scholarly journals Fiduciary Relationships in Oil and Gas Joint Ventures

1970 ◽  
Vol 8 (2) ◽  
pp. 233 ◽  
Author(s):  
D. A. MacWilliam
Keyword(s):  
Joint Ventures ◽  
Joint Venture ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Fiduciary Duty ◽  
The Other ◽  
Gas Industry ◽  
Full Disclosure ◽  
Fiduciary Relationships ◽  
The Many

A party to a joint venture agreement in the oil and gas industry is often faced with the problem of determining whether or not he owes a fiduciary duty to his joint venturer. This article examines the many factual situations in oil and gas joint ventures which, could give rise to a fiduciary duty and concludes that the extent to which the fiduciary principle is applicable to various relationships involving interests in oil and gas has not yet been determined by the courts. As such, the author suggests that in addition to attempting to provide in the agreement for those circumstances which could give rise to a fiduciary duty, a party to a joint venture who desires to avoid a breach of a fiduciary duty should make full disclosure to and attempt to get the consent of the other contracting party.

How to avoid aches and pains in your joint ventures

2016 ◽  
Vol 56 (2) ◽  
pp. 559
Author(s):  
Brent Steedman
Keyword(s):  
Joint Ventures ◽  
Joint Venture ◽  
Oil And Gas ◽  
Cost Savings ◽  
Oil And Gas Industry ◽  
Capital Allocation ◽  
Operating Efficiency ◽  
Global Business ◽  
Gas Industry ◽  
The Right

The Australian oil and gas industry is in a period of substantial challenges, including a significant decline in oil prices, fluctuating spot gas prices, a relentless drive for operating efficiency, and tight capital allocation, together with increased regulatory scrutiny and a reputation for below-standards productivity. On the upside, these market challenges provide significant opportunities for companies to bring in new investors, implement new operating models, apply innovation to update processes and practices, and restructure activities. Making material step-changes, requires companies to review, amend, and update joint venture operating agreements (JVOAs). KPMG has worked with many of Australia’s leading oil and gas companies on a range of joint venture engagements. This extended abstract outlines why JVOAs need to be reviewed with respect to the following key opportunities and challenges: Fast-changing global business operating models. Available cost savings by eliminating inconsistent management and operating models between joint ventures. Planning for potential restructuring, including separation of infrastructure (e.g. plants, pipelines, support) from reserve ownership. Sharing of services (e.g. maintenance and logistics) between unrelated joint ventures. Transparency of costs and asset performance. Improved joint venture governance (not more or over-governance) between participants to attract investment. Effective resourcing, noting the right transition of capabilities between deal-makers and joint venture operators. With this extended abstract the authors aim to provide ideas for consideration. Each of these ideas will impact JVOAs. The authors’ proposition is that now is the right time to complete a comprehensive review of JVOAs to enable organisations to move fast as new and innovative opportunities arise.

scholarly journals An Overview of the New Competition Law: Issues for the Oil and Gas Industry

1987 ◽  
Vol 26 (1) ◽  
pp. 59
Author(s):  
Lawson A. W. Hunter ◽  
John F. Blakney
Keyword(s):  
Joint Ventures ◽  
Oil And Gas ◽  
Competition Law ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
Dominant Position ◽  
Abuse Of Dominant Position ◽  
Restraint Of Trade

This paper reviews the major changes to Canada's competition law enacted in 1986, including new merger and abuse of dominant position provisions, the establishment of a Competition Tribunal, mandatory pre-notification of certain transactions, and revisions of the prohibition against agreements in restraint of trade. Special attention is given to joint ventures, export agreements and vertically integrated resource companies.

scholarly journals Cost and managerial accounting of joint activities related to the use of fixed assets

2018 ◽  
pp. 84-93
Author(s):  
Zenovii Zadorozhnyi ◽  
Valentyna Orlova ◽  
Sofiia Kafka
Keyword(s):  
Joint Venture ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Separate Entity ◽  
Managerial Accounting ◽  
Joint Operation ◽  
Gas Industry ◽  
Joint Activities ◽  
Fixed Assets ◽  
Joint Operations

The research paper reveals the essence of the concepts of joint activity, joint operation, and joint venture. A set of key features for classification of joint activities is identified and their impact on accounting of joint activities is assessed. The article also reviews the essential elements of accounting of joint activities in the light of International Financial Reporting Standards (IFRS), and characterizes the process of recording accounting entries related to basic operations, which depend on organizational forms of joint activities (a joint venture or a joint operation, with or without a separate entity). The paper provides a detailed description of three options for accounting of joint activities classified as joint operations, namely: joint operations without a separate entity; joint operations with a separate entity but without legal personality; a legal unit. Besides, a number of particular characteristics of measuring financial results from selling and purchasing assets within joint operations are identified. It is pointed out that one of the ways of effective use of fixed assets is promoting the implementation of managerial ac- counting of joint activities and internal reporting procedures of the results achieved. It is suggested that domestic enterprises of oil and gas industry should expand the practice of joint activities in order to effectively use fixed assets for oil and gas extraction and transportation. Before conducting joint activities, it is recommended that oil and gas industry enterprises compile initial calculations of their profitability at the level of managerial accounting. In the study, the following general and specific scientific methods of obtaining knowledge on economic phenomena are used: generalization, grouping and comparison, analysis, synthesis, induction and deduction, etc.

scholarly journals KAZAKH-TURKISH RELATIONS: TRADE AND ECONOMIC ASPECT

2021 ◽  
Vol 68 (1) ◽  
Author(s):  
А.Е. Ibrayeva ◽  
Keyword(s):  
Central Asia ◽  
Joint Ventures ◽  
Soft Power ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Legal Framework ◽  
International Markets ◽  
Present Stage ◽  
Gas Industry ◽  
Solid Foundation

The article examines the trade and economic cooperation between the two countries at the present stage. Given the fact that Turkey is actively expanding its presence not only in Kazakhstan, but also in Central Asia, this issue is of urgent importance.Turkish business is represented in various sectors of the Kazakh economy: construction, transport, and communications. At the same time, we note that Turkey invests in the strategic sectors of our economy. Joint-stock companies and joint ventures have been established that produce products for domestic and international markets. Over the years, a legislative and legal framework has been formed in all areas of cooperation. The Turkish presence is noticeable not only in Kazakhstan, but also in Central Asia. Ankara has managed to put economic and humanitarian cooperation between our countries on a solid foundation. Among the priorities of Turkey's "soft power" are joint projects in the oil and gas industry, education and culture

scholarly journals Independent Operations, Obligatory Operations and Challenge of Operator Provisions in Joint Venture Agreements

1970 ◽  
Vol 8 (2) ◽  
pp. 216
Author(s):  
W. G. Brown
Keyword(s):  
Joint Action ◽  
Joint Venture ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Gas Industry

Although the concept of a joint venture is one of joint action, joint venture agreements in use in the oil and gas industry contain provisions for independent operations. This article discusses the need for independent operations clauses, the types of independent operations clauses, including obligatory operations clauses, the types of penalties and general problems which should be considered in the drafting of independent operations clauses. The article concludes with an analysis of the challenge of operator provisions in joint operating agreements.

Interpreters and near-field exploration: The role of leadership, culture, and organizational impedance contrasts

2018 ◽  
Vol 6 (2) ◽  
pp. 5M-12M ◽  
Author(s):  
Steve Tobias
Keyword(s):  
Organizational Development ◽  
Lean Manufacturing ◽  
Oil And Gas ◽  
Near Field ◽  
Oil And Gas Industry ◽  
New Paradigm ◽  
Organizational Boundaries ◽  
Gas Industry ◽  
Multidisciplinary Study ◽  
The Many

Four years ago, several visionaries from SEG and AAPG collaborated to create Interpretation, a journal that serves the unique community of integrated interpretation. As the late R. Randy Ray wrote at the time, “It marks a historic recognition that geology and geophysics are intertwined at the core.” Indeed, this core community drives the exploration engine that powers the oil and gas industry through the multidisciplinary study of the petroleum system. The time has come for this same community to apply its considerable intellectual and operational acumen to optimizing another system that is rarely recognized as such: near-field exploration. Unlike “pure” conventional exploration, near-field exploration tends to be much more organizationally complex. Exploration functions need to deal with producing assets. Offices set in different cultures and separated by many time zones need to work together flawlessly. Engineering-centric dynamic geocellular models need to mesh with map-based static descriptions of the earth. Most importantly, a culture of value assurance needs to be balanced with a spirit of exploration that demands a culture of creativity and risk taking. These compartmentalized and layered oil and gas organizations share one important characteristic with the heterogeneous earth: each component can be considered to have its own unique impedance. As all interpreters know, elastic impedance contrasts associated with geological heterogeneity give rise to reflected seismic signals, the acquisition, processing, and interpretation of which are our bread and butter. Yet while organizational boundaries also impede the free flow of energy (in the form of knowledge/information, processes, workflows, etc.), there is little awareness that signals reflected from organizational impedance contrasts can be studied and ultimately inverted to understand and optimize various organizational components. Taken together, the heterogeneous environment known as near-field exploration can be modeled as a complex arrangement of different types of impedances, with (usually unmonitored) signals emanating from the many impedance contrasts. The monitoring, processing, and interpretation of these organizational signals are shown to fit well into the Shewhart cycle of plan-do-check-act, something that our engineering colleagues use regularly in their lean manufacturing processes. This paper introduces what for many will be a new paradigm for the organizational development of companies focused on near-infrastructure exploration. And yet for most interpreters reading this, it will seem “old hat.” Our community has been unmasking the geology associated with boundary reflections for almost a century. The time has come to improve the organizations within which we toil by applying our skills to the study of organizational impedance contrasts.

scholarly journals A Synoptic Review of Mineralogical and Chemical Characteristics of Clays in the Southern Part of Nigeria

2021 ◽  
Vol 3 (2) ◽  
Author(s):  
Moses Oghenenyoreme Eyankware ◽  
Christopher Ogwah ◽  
Joy Chiaka Ike
Keyword(s):  
Trace Elements ◽  
Clay Minerals ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
The Other ◽  
Chemical Characteristics ◽  
Gas Industry ◽  
Ogun State ◽  
Major Oxides ◽  
Other Hand

This paper reviews the mineralogical and chemical characteristics of clays found in southern part of Nigeria, with a view to determine its usability. The usability of clays, depends on its chemical and mineralogical charactertics, the end product of clay after it is been processed is also based on it’s charactertics. From reviewed literature, it was observed that sampled clay within the study area were analyzed using the XRD, XRF and ICPMS method. Further findings also revealed that the dominant clay minerals within the study area include montmorillonite, illite, and kaolinite. On the other hand, it was observed that non-clay minerals such as feldspar, quartz, dickite and many others were found with clay as revealed by several scholars. While chemical charactertics of clay consists mainly of Al2O3, K2O, CaO and SiO2, with other major oxides such as P2O5, MgO, Fe2O3, TiO2, MnO and Na2O. Some trace elements such Be, Ba, Sc, Sr, Zr, V and Y were reported to be present in clays deposit found in selected part of Ogun state. From reviewed articles, it was observed that mineralogical and chemical charactertics of clay make it suitable for pharmaceutical, textile, cosmetic and polymer industries, but considered to be fairly suitable for oil and gas industry.

scholarly journals Ethical And Environmental Disclosures: An Analysis Of The Oil And Gas Industry

2012 ◽  
Vol 1 (2) ◽  
pp. 43-50
Author(s):  
Violet C. Rogers ◽  
Jack R. Ethridge ◽  
Treba A. Marsh ◽  
Jessica Lott
Keyword(s):  
Risk Factors ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Fortune 500 ◽  
The Other ◽  
Annual Reports ◽  
Gas Industry ◽  
Other Hand ◽  
Environmental Disclosures ◽  
Oil And Gas Companies

This study investigates the similarities of ethical and environmental disclosures, as well as risk factors contained within annual reports for the reporting year 2009. The data were collected from Fortune 500 oil and gas company annual reports. Findings include: 1) an emphasis on environmental, financial, nonfinancial and ethical disclosures and 2) similar reported risks for all companies investigated. The findings illustrate that many of the studied oil and gas companies have similar disclosures but, on the other hand, are situation specific to particular company and location.

scholarly journals Securities Aspects of Specialized Financing

1981 ◽  
Vol 19 (1) ◽  
pp. 43
Author(s):  
Bruce R. Libin
Keyword(s):  
Joint Ventures ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
Securities Law ◽  
Flow Through ◽  
Limited Partnerships ◽  
Capital Intensive ◽  
Equity Securities

This paper reviews the securities aspects of specialized financing that is, increasingly, required to mount the capital-intensive projects being un dertaken by the oil and gas industry. It reviews selected aspects of securities law, and factors to consider in the utilization of the "quasi-equity' securities of joint ventures, 'deduction flow-through* share offerings, and limited partnerships.

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