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1
Palethorpe, Nick. "FINANCING PETROLEUM DEVELOPMENTS IN THE 1990'S." APPEA Journal 33, no. 1 (1993): 431. http://dx.doi.org/10.1071/aj92035.
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Banks in many parts of the world, including Australia, have tightened credit because of their level of loan losses in the late 1980's and early 1990's. However, recent financings of petroleum projects in this region indicate that the banks' appetite for such lending has not been adversely affected. In fact, banks which lent to Australian petroleum projects in the 1970s and 1980s have generally not only had a return on their money but have also had the return of their money.The funding requirements for Australian petroleum developments in the 1990s and beyond appear considerable. It is expected that there will be keen competition from the banking sector to supply these funds.The need to properly assess and mitigate the risks inherent in such developments will continue, if not heighten, as advanced technology, often in hostile environments, is required to develop more marginal fields.In so far as oil price, foreign exchange and interest rate risks are concerned, there is likely to be a growing emphasis by banks on managing risk so as to contain what historically have been high levels of volatility. A number of products have been developed by banks to manage these risks and if correctly applied they can also serve to reduce risk. There is some cost, however this can be offset by application of the same bank products. By reducing risk it is also possible to obtain higher levels of debt.
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Rojanadilok, Rojanadilok, and Bunchapattanasakda . "Marketing Strategies of Imported Herbal Cosmetic Products in Thailand." Information Management and Business Review 3, no. 4 (October 15, 2011): 217–21. http://dx.doi.org/10.22610/imbr.v3i4.936.
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This research investigated the factors that influence marketing strategies of imported herbal cosmetic products in Thailand. The study is qualitative research using in - depth interview to collect primary data and use content analysis to analyze the obtained data. The facial herbal cosmetics products using in this study were moisturizer, whitening lotions, creams, powder, toner, make up cleansing, mask, cleansing oil, soap bar, anti-aging lotions and creams which imported from Australia and the USA. Findings from the study found that product A positioned itself as a premium biodynamic natural plus innovation technology product using the greenhouse concept. The shops were decorated using recycle woods. The products’ packaging give customers a sense of the source, herb images grow around the boxes and bottles, whilst the text grows with the image, creating a sense of energy. Product A conscious of the environment and strive to source and use the most environmentally aware materials where possible. The retail price strategy depends on local marketing promotions. It has the stand-alone shops plus day spa and counters in department stores. The advertisement media strategies focus on magazine, direct mail, social network advertisement; facebook. Product B sets the position as an innovative organic beauty solution using pure certified organic ingredients without paraben, petroleum, and silicones. Recycled materials were used to make packaging and printed using soy ink. It has shop online and 12 counters in department stores. The local price strategy is discount on vocation. The promotion strategies focused on premium product and cash discount. The advertisement strategies of product B focused on magazines, direct mail, social network advertisement; facebook and popular brand ambassadors. Product C set position as ancient herbal product. The product’s formulations have made with the unique natural ingredients, effective botanical extracts with the latest innovations from around the world since a 160 years old formula. The products avoid using of preservative and perfume. It has 8 counters in department stores and used the recyclable packaging so that product C concentrate the efforts and cost on the substance and quality of products which reflex selling price. The advertisement strategies focused on brochure and social network advertisement (facebook and twitter) while selling promotion strategies of the product are free premium sampling, customers refer friends, and 28 days satisfaction guarantee for refund.
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Tetteh, Akyene, and Qi Xu. "Forecasting Refined Petroleum Products Prices in Ghana." British Journal of Economics, Management & Trade 8, no. 2 (January 10, 2015): 94–107. http://dx.doi.org/10.9734/bjemt/2015/17766.
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Bethune, Graeme, and Susan Bethune. "Petroleum production and development across Australia 2017." APPEA Journal 58, no. 2 (2018): 469. http://dx.doi.org/10.1071/aj18009.
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This Petroleum Exploration Society of Australia review looks in detail at the trends and highlights for oil and gas production and development both onshore and offshore Australia during 2017. Gas production soared while oil production plummeted yet again. Liquefied natural gas (LNG) did well; 2017 was a great year for LNG and 2018 should be even better. There are stark contrasts between domestic gas on the west and east coasts. On the west coast, prices are affordable and supply relatively plentiful. On the east, prices are high and gas is in short supply. This paper canvasses these trends and makes conclusions about the condition of the oil and gas industry in Australia. This paper relies primarily on production and reserves data compiled by EnergyQuest. In its latest review of Australian energy policy, the International Energy Agency comments yet again on the weaknesses of Australian oil and gas statistics. This paper also makes some observations on these weaknesses.
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Savosko, O. V., and V. T. Vodyannikov. "REGARDING THE GROWTH OF PRICES FOR PETROLEUM PRODUCTS." Экономика сельского хозяйства России, no. 3 (March 2020): 38–43. http://dx.doi.org/10.32651/203-38.
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Keith, Joe. "Australia petroleum production and development – 2020." APPEA Journal 61, no. 2 (2021): 341. http://dx.doi.org/10.1071/aj21007.
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This Petroleum Exploration Society of Australia review considers the production and development of oil and gas in Australia over the year 2020. In a challenging year, which included commodity price wars and severe global impacts felt from the coronavirus disease 2019 (COVID-19), the Australian industry continued to produce high gas volumes due to sustained liquefied natural gas (LNG) output, and minimal decreases were seen in liquids production. Development approvals for large offshore projects did not materialise as expected in 2020 as operators reduced capital spend and focused on portfolio management in a year when oil prices fell by around USD 45bbl. Critically, all major projects with an financial investment decision (FID) target of 2020/21 were not cancelled, but development decisions were instead deferred. By the end of 2020, domestic-focused gas projects continued to be pursued for development with a target to support the declining resources for the Australian east coast domestic gas market.
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Molyneux, Simon. "PESA Australian business environment review 2019." APPEA Journal 60, no. 2 (2020): 360. http://dx.doi.org/10.1071/aj20009.
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This Petroleum Exploration Society of Australia review looks at the major issues that impacted the Australian petroleum business environment in 2019. While the petroleum business in 2020 has been combating an oil price slump and a global economic slowdown driven by the COVID-19 pandemic, 2019 will be remembered as a pivotal year in the petroleum industry. At a global level, climate change moved centre-stage with global protests, extensive media coverage and clear commitments from global players in the resource industry to become net-zero emitters of carbon. Oil prices averaged US$64/barrel for Brent, liquefied natural gas (LNG) prices fell and global CO2 emissions from power generation were flat for the first time. In Australia, petroleum production also increased, driven by LNG production, and Australia became the world’s largest producer of LNG, the world’s largest CO2 injection plant became operational and the regulatory system was tested by current operations and future drilling. Meanwhile, society’s relationship with the petroleum industry was reframed with the linking of extensive bushfires to climate change. This paper will describe each of these issues and frame the issues facing the industry in 2020 and beyond.
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Posokhov, Igor Mykhailovych, Nadezhda Oleksiivna Horenko, and Viktor Volodymyrovych Chelak. "METHODOLOGICAL APPROACH TO PREDICTING PRODUCER PRICES FOR PETROLEUM PRODUCTS." SCIENTIFIC BULLETIN OF POLISSIA 1, no. 2(14) (March 1, 2018): 147–53. http://dx.doi.org/10.25140/2410-9576-2018-2-2(14)-147-153.
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Urgency of the research. Every day, scientists solve problems in economics. To find, which action leads to the expected result with the smallest losses and risks, it’s necessary to predict the further development of events. Target setting. The most widespread problem is the allocation of resources. To make proper calculations and right decisions of distribution, the science of economic theory exists. Actual scientific researches and issues analysis. The studies of Khaikin S. and Callan R. are the most famous among the studies of foreign authors. Yakhyaeva G. E. investigated the theory of neural networks. Matviychuk A. V. suggested a methodical approach to forecasting financial time series with the use of neural networks. Uninvestigated parts of general matters defining. At the moment about 200 methods of estimation are being used, but in practice only a few of them are used. The research objective. The study of each criterion takes a lot of time on preparation of data for the study and careful verification of the original data. For this, it is necessary to choose the correct methodology for developing a forecast to identify the problems to be solved. The statement of basic materials. In this article, the stages of research and prediction are considered of wholesale prices for petroleum products, a methodological approach is proposed in order to evaluate the accuracy of forecasting using neural networks, based on an algorithm with linear partial descriptions of the method of group accounting of the argument. Conclusions. The proposed methodological approach to estimating the accuracy of forecasting using neural networks shows that neural networks allow us to obtain reliable predictions. However, the data on which the training took place had a high degree of similarity among itself, therefore the proposed methodological approach on the one hand does not pretend to be "universal" in forecasting for different sectors of the Ukrainian economy, since different industries have their own characteristics. On the other hand, it can become universal and will allow us to obtain reliable forecasts when taking into account modern features of the development of the Ukrainian economy.
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Gavrys, M., R. Nesterenko, and O. Gavrys. "PROBLEMS AND PROSPECTS OF THE OIL PRODUCTS MARKET IN UKRAINE TODAY AND IN THE POSTWAR PERIOD." Scientific journal of the National Academy of National Guard "Honor and Law" 2, no. 81 (2022): 53–62. http://dx.doi.org/10.33405/2078-7480/2022/2/81/263770.
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The article is aimed to identify threats to national security due to the current state of the petroleum products market and factors that affect the cost of fuel in Ukraine during the war and will shape fuel prices in Ukraine and the whole world in the short and medium term. Such factors now are the almost complete absence of the domestic product on the market, the rupture of old logistics chains and problems with the development of new logistics routes for fuel supply from Europe, high world prices for oil and petroleum products, instability of the national currency and risks, associated with the war. It is estimated that the fair price for imported petrol and diesel fuel at the end of May ? beginning of June 2022 is 45 UAH in the western regions, and up to 50 UAH per liter in the eastern regions of Ukraine. Factors that will affect prices in the near future include the possible unblocking of Ukraine?s seaports, oil and petroleum products supplies from the United States, Central Asia and the Middle East, shale oil from the United States, increased market competition and increased demand as a result of the end of COVID-19 crisis. Ukrainian people should be ready to high prices of petroleum products in the near future and the Ukrainian state should prepare the system of national security and national defense for solving of the logistics problems with delivery of the petroleum products and potential social problems.
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Dickinson, Richard R. "Fuel Oil." Energy Exploration & Exploitation 4, no. 2-3 (May 1986): 125–34. http://dx.doi.org/10.1177/014459878600400204.
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As the price of petroleum has increased, the power industry has displaced a great deal of more expensive petroleum and natural gas with coal and nuclear power. The petroleum industry has installed processing facilities to upgrade its heavy fuel oil to make lighter products. These two actions, when combined, have effectively resulted in producing clean products indirectly from coal. A profitable synfuels industry has been created by the refining and power industries without conscious direction on their part—and without government support. The net effect has been to substantially reduce demand for both crude oil and natural gas, stretching future supplies of petroleum energy. This displacement has contributed to the temporary bubble in natural gas and the present oversupply of crude oil, creating downward price pressures on both crude oil and products. Even so, fuel oil prices have remained relatively stable because the industry has installed sufficient capability through its refinery improvements to upgrade fuel oil into more clean products, thereby reducing production of heavy fuel oil. In the future, we can expect the interaction among these fuels to continue to exert their effects. Since there are many consumers who can use either natural gas or fuel oil, their prices will remain tied to each other. Fuel oil prices will set the upper limits to which the burner tip price of natural gas can rise. Conversely, natural gas prices will tend to set the floor under fuel oil prices.
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Irshad, Muhammad, Mudasser Ali Khan, Ather Akhlaq, and Munir Hussain. "Strategies to Deregulate the Downstream Petroleum Sector of Pakistan." Journal of Economic Impact 4, no. 1 (April 30, 2022): 122–31. http://dx.doi.org/10.52223/jei4012214.
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Oil products play a dynamic role in the overall energy domain because it supports country-wide transport, industries, and households. The oil market in most countries is deregulated and provides free access to every organization or independent player. Some of them have followed this policy from the very beginning, while others have followed the strategy regarding deregulation at a later stage. In Pakistan, there is a usual tug of war between Government authorities and Oil Marketing Companies (OMCs) concerning the decision of setting oil prices. This exploratory study aims to assess the prospects of deregulation of oil prices from the point of view of stockholders from the Oil Marketing Companies (OMCs). Data is gathered through interviews from the professional stakeholders who are working in the supply chain department in the downstream petroleum sector of Pakistan, and a thematic analysis method was used to analyze the data. As per the data obtained from the interviewees, there are both advantages and disadvantages of deregulation of petroleum. Advantages are like low prices of petroleum products, positive impact on the economy, opportunities for new entrants, and creation of new jobs. While the disadvantages are oligopoly created by the mafias, failure of the system, dumping of fuel, and increase in cross border smuggling. While the major barriers to deregulation are the Oil and Gas Regulatory Authority (OGRA) and political forces, and the facilitators for the deregulation are foreign direct investment and high tax collection of the Government. The deregulation must be done immediately to pass on the benefits of reduced and appropriate prices of petroleum products besides their availability in every city of the country. Government should also promote bulk import and storage of petroleum products so that the companies get possible economic ordering benefits of low prices.
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Saeed Saeed, Dindar, Sadeq Taha Abdulazeez, Sarbast Kamal Rasheed, Rogash Younis Masiha, and Diyar Hashim Malo. "The relationship between petroleum price and real exchange rate: an example of Iraq." General Letters in Mathematics 11, no. 1 (September 2021): 12–17. http://dx.doi.org/10.31559/glm2021.11.1.3.
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Petroleum is one of the world's most important economic products. It is widely accepted that petroleum is not only an energy product, but also a financial asset. Therefore, it is important to understand the dependence of petroleum prices on economic conditions and financial markets and how they can affect the world economy. The fluctuations in world petroleum prices affect the economies of petroleum importing countries through different channels. One of the most important of these influence channels is the exchange rate. Because changes in exchange rates cause different economic problems in fragile economies. Changes in petroleum prices affect the economic performance of any country through various channels. One of the channels of influence is exchange rates. Petroleum prices affect the transfer of income from petroleum exporting countries to petroleum importing countries through trade and thus determine the exchange rate. In this study, the Relationship between Petroleum Price and Real Exchange Rate in Iraq was examined by ADF unit root test, Johansen-Juselius cointegration test and Granger causality analysis. For the analysis, the Petroleum Price and Real Exchange Rate data of Iraq were taken from the official website of the World Bank and transferred to the Eviews 10 program and necessary analyzes were made. The results of the analysis were analyzed and interpreted in tables.
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Harne, C. A., J. A. Vinet, and A. H. Baird. "PETROLEUM RESOURCE RENT TAX AND THE NEW FRONTIERS." APPEA Journal 36, no. 2 (1996): 133. http://dx.doi.org/10.1071/aj95073.
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The Resource Rent Tax in (RRT) Australia evolved in the late 1970s in a climate of scarcity of world oil and perception of rising oil prices for the next decade and beyond. In the 1990s, where countries are fiercely competing for export markets, many of the fundamental assumptions which underscored the evolution of the tax in Australia are no longer appropriate. The petroleum industry has consistently tendered reasons for the inappropriateness of the tax in certain circumstances. It is essential for Government to reconsider fundamental assumptions underlying the RRT if Australian producers are to remain competitive exporters of oil and gas.
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Galchynsky, Leonid, and Andriy Svydenko. "Multiagent model of prices dispersion on the retail market of petroleum products." SHS Web of Conferences 65 (2019): 04021. http://dx.doi.org/10.1051/shsconf/20196504021.
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In this study a multiagent model of behaviour of the dispersion of retail prices for petroleum products has been developed, depending on changes of external factors, in particular, sharp changes in wholesale prices. Therefore, there is a need for a model that would not only have the potential to test the existence of a price dispersion as a consequence of the specifics of competition in the market of petroleum products and consumer search strategies, but would have the ability to quantify the price variance as a consequence of the behaviour of individual market agents. The basis of the behaviour of market agents of this model is algorithms of price oligopolistic competition from traders and user price search strategies. Calibration models and verification of historical data of the Kyiv region, where they were previously established empirical data on the dispersion of prices showed a fairly good correspondence between the model and the actual data. In particular, the existence of a price pattern has been established at jump-like changes of wholesale prices. The presence of price strategy of buyers, which are based on the strategy of the base price, is shown. The coincidence of model and real data still needs to be improved.
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Wambugu, Conrad, and James Ngang’a. "RELATIONSHIP BETWEEN OIL PRICES, EXCHANGE RATES AND MAIZE PRICES IN KENYA." International Journal of Finance 2, no. 1 (February 2, 2017): 88. http://dx.doi.org/10.47941/ijf.44.
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Purpose: The purpose of this study was to determine the Relationship between oil prices, Exchange rates and maize prices in KenyaMethodology: The study adopted exploratory and descriptive design. Exploratory research was used to understand the relationships among the variables of this research. Descriptive research was used to understand the current situation. The population used for the 3 variables are; Abu Dhabi National Oil Corporation (ADNOC) crude oil prices for oil prices, Central Bank of Kenya for KES/USD exchange rates and Food Agricultural Organization (FAO) Nairobi (due to missing data for Eldoret) wholesale maize prices per metric ton for maize prices.Results: The study findings revealed that these three markets namely the crude oil market, the foreign exchange market and the commodity market have separate risk management dynamics and should be administered individually. Central Bank of Kenya prudential guidelines (2008) on risk management that came into effect this year, mandate financial institutions to use derivatives to manage risk by using different kinds of instruments like foreign exchange derivatives interest rate derivatives, commodity based derivatives etc. though implementation has not started. However, current risk management strategies in the financial market allow for hedging against adverse movement in foreign exchange market. This would drastically reduce the costs of imports especially petroleum products and its derivatives that go into production.Policy recommendation: The study recommended creation of a commodity exchange that would add value to commercial participants such as farmers and millers with benefits accruing to consumers. This could prove difficult in the beginning especially in policy guidelines and implementation but would prove worthwhile in the end. Some of the steps taken towards a fully-fledged commodity exchange is the introduction of the Warehouse Receipt System (WRS). This allows farmers to concentrate on farming as they store their produce for future selling and also as security for loans in commercial banks.Procurement policies should be reviewed especially in regards to the oil sector. Although the government through the Kenya Gazette, 2012 has granted a 30% import quota of refined petroleum products to oil marketer National Oil Corporation of Kenya and 100% import quota of crude oil to Kenya Petroleum Refinery Limited (KPRL) hence giving them volumes needed to hedge in the international market, steps should be taken to widen the scope of players to involve the private sector to participate. Keywords: Relationship, oil price, Exchange rates and maize prices in KenyaPurpose: The purpose of this study was to determine the Relationship between oil prices, Exchange rates and maize prices in KenyaMethodology: The study adopted exploratory and descriptive design. Exploratory research was used to understand the relationships among the variables of this research. Descriptive research was used to understand the current situation. The population used for the 3 variables are; Abu Dhabi National Oil Corporation (ADNOC) crude oil prices for oil prices, Central Bank of Kenya for KES/USD exchange rates and Food Agricultural Organization (FAO) Nairobi (due to missing data for Eldoret) wholesale maize prices per metric ton for maize prices.Results: The study findings revealed that these three markets namely the crude oil market, the foreign exchange market and the commodity market have separate risk management dynamics and should be administered individually. Central Bank of Kenya prudential guidelines (2008) on risk management that came into effect this year, mandate financial institutions to use derivatives to manage risk by using different kinds of instruments like foreign exchange derivatives interest rate derivatives, commodity based derivatives etc. though implementation has not started. However, current risk management strategies in the financial market allow for hedging against adverse movement in foreign exchange market. This would drastically reduce the costs of imports especially petroleum products and its derivatives that go into production.Policy recommendation: The study recommended creation of a commodity exchange that would add value to commercial participants such as farmers and millers with benefits accruing to consumers. This could prove difficult in the beginning especially in policy guidelines and implementation but would prove worthwhile in the end. Some of the steps taken towards a fully-fledged commodity exchange is the introduction of the Warehouse Receipt System (WRS). This allows farmers to concentrate on farming as they store their produce for future selling and also as security for loans in commercial banks.Procurement policies should be reviewed especially in regards to the oil sector. Although the government through the Kenya Gazette, 2012 has granted a 30% import quota of refined petroleum products to oil marketer National Oil Corporation of Kenya and 100% import quota of crude oil to Kenya Petroleum Refinery Limited (KPRL) hence giving them volumes needed to hedge in the international market, steps should be taken to widen the scope of players to involve the private sector to participate. Keywords: Relationship, oil price, Exchange rates and maize prices in KenyaPurpose: The purpose of this study was to determine the Relationship between oil prices, Exchange rates and maize prices in KenyaMethodology: The study adopted exploratory and descriptive design. Exploratory research was used to understand the relationships among the variables of this research. Descriptive research was used to understand the current situation. The population used for the 3 variables are; Abu Dhabi National Oil Corporation (ADNOC) crude oil prices for oil prices, Central Bank of Kenya for KES/USD exchange rates and Food Agricultural Organization (FAO) Nairobi (due to missing data for Eldoret) wholesale maize prices per metric ton for maize prices.Results: The study findings revealed that these three markets namely the crude oil market, the foreign exchange market and the commodity market have separate risk management dynamics and should be administered individually. Central Bank of Kenya prudential guidelines (2008) on risk management that came into effect this year, mandate financial institutions to use derivatives to manage risk by using different kinds of instruments like foreign exchange derivatives interest rate derivatives, commodity based derivatives etc. though implementation has not started. However, current risk management strategies in the financial market allow for hedging against adverse movement in foreign exchange market. This would drastically reduce the costs of imports especially petroleum products and its derivatives that go into production.Policy recommendation: The study recommended creation of a commodity exchange that would add value to commercial participants such as farmers and millers with benefits accruing to consumers. This could prove difficult in the beginning especially in policy guidelines and implementation but would prove worthwhile in the end. Some of the steps taken towards a fully-fledged commodity exchange is the introduction of the Warehouse Receipt System (WRS). This allows farmers to concentrate on farming as they store their produce for future selling and also as security for loans in commercial banks.Procurement policies should be reviewed especially in regards to the oil sector. Although the government through the Kenya Gazette, 2012 has granted a 30% import quota of refined petroleum products to oil marketer National Oil Corporation of Kenya and 100% import quota of crude oil to Kenya Petroleum Refinery Limited (KPRL) hence giving them volumes needed to hedge in the international market, steps should be taken to widen the scope of players to involve the private sector to participate.
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Haworth, Jeff. "Australian onshore petroleum acreage and releases 2017." APPEA Journal 57, no. 2 (2017): 345. http://dx.doi.org/10.1071/aj16256.
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This paper is a compilation of material from state and territory jurisdictions regarding onshore acreage and its availability for petroleum exploration in 2017. Australian state and territory governments continue to support investment in the petroleum industry through the provision of acreage for exploration, which is promoted nationally and internationally. Updates are provided on recent upstream developments and government initiatives. Present and future policy directions that relate to onshore petroleum exploration are described, particularly for jurisdictions that are not making land available this year. When the APPEA conference was last held in Perth, in 2014, the oil price and exploration outlook were very different from today. In 2016, the petroleum industry experienced the full impact of the downturn, with the price for oil reaching a low of under $27 USD/barrel (WTI) early in the year. Several companies departed the onshore, exploration was at a fifteen-year low and much acreage has been surrendered across Australia. However, 2017 is showing signs of improvement with oil prices in the mid-50s and some hope that the industry will turn the corner this year. Low levels of exploration activity may have implications for future domestic gas supplies, and rising gas prices are of concern to local manufacturing industries and consumers throughout Australia. However, this may present marketing opportunities for successful explorers.
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Rodousakis, Nikolaos, George Soklis, and Theodore Tsekeris. "A Supply and Use Model for Estimating the Contribution of Costs to Energy Prices." Energies 15, no. 19 (September 20, 2022): 6878. http://dx.doi.org/10.3390/en15196878.
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This paper develops a supply and uses a model to estimate the direct and indirect contribution of costs to the formation of energy prices. The model is implemented into the Greek economy based on data from the supply and use tables. The findings of the analysis indicate that the main component of energy prices are profits, mainly distributed to the energy sector itself, and imports, which mostly concern Mining and quarrying products and Coke and refined petroleum products imported from non-EU countries. As far as the contribution of the energy sector to the price formation of the other industries of the Greek economy is concerned, it is found that the energy sector mainly contributes to the price formation of industrial sectors. The results imply that the containment of energy prices should be principally based on an income policy that would limit excessive profits within the energy sector and an import substitution policy towards the exploitation of domestic mining and quarrying products as well as coke and refined petroleum products.
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Bethune, Graeme. "Australian petroleum production and development 2018." APPEA Journal 59, no. 2 (2019): 482. http://dx.doi.org/10.1071/aj18285.
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This Petroleum Exploration Society of Australia review looks in detail at the trends and highlights for oil and gas production and development both onshore and offshore Australia during 2018. Total petroleum production climbed strongly for the third consecutive year, driven by LNG. A highlight is the start-up of the INPEX Ichthys project. Production is set for further growth in 2019 with the ramp-up of this project and the start-up of Shell’s Prelude floating LNG project. Prelude and Ichthys are the last projects to be commissioned in a wave of seven new LNG projects that are making Australia the world’s largest LNG exporter and a crucial supplier of gas to Asia, including the largest source of LNG for Japan and China and the second-largest source for South Korea. By contrast, Australian oil production continued to fall rapidly and is now easily surpassed by rising condensate production from new LNG projects. There were stark contrasts between domestic gas on the west and east coasts. On the west coast, prices remain low and supply relatively plentiful. The east coast domestic market was tighter and LNG producers responded by diverting gas supplies to the domestic market. This paper canvasses these trends and makes conclusions about the condition of the oil and gas industry in Australia. This paper relies primarily on production and reserves data compiled by EnergyQuest and published in its EnergyQuarterly reports.
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Bezugla, K., and N. Kostyuchenko. "GLOBAL MARKET OF PETROLEUM PRODUCTS: CURRENT STATE AND PERSPECTIVES OF DEVELOPMENT." Vìsnik Sumsʹkogo deržavnogo unìversitetu, no. 3 (2020): 27–39. http://dx.doi.org/10.21272/1817-9215.2020.3-3.
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The paper is devoted to the peculiarities and perspectives of the global petroleum market development. The peculiarities of supply and demand formation at the global market of petroleum products are investigated in the article. The balance of supply and demand at the petroleum market is determined. The paper outlines the peculiarities of pricing for petroleum products. The dynamics of price changes on the global petroleum market in the period of 2010-2020 is studied. The conclusion was made that there is a price volatility on the global petroleum market. An analysis of the dynamics and structure of the world petroleum production by regions revealed that the total output of oil has increased due to the development of new technologies and due to the increased efficiency of petroleum production. The performed forecasting made it possible to conclude that petroleum price is expected to increase in the coming two periods. That will allow to establish a balance between supply and demand at the petroleum products’ market. Accordingly, the equalization of supply and demand for petroleum products is forecasted (even despite the crisis in the world). The econometric method of economic analysis was applied in the paper. The authors constructed an additive model for time series data to predict the dynamics of prices on the global market of petroleum products. The model was designed based on 16 observations in the period of October 2016 – July 2020.
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Tinapple, W. L. "TRENDS AND OUTLOOK FOR EXPLORATION IN WESTERN AUSTRALIA." APPEA Journal 41, no. 1 (2001): 497. http://dx.doi.org/10.1071/aj00024.
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Petroleum exploration activity in Western Australia over the past decade has been on the increase, boosted by the positive results of many new discoveries, mainly on the North West Shelf but also in frontier areas. Significant discoveries in 1999–2000 resulted from new exploration concepts including deep plays in the Barrow/Dampier Sub-basins, heavy oil plays in the Carnarvon Basin, a deep-water gas play west of Gorgon, large gas/condensate plays in the Browse Basin, and a new gas play in the southern Bonaparte Basin. Discovery itself is a great incentive to the industry to further exploration; however, concerns over oil price, the Australian dollar, markets, policies and perceived prospectivity impact on exploration spending. The short-term outlook for WA is good as a result of existing work commitments including an average of 50 exploration wells to be drilled each year for the next three years. Onshore, where exploration has been subdued, there are signs of increased activity. The Western Australian government is playing a key role in promoting the State through gazettals, promotional activities— conferences and publications, acquiring precompetitive data and making petroleum data more accessible. The government funded Petroleum Exploration Initiatives program is continuing and efforts are being made to facilitate exploration. Sustained high oil prices, improvements in technology and efforts to expedite access to land are just some of the factors which will assist companies in their endeavours. In the longer term, continued growth in Western Australia’s petroleum industry is projected.
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Summers, Michael P., and George Verikios. "Assistive technology pricing in Australia: is it efficient and equitable?" Australian Health Review 42, no. 1 (2018): 100. http://dx.doi.org/10.1071/ah16042.
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Objective To examine available systematically collected evidence regarding prices for assistive technology (AT; e.g. disability aids and equipment) in Australia with other comparable countries. Issues of appropriate AT pricing are coming to the fore as a consequence of efforts to move to consumer-centric purchasing decisions with the National Disability Insurance Scheme (NDIS) and also in the recent aged care reforms. Methods We identified and present three sets of AT price comparisons. Two comparisons were based solely on the lowest prices advertised on the internet, and one comparison examined recommended retail prices. Variables essential to ensuring accurate comparisons, as well as significant supply-chain issues were also examined and considered in the analyses. Results The first internet-only price comparison found that overall AT prices were 38% higher in Australia compared to other countries, but did not factor in shipping and other related costs that are essential to include given that most AT is imported. The second internet-only price comparison found that overall Australian prices were 24% lower when shipping and related costs were included. The recommended retail price comparisons found that Australian prices were between 14% and 27% lower. Prices for internet-only retailers (those with no bricks-and-mortar presence) are consistently lower for all products than those sold by retailers with actual shop-fronts. Further, there is no evidence of suppliers earning supranormal profits in Australia. Conclusions The results indicate that AT prices in Australia are efficient and equitable, with no significant indicators of market failure which would require government intervention. Efforts to reduce prices through the excessive use of large-scale government procurement programs are likely to reduce diversity and innovation in AT and raise AT prices over time. Open markets and competition with centralised tracking of purchases and providers to minimise possible over-servicing/over-charging align well with the original intention of the NDIS, and are likely to yield the best outcomes for consumers at the lowest costs. What is known about the topic? Government-funded programs are used extensively to purchase AT because it is a primary enabler for people of all ages with disabilities. Perceptions of unreasonably high prices for AT in Australia are resulting in the widespread adoption of bulk purchasing and related strategies by governments. What does this paper add? Carefully undertaken systematic price comparisons between Australia and comparable Organization For Economic Cooperation and Development countries indicate that, on average, Australian prices are lower than elsewhere when delivery to Australia is taken into account. It was also found that prices at brick-and-mortar shops, with all the services they provide to ensure the appropriateness of the products provided to meet the consumers’ needs and goals, are substantially higher than Internet purchases in which the consumer bears all the risks and responsibilities for outcomes. What are the implications? Overuse of government bulk purchasing and similar arrangements will lead to less diversity in the available AT products, related services and retail outlets, resulting in less choice for consumers and higher risks of poor outcomes through less focus on matching consumers with the ‘right’ products for their needs and goals, and ultimately higher AT prices over time as competition is reduced to a few major suppliers.
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Galchynskyi, Leonid. "Estimation of the price elasticity of petroleum products’ consumption in Ukraine." Equilibrium 15, no. 2 (June 24, 2020): 315–39. http://dx.doi.org/10.24136/eq.2020.015.
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Research background: The analysts of the petroleum product markets of industrial countries believe that the elasticity of demand varies at different periods, which gave rise to the hypothesis that behavioral and structural factors have changed the consumers’ reaction during the last few decades, with a change in prices of petroleum products.
Purpose of the article: The purpose of this article is to study the elasticity of demand and prices in order to identify changes in consumer behavior in the oil market after significant socio-economic shocks and to establish a correlation between changes in elasticity and price volatility, with the Ukrainian petroleum products market as an illustrative example.
Methods: Based on the time series of the petroleum product market of Ukraine, static and dynamic models for assessing the demand elasticity were constructed. It was found that the time series of demand for petroleum products is non-stationary but then the time series of the first differences is stationary according to the extended Dickey-Fuller test; further, the fact of co-integration between time series of consumption, income, and prices was established by the Johansson test. This made it possible to construct co-integration dependence, allowing, in turn, the development of models for assessing the elasticity of demand for petroleum products, on the basis of which objective assessments of changes in consumer behavior were established. Analysis of the monthly calculation of petroleum products’ price volatility during the period 2008 to 2018 has showed that the values of volatility increased abnormally in the period between the beginning of 2014 and the middle of 2015. The estimates of price and demand elasticities obtained for the two periods up to the beginning of 2014 and the second half of 2015 differ significantly from the values of the corresponding elasticities between the beginning of 2014 and the middle of 2015.
Findings & Value added: Assessments of income elasticities and price elasticities for petroleum products in the Ukrainian market were obtained by three co-integration models, both short and long term, for each of the three previously defined time intervals. In one of them, characterized by a high level of price volatility conditionally referred to as a crisis, the value of elasticities differed markedly from the corresponding values in the other two periods, in particular, -0.383 for price elasticity and 1.068 for a long-term bond. In the other two periods, these were, respectively, 0.543 for price elasticity and 0.274 for long-term pre-crisis elasticity, and -0.470 for price elasticity and 0.235 for long-term post-crisis elasticity. Appropriate elasticity estimates were obtained for both the short-run and the dynamic model, for the same defined intervals. A comparison of these estimates showed the closeness of the values of elasticities for the pre-crisis and post-crisis intervals and a marked difference from the estimates of the elasticities in the crisis interval. Thus, it was found that a significant change in elasticities is accompanied by an increase in price volatility.
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Young, D. M., and A. M. Kennedy. "INCREASING COMMUNITY RIGHTS REGARDING PETROLEUM PROJECTS." APPEA Journal 41, no. 2 (2001): 105. http://dx.doi.org/10.1071/aj00060.
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This paper examines the extent to which communities can impact on companies wishing to explore for, produce, process and transport petroleum products within and outside Australia, and focusses on recent developments. It looks at the extent to which third parties (communities) must or can be involved in the process of obtaining and subsequently exercising these rights.
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Kraal, Diane. "Review of Australia's Petroleum Resource Rent Tax: Implications from a Case Study of the Gorgon Gas Project." Federal Law Review 45, no. 2 (June 2017): 315–49. http://dx.doi.org/10.1177/0067205x1704500207.
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Australia has welcomed new business investment of $200 billion for integrated gas projects. However lower than expected tax receipts have tempered the early optimism of project benefits. In particular, petroleum resource rent tax (PRRT) revenues since the 2002–03 financial year have fallen. These reduced revenues have raised concerns about the effectiveness of petroleum taxation in Australia and pressured the Australian Government to call for a review of the PRRT in late 2016. Examined are the modifications necessary to the petroleum fiscal regime to address one of the PRRT Review's aims of providing an equitable return to the Australian community. Findings from a case study of an operational gas project include the need for PRRT modifications, and the addition of royalties for particular integrated natural gas projects in Commonwealth waters. The article is significant for its unique overview of Australia's petroleum taxation since the fall in oil prices from mid-2014 and the rise of gas export projects. This interdisciplinary and empirical research forms an important contribution to the current Commonwealth PRRT Review through its recommendations for change to the Petroleum Resource Rent Tax Assessment Act 1987 (Cth). It calls for more uniform federal legislation for the taxation of petroleum resource projects.
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Karpova, Tatiana S., Vladimir I. Moiseev, and Vera A. Ksenofontova. "Simulation of the circulation method for discharging viscous petroleum products." Transportation Systems and Technology 6, no. 2 (June 30, 2020): 94–105. http://dx.doi.org/10.17816/transsyst20206294-105.
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Background: In the domestic market, the consumption of fuel oil increases during the winter period, leading to higher prices. At the same time, the cost of inputs and the time for the discharge of viscous oil products are greatly increased. The duration of the discharge process is related to the physico-chemical properties of the fuel oil. Its viscosity depends on the temperature of the product itself and the temperature of the environment, which in our country averages 5.5 C per year.
Aim: Reduction in the length and cost of transport of viscous petroleum products.
Methods: The article proposes a new method for the carriage of viscous petroleum products by rail, ensuring that their fluidity is preserved without the use of thermal insulation of the boiler of the tank-wagon and the means for carrying the heating. Simulation models of the processes of pouring out viscous petroleum products for a traditional and new method of pouring in the circulation method of discharge of viscous petroleum products, which make it possible to estimate the quantity of resources consumed, are constructed.
Results: The work shows the peculiarities of the existing process of discharging viscous petroleum products. Simulation and functional-cost analysis of the discharge process were carried out under the circulatory method for heating viscous petroleum products. The results were compared.
Conclusion: In the new pouring method, the discharge process is similar to the summer period.
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Siddiqui, Rehana. "Energy and Economic Growth in Pakistan." Pakistan Development Review 43, no. 2 (June 1, 2004): 175–200. http://dx.doi.org/10.30541/v43i2pp.175-200.
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Recent rise in energy prices, shrinking existing resources, and the search for alternative sources of energy and energy conservation technologies have brought into focus the issue of causality between energy use and economic growth. The results of this study show that energy expansion is expected to lead to higher growth and its shortage may retard the growth process. The impact of all sources of energy on economic growth is not the same. The impact of electricity and petroleum products as well as that of electricity only is high and statistically significant. However, the reverse causality is critical for the petroleum products.
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Mackie, Steve. "Australian exploration review 2016." APPEA Journal 57, no. 2 (2017): 363. http://dx.doi.org/10.1071/aj16254.
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In 2016, explorers in Australia were called upon to demonstrate realistic optimism. The year clearly demonstrated that during an industry contraction, such as that seen by the upstream oil and gas industry since the oil price crash of late 2014, near field conventional exploration still produces discoveries. These include Shefu, Muruk, Davis, Outtrim and Spartan. Amungee NW demonstrated unconventional gas flows in the Beetaloo Basin. As usual, new reservoirs were discovered in appraisal programs such as at Roc and Phoenix South. Exploration lows, however, were the general mood with the inevitable unsuccessful wells, decreases in permit awards and associated work programs, the general low level of drilling activity both offshore and onshore, frustrations at approval delays and constraints and the still contracting business environment. This Petroleum Exploration Society of Australia review looks in detail at the trends and highlights for oil and gas exploration both onshore and offshore Australia during 2016; not just outcomes with the drill bit, but also leading industry health indicators such as drilling, seismic data acquisition and permit awards. It also seeks to be insightful and to make conclusions about the condition of oil and gas exploration in Australia, as well as comment on future implications for the industry.
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Valadkhani, Abbas, and William F. Mitchell. "Assessing the Impact of Changes in Petroleum Prices on Inflation and Household Expenditures in Australia." Australian Economic Review 35, no. 2 (June 2002): 122–32. http://dx.doi.org/10.1111/1467-8462.00230.
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Gluyas, Jon, Simon Mathias, and Salim Goudarzi. "North Sea – next life: extending the commercial life of producing North Sea fields." Geological Society, London, Petroleum Geology Conference series 8, no. 1 (October 27, 2016): 561–70. http://dx.doi.org/10.1144/pgc8.30.
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AbstractIn 2015, the North Sea petroleum province was 50 years old. The celebrations were short lived because oil prices and gas prices were in free fall. The demand from the UK market had outstripped demand back in 2005 and, 10 years on, falling production and increasing operating expenditure, when coupled with falling prices, had brought the North Sea to crisis point. Many fields became unprofitable and companies began to close down. In an effort to avert the developing crisis, this work examines what options exist for better utilizing the North Sea industry, be that monetizing co-produced fluids or using the pore space once occupied by petroleum for waste products such as carbon dioxide. We briefly examine: the possibility of utilizing heat from the co-produced fluids for power generation; extracting gases and ores from co-produced fluids; and evaluation of the role that carbon dioxide could play in enhanced oil and gas recovery, as well as its ultimate long-term storage in geological deep storage.
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Sun, Jingwei, and Wendong Shi. "Breaks, trends, and unit roots in spot prices for crude oil and petroleum products." Energy Economics 50 (July 2015): 169–77. http://dx.doi.org/10.1016/j.eneco.2015.05.001.
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Bada, Oladejo Tokunbo, Kehinde Adekunle Adetiloye, Felicia Omowunmi Olokoyo, and Grace Ukporhe. "Determinants of International Reserves Among Organisation of Petroleum Exporting Countries (OPEC)." Comparative Economic Research. Central and Eastern Europe 25, no. 3 (September 14, 2022): 111–33. http://dx.doi.org/10.18778/1508-2008.25.24.
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Member countries of the Organisation of Petroleum Exporting Countries (OPEC) are always in the news regarding the prices and supply of crude oil to the international market. One of the economic reasons for this is liquidity and the desire to accumulate international reserves by the respective countries. This paper examined the determinants of international reserves among the cartel against the backdrop of the motives for keeping reserves. With data from 2005 to 2018, the adopted variables that were tested with the system of generalised methods of moments (Sy‑GMM) are inflation, exchange rates, oil prices, crude oil dependence, economic crises and others. The results and outputs show that inflation was negatively impactful externally and internally, while FDI inflows recorded negative significance. Economic crises and economic openness were positively significant, while oil prices and exchange rates were not significant determinants of international reserves accumulation. The paper recommends the maximisation of opportunities available by members during economic crises to accumulate reserves that will enable them to diversify from dependence on crude oil exports to include other products and a higher level of openness to open the economy up for competition to make the economies stronger.
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Bulfone, Liliana. "High prices for generics in Australia — more competition might help." Australian Health Review 33, no. 2 (2009): 200. http://dx.doi.org/10.1071/ah090200.
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It is commonly believed that dispensed prices of medicines in Australia are substantially lower than those in other developed countries, particularly the US. This article reports the results of an analysis comparing dispensed prices for the most commonly prescribed and the highest cost items in Australia with dispensed prices in the US. Although a large majority of items are less expensive in Australia than in the US, Australian prices are higher for a substantial number of products, particularly generic drugs. This article examines various policies affecting the pricing of generics in Australia. It is postulated that the main cause for higher prices for a substantial number of generic products is the lack of price competition. This results from government policy which ensures that a price reduction by one company is communicated immediately to all competitors in that market along with an invitation to match the reduced price. The dominant strategy for all suppliers is to only reduce their price in response to a reduction in price by a competitor. The result is a lack of differentiation in pricing across brands of a medicine on the Schedule of Pharmaceutical Benefits. The government could improve the structure of the generics market and encourage greater competition by ceasing to disclose competitor firms? offers to other competitors. The government could conduct pricing reviews of each generic product relatively infrequently (eg, only once annually or every 18 months). At the time of the pricing review, the government would request confidential offers on price for a generic from all players in the market. Brands should then all be listed under the Pharmaceutical Benefits Scheme (PBS) at the offered price. Prices offered by the individual supplier would apply until the next pricing review. The PBS would continue to subsidise up to the price of the lowest priced brand, with brand premiums applying to all brands priced higher than the benchmark price. Such an approach would provide opportunity for players in the market to capture market share by being the lowest priced brand.
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Radmehr, Riza, and Shida Rastegari Henneberry. "Energy Price Policies and Food Prices: Empirical Evidence from Iran." Energies 13, no. 15 (August 4, 2020): 4031. http://dx.doi.org/10.3390/en13154031.
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During the last decade, the rising trend in energy prices and its potential effect on food prices have become a controversial issue between policy-makers and economists. Therefore, research addressing the relationship between food and macroeconomic variables, such as energy prices, will be useful in providing information for the design of appropriate economic policies. This study uses data from Iran to examine the impacts (short- and long-term) of exchange rate and energy prices on food prices. Iran is a good case study as in recent years its consumers have faced a rapid increase in both fuel and food prices. The variables employed in this study are the prices of ten food products, exchange rate (the value of Iranian rial per US dollar), and petroleum prices. All data in this study are from the Statistical Centre of Iran (SCI). We employ the panel unit root test, Pedroni co-integration tests, Pooled Mean Group (PMG), Mean Group (MG), and Dynamic Fixed Effects (DFE) estimation techniques, applied to a panel of monthly prices for ten food products for the period of March 1995 to February 2018. Results show that in both the short- and long-run, food prices would increase in response to an increase in energy prices. Findings also suggest that the appreciation of the United States Dollar (USD) in terms of the Iranian rial exerts a positive and significant impact on food prices in the long run.
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James, A. D. "Disease and Biosecurity." Proceedings of the British Society of Animal Science 2003 (2003): 207. http://dx.doi.org/10.1017/s1752756200013661.
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There are large differences between the prices of animal products in regions with comparative advantage in livestock production and regions where production costs are higher. In particular, prices for many animal products are much higher in The European Union (EU) and The United States of America (USA) than in regions with extensive grazing areas or low-priced animal feed grains, e.g. Australia, South America and Southern Africa. These price differentials provide strong financial incentives for trade in animal products between these regions. However, trade is constrained by three main factors: 1.The perishability of many animal products, resulting in additional processing costs (e.g. freezing) which may also reduce the value of the product and higher transport costs.2.The fact that in many markets, high prices have been used as an element of agricultural support policy. These are partly maintained by levies on imported products.3.Zoosanitary restrictions to control the risk of introducing livestock and human disease agents in animal products.
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Xu, Junze. "What can we expect from high oil prices? ——Evaluation of Chevron Corp." BCP Business & Management 28 (October 14, 2022): 314–18. http://dx.doi.org/10.54691/bcpbm.v28i.2393.
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Chevron Corp. (NYSE: CVX) is one of the market leads of the energy oil and gas industry. The company primarily consists of two parts: upstream and downstream. The upstream is responsible for producing, processing, transporting crude oil, while the downstream operations includes refining it into petroleum products, manufacturing and marketing the commodity to the world. This paper mainly use the SWOT analysis to comprehensively access the Chevron company and its stock performance.
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Siwatibau, Suliana. "Energy Situation and Energy-Related Environment Issues of Pacific Island Countries." Energy & Environment 2, no. 4 (December 1991): 339–47. http://dx.doi.org/10.1177/0958305x9100200406.
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Pacific Islands have experienced low economic growth during the 1980s, and face significant energy problems. Petroleum products are imported at very high prices and biofuel use often leads to resource over-exploitation. However, perhaps the most basic energy-environment concern is the potential for sea level rise. Some Pacific Island nations would vanish altogether, while others would lose their most productive areas.
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Boudekhdekh, Karim. "A Comparative Analysis of Energy Subsidy in the MENA Region." Economic Insights – Trends and Challenges 2022, no. 2 (2022): 37–56. http://dx.doi.org/10.51865/eitc.2022.02.03.
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This paper focuses on analyzing energy prices subsidies distribution in the MENA region among its seven components, according to the products that benefit from subsidized prices, and by per capita. As a nominal average of the years 2013, 2015, and 2017, both Iran and KSA had the higher nominal pre-tax subsidy averages estimated to $52.11 and $45.54 billion respectively, and also had higher post-tax subsidy averages estimated to $118.55 and $114.81 respectively. Global warming and local air pollution were the most important components after the pre-tax subsidies component in all MENA region countries. The “Congestion” component came after the level of the two environmental components averages in oil-exporting countries, while the “accidents” component in almost all the oil-importing countries came after the level of the two environmental components averages. By products, petroleum products were the main products that benefited from energy prices subsidies in almost all MENA countries. The reform process must take into account the specifics of each country with regard to the details of energy subsidies at its level, as energy subsidies vary from one country to another, whether in terms of its value, the weight of its components, and the subsidy share of each energy products.
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Gately, D. J. "QUEENSLAND PETROLEUM ACT REVIEW AND REFORM." APPEA Journal 29, no. 1 (1989): 72. http://dx.doi.org/10.1071/aj88011.
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On 12 May 1988 amendments to the Queensland Petroleum Act of 1923 came into force. These empower the Governor- in- Council to appoint a Pipelines Tribunal to inquire into the operations of any existing or proposed pipeline. The Act now affirms the existence of the Secretary of Mines as a Corporation which can undertake all the aspects of an oil company from exploration to distribution of refined products. In particular, this corporation now has the sole right to construct and operate any pipeline in Queensland which extends beyond the boundaries of a lease. There was little or no dialogue with industry prior to the proclamation of these amendments.In comparison with the Petroleum Acts of South Australia, Western Australia and the Northern Territory, the Queensland Petroleum Act contains many areas subject to ministerial discretion or which are no longer relevant to present- day administrative practices. The Queensland Government's proposal to issue a green paper discussing amendments to the Act, based on submissions from interested parties, is welcomed since it is in the interests of management of the exploratory oil industry to strive for uniformity of administration in each state.
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Charters, John G., and Mark S. Epper. "THE MAIN CHANCES FOR NEW EQUITY." APPEA Journal 34, no. 1 (1994): 835. http://dx.doi.org/10.1071/aj93063.
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The main chance for new equity to be raised by Australian petroleum explorers is to:recognise that the unfavourable oil price environment of 1993 will change;in the meantime, understand the manner in which capital markets operate; andbe patient and ready for when it happens.In Australia we can obviously do little about global economic and market conditions, particularly the market for petroleum commodities. This paper is intended to ensure that petroleum explorers continuously consider their position from the perspective of shareholders, potential investors and other market participants so that they are well placed to benefit when capital markets turn in their direction.This paper:Provides an Overview of Australian capital markets;Deals with the Performance of the oil and gas sector within that market;Considers The Three Dimensions of investment decision-making; and, with those foundations,Outlines The Way Forward for this sector, in these difficult times.Equity markets have experienced a period of particularly strong support for equity raisings and there is a real prospect that the Australian stock market will exceed the previous all-time record high.During 1993 many listed oil and gas companies reported improved earnings performance and enjoyed increased share prices, although a flattening of exploration and development activity seems to have followed the lack of significant exploration success in recent years. With the odd exception oil prices have been generally stable in recent years. However, toward the end of 1993, a sharp deterioration in oil prices followed expectations of increased OPEC supply; not withstanding generally widespread faith in medium-to long-term escalation of all commodity prices, and oil prices in particular, investor appetites appear all too easily diverted to other market opportunities.Participants in this industry probably do more searching than finding when it comes to oil and gas reserves. The same is true for raising new capital. We will outline what companies must do to be ready to benefit from the right environment to raise new equity.
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AL-Azzawi, Omar M., Harith I. Mohammed, Hussam J. Mousa, Assad O. Rabit, and Sura K. Hussein. "Mathematical Model & Feasibility Study for Construction an Invested Refinery of 100,000 (bbl / Day) in AL-Nasiriya Governorate." Journal of Petroleum Research and Studies 12, no. 1(Suppl.) (April 21, 2022): 150–67. http://dx.doi.org/10.52716/jprs.v12i1(suppl.).628.
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A mathematical Model and feasibility study of construction an invested Refinery with 100,000 (Bbl/day) in AL-Nasiriya governorate was performed. The project is composed of three Units, Atmospheric Column Distillation Unit (CDU), Catalytic Reformer Unit (CRU) and Residue Fluidized Catalytic Cracking Unit (RFCC) that produce different products. Based on the Platts prices of petroleum products which was provided by State Organization for Marketing of Oil (SOMO) for May of this year and by standard specifications and technical information of Petroleum Research and Development Center (PRDC), Material balance for feed and products as well as optimization process using LINGO software for these three Units were calculated in order to determine influential financial parameters: (NPV), (IRR), (PI) and Payback period of the project. Different calculation scenarios were prepared taking into account discount of crude oil and products prices, inflation indicator of Capital expenditure (CAPEX) and operation expenditure (OPEX) in addition to extending the life of the project and increase in the cost of capital as well. These scenarios are illustrated as followings: -
1- The refinery was considered non-feasible in case of the crude feed price is taken (65$) and the products prices still constant. Discounted of oil feed was taken gradually by 10% and the products prices stay constant turns the project to be feasible at (50%) discounted oil price which gives positive financial parameters as can be seen in scenario (1), (2) but no longer feasible when increasing inflation by (3%) and (5%) as shown in scenario (3) and (4).
2- The price of crude oil feed was taken constant (65$) and the products prices were gradually increased by (10%) till (50%) with constant other parameters gives negative financial parameters means non feasibility as can be seen in scenario (5).
3- Increasing products prices by 10% and discount crude oil price by 10% together makes the project feasible at (25%) for both as shown in scenario (6). Conversely, when inflation was taken into account for OPEX and cost of capital, the project shifted to be feasible at (40%) for both crude oil and products as seen in scenario (7, 8, 9). The crude oil feed price and products was increased gradually by (10%) and decreased by the same percent. Both scenarios give negative financial parameters as shown in (10) and (11).
4- Extending life of project from (4) to (6) years and let other parameters constant including CAPEX to study the impact on the financial parameters. It is noticed that the refinery gives negative income compared to previous period of project in scenarios (12), (13). The cost of capital was increased from 2,100 million to 3000 million with no change in the other parameters gives negative income as seen in scenario (14) and (15). On the other hand, cost of capital and life of project were changed together makes the project worse income due to decline in the financial parameters as illustrated in scenario (14) and (16).
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Umo-Udo, Ndifreke S. "The Effects of Rolling Back State Frontiers on the Development of Nigeria’s Economy (2003 – 2007)." Mediterranean Journal of Social Sciences 8, no. 2 (March 28, 2017): 259–65. http://dx.doi.org/10.5901/mjss.2017.v8n2p259.
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Abstract The study focused on the deregulation of the downstream of Nigeria’s petroleum sub-sector as an aspect of Rolling back the state in Nigeria. Deregulation of the downstream of the petroleum sector is occasioned by the removal of subsidies on petroleum products. This paper is adapted from my Ph.D research work at the University of Nigeria, Nsukka on rolling back the state. The objective was to examine the impact of deregulation of the downstream of the petroleum sector on the road transport sectors of the Nigerian economy within the period 2003-2007. Data for the study were generated through the observations of primary and secondary sources. The data were analysed using tables, percentage and correlation analysis. The findings of the study shows that deregulation of the downstream of the petroleum sector allowed the private sector owned road transportation system to increase the cost of transport fares anytime the government announced increase in the pump price of products. An increase in the cost of road fares translated into increase in prices of goods and services which ultimately resulted in inflation. Equally the huge amount derived from petroleum has not been judiciously expended for building and construction of roads. The research recommends that government should monitor the execution of road contracts to guard against none and poor delivery of jobs.
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Kashirina, Marina Valentinovna. "Oil extraction and refining: problematic questions of taxation and administration." Налоги и налогообложение, no. 3 (March 2020): 56–66. http://dx.doi.org/10.7256/2454-065x.2020.3.32588.
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The subject of this research is the examination of relevant problems of taxation and administering the oil sector companies in the conditions of changes in oil prices. Special attention is given to the analysis of results of the conducted policy within the framework of tax maneuver with regards to hydrocarbons extraction activity. The goal consists in the analysis of the impact of changes in taxation legislation related to increase in the rates of excise duty for the refined petroleum and introduction of damping mechanism for oil refining companies, as well as improvement of taxation and administering of oil extraction companies. The conclusion is made that the implementation of damping mechanism allows to efficiently and seamlessly regulate the oil products prices even in the conditions of rapid drop in oil prices. In the conditions of drop in oil prices on the international markets, the Russian oil refining plants would reorient significant volume of exports toward domestic market. The taxation reform in oil sector would lead to increase in the refining throughput and output of high quality oil products. The author underlines the need of reducing the tax-exempt minimum in calculation of coefficient that characterized the dynamics of global oil prices, which leads to the increase of tax rates on oil.
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Nguyen Thi Ngoc, Trang, and Hong Dinh Thi Thu. "Nonlinear effects of oil prices on inflation, growth, budget deficit, and unemployment." Journal of Asian Business and Economic Studies 24, no. 01 (January 1, 2017): 75–91. http://dx.doi.org/10.24311/jabes/2017.24.1.04.
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In oil-exporting countries such as members of the OPEC, fluctua-tions in oil prices exert a significant impact on the domestic econo-my. Currently, a sharp reduction in oil prices results in several ad-verse effects; however, for such a crude-oil exporter that is also an importer of petroleum products as Vietnam, does a rise or drop in oil prices is beneficial to its development? This paper attempts to de-termine the oil price threshold while analyzing oil price effects on several macro factors, such as inflation, GDP growth, budget deficit, and unemployment rate over the 2000–2015 period. Using TVAR model, we detect an oil price threshold of USD27.6/barrel. Moreover, an increase in the price of oil, which exceeds this threshold, will cause a rise in inflation, budget deficit, and unemployment rate. Still, there is no significant evidence of the impact of oil prices on GDP growth.
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Ghaderi, Shohreh, and Mostafa Heydari Haratme. "Determination and Evaluation of Relationship between the Prices of Crude Oil Sales Price of Five Petroleum Products and Creating a Model for the Pricing of Petroleum Products." Singaporean Journal of Business Economics and Management Studies 4, no. 8 (2015): 23–34. http://dx.doi.org/10.12816/0019678.
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DUMEBI, Ideh Anthony, and Olasunmbo OLUSANYA. "GLOBAL OIL PRICES AND THE NIGERIAN LABOUR MARKET." LASU Journal of Employment Relations & Human Resource Management 2, no. 1 (December 1, 2018): 101–10. http://dx.doi.org/10.36108/ljerhrm/0202.02.0170.
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Nigeria is both a major exporter of crude oil and major importer of refined petroleum products with high level of unemployment. Nigeria depends on oil for its revenue and as major input in most industrial sectors. This paper examined the opportunities created by the low global oil prices for improving the Nigerian labour market. The study adopted qualitative research approach. The key findings are that fall in oil price provides negative challenges for Nigerian labour market in the short-run but an opportunity for improved employment generation in the long-run. The study concludes that government should take advantage of the fall in oil price to develop other sectors of the Nigerian economy. The paper has contributed to knowledge by establishing among others, that low oil prices create opportunities for nations to improve the labour market conditions.
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Nkomo, JC. "The impact of higher oil prices on Southern African countries." Journal of Energy in Southern Africa 17, no. 1 (February 1, 2006): 10–17. http://dx.doi.org/10.17159/2413-3051/2006/v17i1a3373.
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In determining the magnitude of oil shocks to the economies of Southern Africa, it is essential that we examine the various components of vulnerability, as well as the crude oil price movements and the relationship between energy and development. Because energy consumers and producers are constrained by their energy consuming appliances which are fixed n the short-run, thus making it difficult to shift to less oil intensive means of production in response to higher oil prices, oil price shocks increase the total import bill for a country largely because of the huge increase in the cost of oil and petroleum products. Low-income countries and poorer households tend to suffer the largest impact from oil price rise
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Paul, Sankar. "Impact of Goods and Services Tax on Petroleum Products to Curb Prices in India — A Study." Research Bulletin 47, no. 1-2 (January 27, 2022): 105. http://dx.doi.org/10.33516/rb.v47i1-2.105-112p.
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Epper, Mark, and John Charters. "THE ENVIRONMENT FOR RAISING FUNDS FOR PETROLEUM EXPLORATION IN THE 1990s." APPEA Journal 31, no. 1 (1991): 545. http://dx.doi.org/10.1071/aj90040.
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Private shareholders' equity has traditionally funded greenfield exploration programs in Australia in the 1980s. In the next decade junior exploration companies will again need to rely on funding from both current and potential shareholders. However, the major difference between the 1980s and the 1990s will be the level of difficulty for companies seeking to raise funds. Recent events have sapped potential investor confidence, particularly private investors, and notably, in oil and gas exploration companies.The recent events in the Middle East and the need for some degree of energy self-sufficiency make investment in oil exploration essential for Australia right now. Exploration requires substantial amounts of risk capital which, at this time, is not flowing from traditional sources. Rather, we are seeing a concentration of ownership in the hands of financial institutions and a handful of producing companies and foreign multinationals. It is essential for the Federal Government to recognise the need to offer further incentives to encourage the private sector to invest in exploration companies. In this paper we suggest that the most effective mechanism for such incentives is through some minor modifications to the Australian taxation system.The oil exploration industry must pursue Government in a co-ordinated manner for assistance in raising funds particularly as the requirement for action is urgent. Industry bodies, such as the Australian Petroleum Exploration Association Ltd (APEA) have recently petitioned the Federal Government with recommendations but the Government has failed to accept these proposals on the grounds that they are inconsistent with present tax policy. If this is the case it is time present policy was changed.Clearly, all exploration companies will take whatever action is possible to raise funds for exploration and not simply look in vain for government salvation by handout. However, in the interests of Australian national security, the government has a responsibility to encourage and foster oil and gas exploration.Since planning for this paper commenced in July 1990, oil prices have leapt from US$18 to approximately US$40 per barrel. Should prices such as these (not experienced since the early 1980s) continue, it will make investment in exploration companies more attractive to all investors while at the same time it will test severely the endurance of the equity market generally.
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ONONO, PEREZ, Benedict Mutuma Kiambi, and James Maingi. "Effect of Crude Oil Prices on Economic Growth in Kenya in the Period 1981 To 2018." Advances in Social Sciences Research Journal 7, no. 10 (November 3, 2020): 340–49. http://dx.doi.org/10.14738/assrj.710.9209.
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Crude oil is an essential resource in the day-to-day activities of a functional economy. Crude oil and petroleum products constituted 14 percent of the Kenya’s imports in 2017 up from 12 percent in 2015. As Kenya moves into an oil-exporting country, there is a need to measure the role crude oil prices play in directing the economic growth of the country. This study assessed the effect of crude oil prices on the economic growth of Kenya. Gross capital formation, bank lending rate, employment rate and debt servicing were used as control variables in the models estimated. The study employed secondary data for the period 1981 to 2018. The findings indicate that crude oil prices had a positive but insignificant effect on economic growth. The study recommends that the government diversifies its sources of energy to ensure that economic activity economy is not deeply connected to crude oil prices because of their volatility.
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Harri, Ardian, Lanier Nalley, and Darren Hudson. "The Relationship between Oil, Exchange Rates, and Commodity Prices." Journal of Agricultural and Applied Economics 41, no. 2 (August 2009): 501–10. http://dx.doi.org/10.1017/s1074070800002959.
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Exchange rates have long been thought to have an important impact on the export and import of goods and services, and, thus, exchange rates are expected to influence the price of those products that are traded. At the same time, energy impacts commodity production in some very important ways. The use of chemical and petroleum derived inputs has increased in agriculture over time; the prices of these critical inputs, then, would be expected to alter supply, and, therefore, the prices of commodities using these inputs. Also, agricultural commodities have been increasingly used to produce energy, thereby leading to an expectation of a linkage between energy and commodity markets. In this paper, we examine the price relationship through time of the primary agricultural commodities, exchange rates, and oil prices. Using overlapping time periods, we examine the cointegration relationship between prices to determine changes in the strength of the linkage between markets through time. In general, we find that commodity prices are linked to oil for corn, cotton, and soybeans, but not for wheat, and that exchange rates do play a role in the linkage of prices over time.