Disclosure Regulation and Competitive Interactions: Evidence from the Oil and Gas Industry

2020 ◽  
Author(s):  
Gaizka Ormazabal ◽  
Marc Badia ◽  
Miguel Duro ◽  
Bjorn N. Jorgensen
Keyword(s):  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Competitive Interactions ◽  
Cross Sectional ◽  
Disclosure Regulation ◽  
Gas Industry ◽  
Public Firms ◽  
Proprietary Costs ◽  
Exogenous Shocks ◽  
Trade Offs

We study the effects of mandatory disclosure on competitive interactions in the setting of oil & gas (O&G) reserve disclosures by North American public firms. We document that reserve disclosures inform competitors: when one firm announces larger increases in O&G reserves, competitors experience lower announcement returns and higher real investments. To sharpen identification, we analyze several sources of cross-sectional variation in these patterns, the degree of competition and the sign and the source of reserves changes. We also exploit two plausibly exogenous shocks: the tightening of the O&G reserve disclosure rules and the introduction of fracking technology. Additional tests more directly focused on the presence of proprietary costs confirm that the mandated reserve disclosures result in a relative loss of competitive edge for announcing firms. Our collective evidence highlights important trade-offs in the market-wide effects of disclosure regulation.

scholarly journals COLLABORATIVE MANAGEMENT AND ORGANISATIONAL RESILIENCE: EVIDENCE FROM THE OIL AND GAS INDUSTRY OF A DEVELOPING ECONOMY

2021 ◽  
pp. 1-15
Author(s):  
Christiana ACHEBELEMA ◽  
◽  
Damiebi ACHEBELEMA ◽  
Keyword(s):  
Organizational Leadership ◽  
Oil And Gas ◽  
Rank Order ◽  
Oil And Gas Industry ◽  
Collaborative Management ◽  
Cross Sectional ◽  
Gas Industry ◽  
Quasi Experimental ◽  
Oil And Gas Firms ◽  
Rivers State

This study examined the link between collaborative management and organizational resilience in the oil and gas industry in Rivers State. The quasi-experimental and cross-sectional research designs were adopted. The population is made of 72 managers, supervisors, and HODs of oil and gas firms in Rivers State. The census technique was used for the sampling since the population is relatively small. The Spearman's Rank Order Correlation Coefficient (Rho) was used for the analysis with the aid of SPSS. It was concluded that a sound leadership climate can change the direction of any organization towards achieving its stated goals. This means a good leadership climate could induce high-level firm alliance. Organizational leadership climate is a composition variable that can be brought to bear in proffering varying solutions to the underlying issues in any organization. The outcome of this study resulted in the following recommendations: Collaborative management encourages positive bahaviours towards robustness. Hence, management ought to take decisional actions to increase awareness and improve productivity towards developing timely diverse solutions in handling organizational challenges. Collaborative management improves top-level decision-making to enhance resourcefulness. Therefore, management should encourage employees to make personal decisions about the disturbances and complex problems they face in their job towards preserving their position in the industry. Organizational leadership should build a climate designed to encourage robustness and resourcefulness as that will induce the needed growth towards its desired heights to foster resilience.

It's not easy to collaborate, but it's essential!

2017 ◽  
Vol 57 (2) ◽  
pp. 426
Author(s):  
Bernadette Cullinane ◽  
Paul Harrison
Keyword(s):  
Economies Of Scale ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Gas Production ◽  
Structural Factors ◽  
Resource Base ◽  
Gas Industry ◽  
Service Companies ◽  
Trade Offs ◽  
The Cost

While emerging as a world leader in liquefied natural gas production, overall, Australia’s oil and gas industry is disadvantaged by the remoteness and geographical breadth of our operations, our limited infrastructure and insufficient economies of scale. These factors drive up the cost of production and make it difficult for both operators and service companies to balance the trade-offs between building scale and capability. Despite our rich resource base, these structural factors make it challenging for the Australian oil and gas industry to compete globally. Additionally, traditional project development and contracting practices rely on bespoke, bi-lateral agreements between operators and service companies, resulting in inconsistencies and inefficiencies that limit the reuse of solutions and technology, driving costs even higher. This has created an imperative for new collaborative industry platforms in areas of workforce competency management and integrated activity planning, which leverage standardised processes and common infrastructure. This paper will explain how to overcome collaboration obstacles by cultivating a culture of transparency and will discuss the steps undertaken to develop trust within a diverse stakeholder group, enabling the creation of shared solutions. This paper gives concrete recommendations on how to create a new mindset around the appropriate company structure for the development of collaborative and innovative platforms that deliver more competitive outcomes to the Australian oil and gas industry.

scholarly journals IDENTIFIKASI DAN ANALISIS IMPLEMENTASI SIKA DI PT. PERTAMINA EP PRABUMULIH

2018 ◽  
Vol 6 (2) ◽  
pp. 146
Author(s):  
Nareshwari Nareshwari ◽  
Indriati Paskarini
Keyword(s):  
Oil And Gas ◽  
Fire Hazard ◽  
Oil And Gas Industry ◽  
Primary Data ◽  
Potential Hazard ◽  
Confined Space ◽  
Cross Sectional ◽  
Gas Industry ◽  
Work Permit ◽  
Gas Poisoning

Oil and gas industry have high hazard potential. Some of major hazard in the oil and gas industry are fire hazard, gas explosion, and gas poisoning. PT Pertamina EP Asset 2 Prabumulih Field have Safe Work Permit System (SIKA) to prevent potential hazard in workplace. This research aims to study the SIKA procedure and its implementation in PT Pertamina EP Asset 2 Prabumulih Field. This research is a qualitative study and conducted with cross sectional approach. Data used in the research are primary data and secondary data.  The result obtained from this research is PT Pertamina EP Asset 2 Prabumulih Field have multiple type of SIKA such as SIKA for hot operation, cold operation, digging, and confined space. SIKA form contained about the job description, location, amount of workers,inherent dangers, job requrements  such as Job Safety Analysis, personal protective equipment, fire extinguishers, ventilation, etc) and parties that responsible in the SIKA implementation. Implementation that have been observed compared and analyzed with current regulation  applied in PT. Pertamina EP Asset 2. Based on the result, implementation of SIKA has gone well.  SIKA have not well distributed across the field. Advice that can be given is the SIKA Document distributed in accordance with the relevant parties.Keywords : work permit,analysis, implementation 

How an integrated multi-discipline approach to ALARP assessments can yield production increases while minimising HSE risk

2016 ◽  
Vol 56 (2) ◽  
pp. 543
Author(s):  
Jim Bonini ◽  
Lucy Muir ◽  
Steven Blackmore
Keyword(s):  
Oil And Gas ◽  
Produced Water ◽  
Health And Safety ◽  
Oil And Gas Industry ◽  
Recent Change ◽  
Gas Industry ◽  
Environment And Health ◽  
Yield Production ◽  
Trade Offs ◽  
Recent Project

Demonstration that risks are reduced to as low as reasonably practicable (ALARP) is a fundamental element of safety and environment regulation in the Australian oil and gas industry. The principle is well established, and offers operators relative flexibility in designing and managing their operations when compared to the more prescriptive regime adopted in other countries, such as the US. The approach, however, to building the ALARP case invariably differs between safety, environmental, and technical disciplines within oil and gas operators, leading to conflicting outcomes and sub-optimal solutions, which in turn can hamper production output and efficiency. A recent change in offshore regulations requires operators to focus on reducing overall environmental impacts from produced water through the ALARP principle, rather than by a prescribed limit. Through options screening, detailed technical studies, and consideration of environment and health and safety trade-offs, a robust ALARP position can be achieved, which yields increased production and efficiency, and reduced environmental impact, health and safety risk and associated cost. Drawing on recent project case studies with offshore oil and gas operators in Australia, the authors present best practices in the development of integrated ALARP cases for activities including produced water treatment and decommissioning.

Pipeline Compressors Dry Gas Seal Retrofits

2019 ◽  
Author(s):  
Inderpal Sihra ◽  
Ian Goldswain ◽  
Christina Twist ◽  
Jorge Pacheco
Keyword(s):  
Cross Section ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Methane Emissions ◽  
Cross Sectional ◽  
Gas Industry ◽  
Dry Gas Seal ◽  
Seal Design ◽  
Gas Seals ◽  
Performance Envelope

Abstract Methane emissions are classed as one of the most important contributors to climate change. This greenhouse gas has a global warming potential 21 times that of Carbon Dioxide. In the Oil and Gas industry, pipeline compressor emissions have been identified as an important source of methane released into the atmosphere. Wet seals (oil seals) technology will not meet new targets being set for methane emissions. John Crane has therefore developed a new dry gas seal design with a significantly narrower cross section to allow historically high value compressor assets to continue to function without the need for extensive redesign or replacement. This dry gas seal has been specifically engineered to replace wet seals within older centrifugal pipeline compressors. The main reasons associated with conversion from wet seals to dry gas seals include: moving to non-contacting technology which reduces seal wear issues, reduced operating costs from removal of oil seal supporting systems including degassing equipment, lower energy consumption due to the shear losses associated with oil seals, reduced maintenance costs by having a simpler supporting system and less frequent routine maintenance, and reduced emissions. Wet seals are typically compact in nature and are therefore very flexible in how they can be installed into a compressor. Traditional dry gas seals occupy a larger cross-sectional footprint and therefore it was necessary to develop a brand new gas seal that can retrofit into the same cavity without the need for expensive and prohibitive machining of the compressor shaft or housing. The resulting gas seal design is significantly compact when compared to a standard gas seal, yet provides sealing at maximum pipeline compressor duties of up to 120barg and 100m/s. In order to create a compact seal, John Crane has significantly reduced the cross section of the rotating (mating) and stationary (primary) sealing faces. This change brings about an increased level of complexity associated with dry gas seal design. In-house FEA and CFD simulations have been used to optimize the seal design and groove patterns. Results documenting the extensive design and simulation activities will be presented to demonstrate effective separation of the sealing faces throughout the entire seal performance envelope. A number of tests were specifically designed to thoroughly validate the seal design by simulating compressor field conditions. The product has undergone a series of testing through its entire performance envelope for pressure, speed and temperature. Specific accelerated tests were also designed to replicate the seal lifetime. The paper will describe the test setup and present the validation results.

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