining ◽  
State Budget ◽  
Tax Rate ◽  
Oil Companies ◽  
Reform Plan ◽  
Alternative Variant ◽  
Calculation Results ◽  
The Cost

The paper analyzes the consequences of the abolition of the export duty on oil and oil products as a necessary step to stimulate energy efficiency of Russia’s economy and eliminate underdevelopment provoked by a long-term subsidizing of inefficient oil refining sector in Russia. The calculation results have shown that even taking into account several deviations from the planned scenarios of changing the parameters of tax regulation of the oil industry in 2014— 2019, the tax maneuver brought over 3.5 trillion rubles (in 2019 — 148 billion rubles) to the state budget in 2014—2017, mainly due to an increase in the base mineral extraction tax rate, and contributed to an increase in the depth of oil refining from 72% to 85%. In addition, the article analyzes possible risks associated with the current plan for reforming the taxation of the industry until 2024 and proposes an alternative that could level some of them. A comparative analysis of the effects of the tax maneuver under the current reform plan and the alternative variant suggests that the latter will allow to achieve a greater total budgetary effect in four years, reduce the cost of subsidizing domestic oil refining, increase the efficiency of Russian vertically integrated oil companies, and reduce the growth rate of oil products prices in the retail market.

Al-Rasm al-ʿUthmānī: Towards Correct Pronunciation and the Preclusion of Ambiguity

2011 ◽  
Vol 13 (2) ◽  
pp. 201-171
Author(s):  
Nāṣir Al-Dīn Abū Khaḍīr
Keyword(s):  
Specific Pattern ◽  
Writing Style ◽  
The Third ◽  
The Past ◽  
Different Ages ◽  
Correct Pronunciation ◽  
The One ◽  
The Mind

The ʿUthmānic way of writing (al-rasm al-ʿUthmānī) is a science that specialises in the writing of Qur'anic words in accordance with a specific ‘pattern’. It follows the writing style of the Companions at the time of the third caliph, ʿUthmān b. ʿAffān, and was attributed to ʿUthmān on the basis that he was the one who ordered the collection and copying of the Qur'an into the actual muṣḥaf. This article aims to expound on the two fundamental functions of al-rasm al-ʿUthmānī: that of paying regard to the ‘correct’ pronunciation of the words in the muṣḥaf, and the pursuit of the preclusion of ambiguity which may arise in the mind of the reader and his auditor. There is a further practical aim for this study: to show the connection between modern orthography and the ʿUthmānic rasm in order that we, nowadays, are thereby able to overcome the problems faced by calligraphers and writers of the past in their different ages and cultures.

A refusal to grant access to a grid within the provision of crude oil transfer services as an example of a prohibited abuse of a dominant position in the EU and Polish competition law

2018 ◽  
Vol 5 (2) ◽  
pp. 199 ◽  
Author(s):  
Wojciech Paweł SZYDŁO
Keyword(s):  
Crude Oil ◽  
Competition Law ◽  
Eu Law ◽  
The European Union ◽  
Dominant Position ◽  
Oil Companies ◽  
Effective Competition ◽  
Oil Pipelines ◽  
Transfer Services ◽  
The Eu

Aim: The paper discusses cases in which a refusal by an energy enterprise to connect other enterprises to the network is treated as a prohibited abuse of the enterprise's dominant position and, equally, will represent behavior prohibited by art. 12 of the Treaty on the Functioning of the European Union and by art. 9 par. 2 item 2 of the Competition and Consumer Protection Law as well as legal consequences of such refusal. It is important to pinpoint such cases since the EU sectoral regulation does not provide for obligating any undertakings which manage and operate oil pipelines to enter into contracts with other undertakings such as contracts on connecting into their network or contracts on providing crude oil transfer services. Conditions for accessing oil pipelines and selling their transfer capacities are determined by the owners of the networks: private oil companies in the countries across which the pipelines are routed. These conditions are not governed by the EU law.  Furthermore, the very obligation of connecting other entities to own network by energy undertakings operating in the oil transfer sector in Poland will only arise from generally applicable provisions of the Polish competition law.  Design / Research methods: The purpose of the paper has been reached by conducting a doctrinal analysis of relevant provisions of Polish and EU law and an analysis of guidelines issued by the EU governing bodies. Furthermore, the research included the functional analysis method which analyses how law works in practice. Conclusions / findings: The deliberations show that a refusal to access the network will be a manifestation of a prohibited abuse of a dominant position and will be a prohibited action always when the dominant's action is harmful in terms of the allocation effectiveness. It will be particularly harmful when delivery of goods or services objectively required for effective competition on a lower level market, a discriminatory refusal which leads to elimination of an effective competition on the consequent market, a refusal leading to unfair treatment of consumers and an unjustified refusal. Originality / value of the article: The paper discusses the prerequisites which trigger the obligation to connect entities to own network by energy undertakings operating in the oil transfer sector. The obligation has a material impact on the operations of the oil transmitting undertakings, in particular on those who dominate the market. The regulatory bodies in the competition sector may classify a refusal of access to own network by other enterprises as a prohibited abuse of the dominant position, exposing such undertakings to financial consequences.Implications of the research: The research results presented in the paper may be used in decisions issued by the President of the OCCP and in judgement of Polish civil courts and EU courts. This may cause a significant change in the approach to classifying prohibited practices to prohibited behavior which represent abuse of the dominant position. The deliberations may also prompt the Polish and EU legislator to continue works on the legislation.

Drilling and Service Contracts in Offshore Oil and Gas Operations

1973 ◽  
Vol 11 (3) ◽  
pp. 480
Author(s):  
J. M. Killey
Keyword(s):  
Oil And Gas ◽  
Oil Industry ◽  
Offshore Drilling ◽  
Oil Companies ◽  
Drilling Rig ◽  
Service Contracts ◽  
Oil And Gas Operations ◽  
Offshore Oil And Gas ◽  
Offshore Oil ◽  
Offshore Operations

As onshore oil and gas deposits are becoming more difficult to locate, and as the world demands for energy continue to increase at an alarming rate, oil companies are channeling much of their exploration activities towards offshore operations, and in particular, towards operations centered off Canada's coast lines. Because of the environment, offshore drilling presents problems which are novel to the onshore-geared oil industry. J. M. Killey discusses in detail many of the considerations involved in drafting the offshore drilling contract, concentrating on problems such as the liability of the various parties; costs; scheduling; pollution; conflict of laws; etc. Similarly, he discusses service contracts (such as supply boat charters; towing services; helicopter services; etc.^ which are necessity to the operation of an offshore drilling rig. To complement his paper, the author has included number of appendices which list the various considerations lawyer must keep in mind when drafting contracts for offshore operations.

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