General financial environment 2014

2014 ◽  
Vol 54 (1) ◽  
pp. 467
Author(s):  
Max Williamson
Keyword(s):  
Research And Development ◽  
Oil And Gas ◽  
Carbon Tax ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
Resource Rent ◽  
Oil And Gas Exploration ◽  
Tax Legislation ◽  
Oil Shock ◽  
The Government

Research available from oil and gas industry commodity traders and bankers suggests relatively stable pricing of key commodities for the next two to three years. Barring another oil shock, or similar major international event, that will mean a positive atmosphere for longer term decision making by project developers and regulators. With a new, stable Federal Government and similar persuasion State Governments focused on repealing the carbon tax and developing key infrastructure around Australia including ports, it is not unreasonable to expect a period of real growth and project development, including a resurgence of interest in oil and gas exploration. Doubtless continuing pressure from political lobby groups and parties to try and claim some ground in areas like groundwater re-treatment and usage, and the repeal of the Mineral Resource Rent Tax and the carbon tax legislation packages, will be apparent. How the government may achieve these legislation changes will have significant impact on project feasibility and how projects are designed, operated and managed. Some of the fascinating developments in researching aspects of how the Australian industry will achieve its technical objectives and how they are supported by the research and development tax incentives are worth more than a cursory financial review. With a historically cheap cost of capital there will be increased focus on borrowing methodologies and supporting techniques, with equity only being freely available to the majors. The funding of exploration programs and the determination of what is research and development in those programs will be critical for smaller companies.

What Does Rent Give to Federal Budget (on the Russia's Budget Dependence upon "Oil Dollars")

2004 ◽  
pp. 51-69 ◽  
Author(s):  
E. Sharipova ◽  
I. Tcherkashin
Keyword(s):  
Oil And Gas ◽  
Strong Dependence ◽  
Oil Prices ◽  
Federal Budget ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
Resource Rent ◽  
Tax Legislation ◽  
Russian Economy ◽  
The Government

Federal tax revenues from the main sectors of the Russian economy after the 1998 crisis are examined in the article. Authors present the structure of revenues from these sectors by main taxes for 1999-2003 and prospects for 2004. Emphasis is given to an increasing dependence of budget on revenues from oil and gas industries. The share of proceeds from these sectors has reached 1/3 of total federal revenues. To explain this fact world oil prices dynamics and changes in tax legislation in Russia are considered. Empirical results show strong dependence of budget revenues on oil prices. The analysis of changes in tax legislation in oil and gas industry shows that the government has managed to redistribute resource rent in favor of the state.

Taxation aspects of climate change management measures

2010 ◽  
Vol 50 (1) ◽  
pp. 253
Author(s):  
David Lewis
Keyword(s):  
Climate Change ◽  
Financial Reporting ◽  
Oil And Gas ◽  
Global Climate ◽  
Action Plan ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
Resource Rent ◽  
Management Measures ◽  
The Government

Climate change is undoubtedly one of the greatest economic, social, and environmental challenges now facing the world. The present Australian Government is committed to acting on climate change and Australia’s progress towards its emissions reduction targets is being closely watched internationally. To contribute effectively to global climate change action, Australia must demonstrate its ability to implement robust and sustainable domestic emissions management legislation. The Carbon Pollution Reduction Scheme (CPRS), modelled after the cap-and-trade system, continues to be debated by our policymakers, as the Government moves to re-introduce its preferred CPRS legislative package for the third time. The advent of climate change legislation is inevitable and its impact will be far-reaching. This paper reviews the fiscal aspects of the proposed CPRS legislation in the context of the oil and gas industry, and whether it is conducive to creating incentives for appropriate climate change response by the industry. In particular, this paper will consider: the direct and indirect tax features specifically covered in the proposed CPRS legislation and their implications; the areas of taxation that remain uncanvassed in the proposed CPRS legislation and aspects requiring clarification from the tax administration; the interaction between Petroleum Resource Rent Tax (PRRT) and the CPRS measures; the flow-on impacts to taxation outcomes resulting from proposed accounting and financial reporting responses to the CPRS legislation; the income tax and PRRT treatment of selected abatement measures; and, elements of a good CPRS tax strategy and compliance action plan.

The Greenhouse Effect and the Resource Management Act, as Related to Oil and Gas Exploration and Production

1995 ◽  
Vol 13 (2-3) ◽  
pp. 207-220
Author(s):  
R W Plume
Keyword(s):  
New Zealand ◽  
Forest Cover ◽  
Oil And Gas ◽  
National Policy ◽  
Oil And Gas Industry ◽  
Policy Statement ◽  
Gas Industry ◽  
Oil And Gas Exploration ◽  
Exploration And Production ◽  
The Government

The release of CO2 into the atmosphere - and more specifically its consequential effect on global temperature – is now more-or-less universally acknowledged as a significant international environmental problem. Known colloquially as the Greenhouse Effect, it is the subject of the UN Framework Convention on Climate Change. That convention commits its signatories to specific actions directed at stabilising emissions of greenhouse gases (including CO2) at 1990 levels. It was signed at the UN Conference on Environment & Development (the “Earth Summit” which was held in Rio de Janeiro in 1992) by 153 countries including New Zealand. New Zealand has now officially ratified the Convention and has thus effectively committed itself to participate in international programmes of CO2 emission reduction. The Resource Management Act 1991 requires regulatory authorities to consider the environmental effects of activities in their jurisdiction. Carbon dioxide is now considered to be a “contaminant” as defined in the Act and it therefore becomes contingent upon local authorities to determine a suitable response to the problem of CO2 emissions. Regional and district policy statements and plans are required to be consistent with the national policy statement. Although a national policy statement on CO2 emissions does not yet exist it can be expected that eventually the approval of resource consents for oil and gas exploration and production activities typically will require specific actions relating to the release of CO2. The increase of CO2 in the atmosphere is almost entirely the direct result of two fundamental and worldwide activities: the combustion of fossil fuels and the removal of forest cover. When burned, hydrocarbons add large quantities of CO2 to the atmosphere. The removal of forest cover reduces the ability of the ecosystem to extract CO2 from the atmosphere by photosynthesis. The oil and gas industry is, of course, the source of a large proportion of the hydrocarbons used for energy and other purposes. It can therefore be expected that governments (including New Zealand) will focus on various aspects of the industry in their efforts to meet the reduction goal. Until recently the central Government approach to CO2 emission reduction was to implement the so-called no regrets policies which are desirable goals (e.g. increased energy efficiency) which have the positive spin-off effect of reducing CO2 emissions. By themselves such policies are likely to be inadequate to meet the internationally accepted reduction target. The Government must therefore implement more stringent measures. As the matter now stands the Government is investigating a diverse range of methods for reducing CO2 emissions. Because CO2 emissions and energy use are inextricably linked, reducing CO2 emissions can clearly have a detrimental effect on economic development. The 'holy grail' of policy development in this area is to reduce CO2 emissions without producing harmful effects on the economy. Several options (and myriad variations on the theme) have been put forward including, for example, carbon taxes and tradeable quotas. These options and others are now being assessed by Government officials. The industry should be alert to the distinct possibility that policy will focus directly on oil and gas production. From a regulatory point of view such an approach has an enticing simplicity but the effect on the oil and gas industry may prove to be less than desirable.

scholarly journals Potential for Performance-Based Regulation in the Canadian Offshore Oil and Gas Industry

2015 ◽  
pp. 1 ◽  
Author(s):  
Rob Grant, QC ◽  
Will Moreira, QC ◽  
David Henley
Keyword(s):  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Government Agencies ◽  
Gas Industry ◽  
Oil And Gas Exploration ◽  
Industry Performance ◽  
The Government ◽  
Offshore Oil And Gas ◽  
The Individual ◽  
Offshore Oil

After providing a background and comparative assessment of Performance-Based Regulation (PBR) inother offshore oil and gas sectors, the potential for similar application in Canada is discussed. The developments in these sectors have evolved from a prescriptive regulatory scheme to one that is more PBR based. In such a regime, the governing agency sets out objectives for industry performance that include design and operation objectives, as well as expectations for safety and environmental protection.  It is then up to the individual company to develop a program as to how they propose to achieve these performance objectives, which is then submitted to the agency for review. The discussion centres on the overall compliance and improvements that have been realized by PBR regimes, and the efficiency of the government agencies. The scheme is intended to be more responsive to industry changes and requires more participation by the regulated companies than in prescriptive regimes.  Overall objectives of PBR are to reduce the level of prescriptive measures imposed upon industry by government. while reducing exposure to the risks of offshore oil and gas exploration and development by placing the means ofmanaging the risk in the hands of the operators. The premise of PBR is that these operators are in a belter position to react to changes in technology and risk than are government agencies.

scholarly journals United States Environmental Laws and Exploration and Production Operations

1975 ◽  
Vol 13 (1) ◽  
pp. 1
Author(s):  
Henry R. White
Keyword(s):  
Oil And Gas ◽  
Oil And Gas Industry ◽  
National Environmental Policy Act ◽  
Gas Industry ◽  
Environmental Laws ◽  
Oil And Gas Exploration ◽  
Healthy Environment ◽  
Oil And Gas Producers ◽  
Exploration And Production ◽  
The Government

Concern for the protection of the environment has resulted in the creation of number of new U.S. statutes and regulations which have an important impact on American oil and gas exploration and production operations. The author provides brief historical survey of some of the legislation which provided foundation for laws enacted within the past few years. He discusses in some detail the National Environmental Policy Act provisions and concludes that they have been construc tive force for change, both in the government and the oil and gas industry. The author then provides an overview of various statutes and. regulations establishing guidelines to ensure clean air and water, which are of particular importance to oil and gas producers. In conclusion, the author stresses the importance of maintaining balance between the need for healthy environment and the need for an adequate supply of energy.

scholarly journals MANAGEMENT AUTHORITY OF OIL AND GAS RESOURCES IN ACEH TERRITORY AFTER SIGNING THE GOVERNMENT REGULATION NUMBER 23 YEAR 2015

2018 ◽  
Vol 3 (Number 2) ◽  
pp. 59-69
Author(s):  
Azhari Yahya ◽  
Nurdin MH
Keyword(s):  
Government Regulation ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
Oil And Gas Fields ◽  
Oil And Gas Resources ◽  
Free Aceh Movement ◽  
The Government ◽  
Gas Fields ◽  
Energy Law

The oil and gas industry in Indonesia has been started since 1871 by Royal Dutch Shell. Meanwhile, the oil and gas industry in Aceh began in 1971 which was marked by the discovery of the Arun oil and gas fields. At that time, the management of oil and gas is done centrally by not involving the Government of Aceh as a regional producer. This led to armed conflict between the Government of Indonesia and the Free Aceh Movement and prolonged conflict (for 32 years) ended with the approval of the joint oil and gas management pattern found in the territory of Aceh as stipulated in the MoU Helsinki on August 15 2005, Law No. 11 of 2006 concerning the Government of Aceh and Government Regulation No. 23 of 2015 concerning Joint Management of Oil and Gas in Aceh. In order to finalize joint oil and gas management in Aceh, universities, especially the Faculty of Law, need to immediately prepare human resources who are competent in the oil and gas and energy law so that they are skilled at negotiating and drafting a Production Sharing Contracts (PSC) for oil and gas or Kontrak Bagi Hasil (KBH). For this purpose, law faculties need to immediately incorporate oil and gas and energy law courses into their curriculum.

scholarly journals A reservoir-damage-free encapsulated acid dually controlled by hydrogen ion concentration and temperature

RSC Advances ◽  
2019 ◽  
Vol 9 (58) ◽  
pp. 33733-33746
Author(s):  
Zhifeng Luo ◽  
Nanlin Zhang ◽  
Liqiang Zhao ◽  
Lin Wu ◽  
Pingli Liu ◽  
...  
Keyword(s):  
High Temperatures ◽  
Low Temperatures ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Hydrogen Ion ◽  
Ion Concentration ◽  
Gas Industry ◽  
Hydrogen Ion Concentration ◽  
Oil And Gas Exploration ◽  
Exploration And Development

Oil and gas exploration and development extends from medium-low temperatures to high and ultra-high temperatures with the development of the oil and gas industry.

Offshore Oil Spill Incidents: Creating a Database in Brazil

2014 ◽  
Vol 2014 (1) ◽  
pp. 26-30
Author(s):  
Patricia Maggi ◽  
Cláudia do Rosário Vaz Morgado ◽  
João Carlos Nóbrega de Almeida
Keyword(s):  
Oil Spill ◽  
Oil And Gas ◽  
Oil Spills ◽  
Oil And Gas Industry ◽  
Guanabara Bay ◽  
Federal Law ◽  
Gas Industry ◽  
Oil And Gas Exploration ◽  
Exploration And Production ◽  
Offshore Oil

ABSTRACT Brazil has performed an important role in the oil and gas industry mainly because its offshore E&P activities. The volume of oil produced in offshore fields had increased 88% in the last decade and correspond to more than 90% of national production. The maritime Exploration and Production (E&P) operations in Brazil started in the middle of the 1970's. In 1981 a law was promulgated to establish a compulsory environmental permit to many activities, including oil and gas exploration and production activities. Although this regulation has existed for over 25 years, only in 1999 was it effectively brought into force to the E&P sector, with the creation of the oil and gas specialized office integrated to the Intituto Brasileiro de Meio Ambiente e Recursos Naturais Renováveis – IBAMA (Brazilian Federal Environmental Agency). On January 2000 Brazil faced one its worst oil spills, in Guanabara Bay. A broken pipeline owned and operated by Petrobras spilt 1300 tone of bunker fuel into Guanabara Bay, Rio de Janeiro. At that time, Brazil had no clear environmental scenario regarding the oil industry in Brazil: uncoordinated environmental regulations, debilitated environmental agencies and a relapse industry took part in the scenario. As a result of the repercussion of the disaster, in the same year was enacted the Federal Law 9966/2000, the so called “Oil Law”, on the prevention, control and inspection of pollution caused by the releasing of oil and other harmful substances in waters under national jurisdiction. The provisions of the Law 9966 included, among other things, the requirement for the notification to the competent environmental authority, the maritime authority and the oil regulating agency, of any incident which might cause water pollution. Although IBAMA receives the oil spill communications since 2001, only in 2010 the Agency began to include this information in a database. This paper discusses the offshore oil spill data received between 2010 and 2012.

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