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National Oil Companies: Business Models, Challenges, and Emerging Trends
Corporate Ownership & Control / Volume 11, Issue 1, 2013, Continued - 8 NATIONAL OIL COMPANIES: BUSINESS MODELS, CHALLENGES, AND EMERGING TRENDS Saud M. Al-Fattah* Abstract This paper provides an assessment and a review of the national oil companies' (NOCs) business models, challenges and opportunities, their strategies and emerging trends. The role of the national oil company (NOC) continues to evolve as the global energy landscape changes to reflect variations in demand, discovery of new ultra-deep water oil deposits, and national and geopolitical developments. NOCs, traditionally viewed as the custodians of their country's natural resources, have generally owned and managed the complete national oil and gas supply chain from upstream to downstream activities. In recent years, NOCs have emerged not only as joint venture partners globally with the major oil companies, but increasingly as competitors to the International Oil Companies (IOCs). Many NOCs are now more active in mergers and acquisitions (M&A), thereby increasing the number of NOCs seeking international upstream and downstream acquisition and asset targets. Keywords: National Oil Companies, Petroleum, Business and Operating Models * Saudi Aramco, and King Abdullah Petroleum Studies and Research Center (KAPSARC) E-mail: [email protected] Introduction historically have mainly operated in their home countries, although the evolving trend is that they are National oil companies (NOCs) are defined as those going international. Examples of NOCs include Saudi oil companies that have significant shares owned by Aramco (the largest integrated oil and gas company in their parent government, and whose missions are to the world), Kuwait Petroleum Corporation (KPC), work toward the interest of their country. -
2016 EITI Report
Contents List of Abbreviations ......................................................................................................................6 Executive Summary........................................................................................................................8 1. EITI in Iraq .............................................................................................................................. 14 1.1. About the Extractive Industries Transparency Initiative (EITI) ................................... 14 1.2. EITI Implementation in Iraq .................................................................................................. 14 1.3. EITI Governance and leadership in Iraq (Requirement 1.1 – 1.3) ................................ 16 1.4. MSG Governance (Requirement 1.4) .................................................................................. 17 1.5. MSG Workplan (Requirement 1.5) ....................................................................................... 18 2. Legal Framework and Fiscal Regime for the Extractive Industries (Requirement 2.1) . 20 2.1. National Governance Structures ......................................................................................... 20 2.2. Overview of the regulations applicable to extractive industries ................................. 21 2.2.1. Extractive sector regulations in federal Iraq ........................................................................ 21 2.2.2. Overview of the corporate income tax and withholding tax regimes applicable -
Indulge Magazine 02032018.Pdf
INDULGE FEBRUARY / MARCH 2018 Fresh Finds In a city as fast-paced as ours, where new restaurants open at a dizzying pace and culinary trends shift on a dime, keeping up with the latest and greatest can be daunting. Relax. From a roadmap of Miami’s best dining neighborhood to our inaugural list of the local people, places and dishes making a mark on our food scene, we’ve got you covered. FELIPE CUEVAS Now stop counting calories — and start planning your next mesmerizing meal. New Kids on the Block How a girl from Australia and a boy from the Florida Panhandle met over meatloaf, fell for each other in the kitchen and opened a crazy-good restaurant in Miami’s best dining neighborhood. unset Harbour’s Stiltsville Fish Bar is an homage to the love story of chef-partners Janine Booth and Jeff McInnis. The culinary power couple met when McInnis was executive chef at Gigi in Midtown Miami, and Booth paid a visit twice in the same day, lured by his meatloaf special. “I’d never even heard of meatloaf,” recalled Booth, a native of Australia, who was in culinary school at Le Cordon Bleu at the time. “But of course, it wasn’t just any meatloaf. It was made with short rib and caramelized onions and smoked plantains and barbecue sauce. It was amazing. I wanted to know how to make it.” The chance encounter led to an internship with McInnis at Gigi and moving with him to Yardbird Southern Table & Bar when he opened it in Miami Beach in 2011. -
Recent Crude Oil Price Dynamics, PETRONAS and Malaysia
Recent crude oil price dynamics, PETRONAS and Malaysia Lim Kim-Hwa [email protected] Tim Niklas Schoepp [email protected] 23 January 2015 Executive Summary Since PETRONAS contributed RM73.4 billion (30% of the Malaysian government’s expenditure) in 2013, the recent crude oil price fall has profound implications. The commodity effect will mean lower revenue and profits. However, this effect is cushioned by the depreciating USDMYR. This report aims to evaluate the likely price range of crude oil in 2015 and shows the possible impact on PETRONAS under different circumstances. With contained geo-political risks, global crude oil oversupply, slower global economic growth and cost factors that favour continuous production rather than cuts, crude oil is likely to trade between USD40 – 70 per barrel. Using the Annual Reports of PETRONAS, we estimated that: • If USDMYR depreciates slightly to 3.75 and crude oil trades at USD55 per barrel in 2015, PETRONAS’ profitability (as measured EBITDA) might fall to RM72 billion; and dividends might fall to RM19 billion (vs. RM123 billion and RM27 billion respectively in 2013); • In a rosy case (where crude oil trades at USD70 per barrel and USDMYR trades at 4), PETRONAS’ EBITDA would fall to RM98 billion but RM26 billion dividends payment might be possible; • In a bad case (where crude oil trades at USD40 per barrel and USDMYR trades at 3.5), PETRONAS’ EBITDA would fall to RM49 billion and dividends might fall by half to RM13 billion. • Some PETRONAS assets might be impaired, in particular those that were purchased when crude oil price was trading at over USD100 per barrel. -
Structuring Petroleum-Sector Institutions
Briefing October 2014 Considerations for Indonesia’s Universitas New Government: Structuring Gadjah Mada Petroleum-Sector Institutions Patrick Heller and Poppy Ismalina As Indonesia’s new government seeks to maximize the country’s benefits from the petroleum sector, one of its most important tasks will be to resolve the longstanding uncertainty surrounding the roles and responsibilities of the public institutions responsible for managing the sector. This briefing offers a perspective based on global experience in oil and gas as well as Indonesia’s own history. WHY PETROLEUM-SECTOR INSTITUTIONAL STRUCTURE MATTERS Effectively allocating roles and responsibilities among ministries, Pertamina, and other government agencies is crucial if Indonesia is to tackle the challenge of reinvigorating its petroleum sector. Indonesia faces declining petroleum reserves and production, rising consumption, costly fuel subsidies and a desire to boost the performance of Pertamina. The country therefore requires an institutional structure that will enable it to execute a coherent strategy and that empowers the assigned entities to manage exploration, production, relationships with contractors, tax collection and the enforcement of Indonesia’s laws and contracts. Most importantly, the government must decide whether to house regulatory (i.e., monitoring and oversight) responsibilities within Pertamina or in another body. The new government has an opportunity to reconcile the Constitutional Court’s decision on BP Migas and build a coherent, effective, forward-looking structure. In the aftermath of the 2012 Constitutional Court decision—which invalidated the role of independent regulator BP Migas as established in 2001 on the grounds that it did not meet the state’s responsibilities under Article 33 of the constitution—there has been confusion about the present and the future of government responsibility for the petroleum sector. -
Murphy-Oil-Corp-4Q-2020-Earnings
2020 FOURTH QUARTER EARNINGS CONFERENCE CALL & WEBCAST JANUARY 28, 2021 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 0 Cautionary Statement & Investor Relations Contacts Cautionary Note to US Investors – The United States Securities and Exchange Commission (SEC) requires oil and natural gas companies, in their filings with the SEC, to disclose proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We may use certain terms in this presentation, such as “resource”, “gross resource”, “recoverable resource”, “net risked PMEAN resource”, “recoverable oil”, “resource base”, “EUR” or “estimated ultimate recovery” and similar terms that the SEC’s rules prohibit us from including in filings with the SEC. The SEC permits the optional disclosure of probable and possible reserves in our filings with the SEC. Investors are urged to consider closely the disclosures and risk factors in our most recent Annual Report on Form 10-K filed with the SEC and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC’s website. Forward-Looking Statements – This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim”, “anticipate”, “believe”, “drive”, “estimate”, “expect”, “expressed confidence”, “forecast”, “future”, “goal”, “guidance”, “intend”, “may”, “objective”, “outlook”, “plan”, “position”, “potential”, “project”, “seek”, “should”, “strategy”, “target”, “will” or variations of such words and other similar expressions. -
Navigating the Energy Transition How Gulf Nocs Can Weigh in on the Climate Crisis Navigating the Energy Transition How Gulf Nocs Can Weigh in on the Climate Crisis
Navigating the Energy Transition How Gulf NOCs Can Weigh in on the Climate Crisis Navigating the Energy Transition How Gulf NOCs Can Weigh in on the Climate Crisis Samer Joseph Mosis Copyright © 2020 Gulf International Forum All rights reserved. No part of this publication may be reproduced, copied or distributed in any form or by any means, or stored in any database or retriev- al system, without the express prior written permission of Gulf International Forum. No part of this publication shall be reproduced, modified, transmitted, distributed, disseminated, sold, published, sub-licensed, or have derivative work created or based upon it, without the express prior written permission of Gulf International Forum. If you wish to reproduce any part of this publica- tion, please contact Gulf International Forum, at the address below, providing full details. GULF INTERNATIONAL FORUM 1275 K St NW, 8th Floor Washington, DC 20005 gulfif.org [email protected] Gulf International Forum does not take institutional positions on public policy issues; the views represented herein are the authors’ own and do not necessarily reflect the views of GIF, its staff, or board members. All materials found in this publication have been prepared for informational purposes only. The information herein is provided without any representations or warranties, express or implied, regarding the completeness, accuracy, reli- ability, suitability or availability with respect to the publication or the infor- mation, products, services, or related graphics contained in the publication for any purpose. In no event will GIF be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this publication. -
Media Monitoring Online Pertamina Projects Stall Amid Policy
Media Monitoring Online Pertamina Projects Stall Amid Policy Flip-flops, Refinery Blaze Tanggal : Rabu , 31 Maret 2021 Media : The Jakarta Post Halaman : 2 Wartawan : Vincent Lingga Muatan Berita : Netral Narasumber : None () Rubrik : Headlines Topik : Kilang Minyak Nilai Iklan : Rp. 78.000.000 This is really bad news for energy, an extremely vital component of the economy. While Pertamina’s four refinery upgrade projects and two greenfield refinery projects launched in 2014 have been delayed by several years or even canceled, an inferno fire gutted the state-owned oil and gas giant’s newest refinery at Balongan, West Java, early Monday morning. Even though Pertamina has made assurances that the incident would not disrupt fuel supply and distribution, we cannot help but be concerned about the damage incurred on the downstream oil industry. Already Southeast Asia’s largest net importer of crude oil, gasoline and gasoil at an annual volume of almost 1 million barrels per day (bpd), Indonesia may have to import more refined fuel until the Balongan refinery resumes production at its 125,000 bpd full capacity. Pertamina’s six old refineries, which have a combined capacity of 1 million bpd, are able to produce only 850,000 bpd of refined fuel, barely half of national demand. Importing more fuel means stronger pressures on the balance of payments and larger drain on the foreign exchange reserves. The Balongan refinery, which came on stream in 1994, was the last plant Pertamina built. Many new greenfield and expansion projects that have been planned since then have suffered cancellations or prolonged delays due to the country’s notorious policy flip-flops and bureaucratic barriers. -
Process Technologies and Projects for Biolpg
energies Review Process Technologies and Projects for BioLPG Eric Johnson Atlantic Consulting, 8136 Gattikon, Switzerland; [email protected]; Tel.: +41-44-772-1079 Received: 8 December 2018; Accepted: 9 January 2019; Published: 15 January 2019 Abstract: Liquified petroleum gas (LPG)—currently consumed at some 300 million tonnes per year—consists of propane, butane, or a mixture of the two. Most of the world’s LPG is fossil, but recently, BioLPG has been commercialized as well. This paper reviews all possible synthesis routes to BioLPG: conventional chemical processes, biological processes, advanced chemical processes, and other. Processes are described, and projects are documented as of early 2018. The paper was compiled through an extensive literature review and a series of interviews with participants and stakeholders. Only one process is already commercial: hydrotreatment of bio-oils. Another, fermentation of sugars, has reached demonstration scale. The process with the largest potential for volume is gaseous conversion and synthesis of two feedstocks, cellulosics or organic wastes. In most cases, BioLPG is produced as a byproduct, i.e., a minor output of a multi-product process. BioLPG’s proportion of output varies according to detailed process design: for example, the advanced chemical processes can produce BioLPG at anywhere from 0–10% of output. All these processes and projects will be of interest to researchers, developers and LPG producers/marketers. Keywords: Liquified petroleum gas (LPG); BioLPG; biofuels; process technologies; alternative fuels 1. Introduction Liquified petroleum gas (LPG) is a major fuel for heating and transport, with a current global market of around 300 million tonnes per year. -
In Situ Rockfall Testing in New South Wales, Australia
International Journal of Rock Mechanics & Mining Sciences ] (]]]]) ]]]–]]] Contents lists available at SciVerse ScienceDirect International Journal of Rock Mechanics & Mining Sciences journal homepage: www.elsevier.com/locate/ijrmms In situ rockfall testing in New South Wales, Australia M. Spadari a, A. Giacomini a,n, O. Buzzi a, S. Fityus a, G.P. Giani b a Centre for Geotechnical and Materials Modelling, The University of Newcastle, Callaghan, NSW 2308, Australia b Department of Earth Sciences, State University of Milan, Italy article info abstract Article history: Despite the significance of rockfall hazards in Australia, this phenomenon is still poorly characterised in Received 19 April 2011 many regional environments. In particular, the relationship between slope/rock properties and rockfall Received in revised form motion parameters needs better definition. In the context of rockfall prediction, it is important to 18 October 2011 quantify the normal and tangential restitution coefficients (referred to as kn and kt) and the equivalent Accepted 20 November 2011 rolling coefficient (m), which are site-specific. Several series of rockfall tests have been conducted in three different geological environments in New South Wales. The results of the tests show a large Keywords: variability of the motion parameters, which is due to the natural variability of the blocks and to the Rockfall randomness of the impact positions. Also, values of kn consistently and systematically higher than the Bouncing benchmark values from the literature have been inferred. Despite there being no clear correlation Rolling between the restitution coefficients and the rotational energy, rotational phenomena are believed to be Restitution coefficient Rolling coefficient at the origin of such results. -
Ahlibank Reports QR308.4M Net Profit for First Half of 2021
Business 13 THURSDAY 15 JULY 2021 TotalEnergies is proud of the history and strong ties between Qatar and France Our Headquarter is based in Paris but TotalEnergies is present in over 130 countries, and is one of the top five energy companies in the world. In Qatar, our employees and contractors come from more than 40 different nationalities. Matthieu Bouyer, Managing Director of TotalEnergies Business | 14 EP Qatar, and TotalEnergies Country Chair QSE 10,743.45 -38.73 (0.36%) FTSE 100 7,017.47 −135.96 (1.90%) DOW 33,427.27 −396.18 (1.17%) BRENT $73.46 (+0.39) Ahlibank reports QR308.4m net profit for first half of 2021 THE PENINSULA — DOHA Ahli Bank QPSC (ABQK) announced yesterday a net profit of QR308.4m for the first half of 2021, showing an increase of 4.7 percent over the same period last year. Commenting on the results, Hassan Ahmed AlEfrangi, Ahlibank’s CEO said: “The Bank achieved satisfactory results on the back of strong operating performance”. AlEfrangi added: “The Bank delivered another stable results with all key performance indicators showing positive trends. The Bank also success- fully completed two strategic initiatives The steady half yearly results of The Bank achieved satisfactory during the first six months of 2021. First was the Issuance of $300m Additional Ahlibank is in line with our track results on the back of strong Tier 1 Capital in the international record of delivering sustainable operating performance. The Bank markets at a coupon of 4 percent. And results. We continue to maintain delivered another stable results second was the successful completion high levels of stable and long with all key performance indicators A view of Ahli Bank head office. -
Nine Wins All Key Demos for 2019
NINE WINS ALL KEY DEMOS FOR 2019 • No. 1 Network All Key Demographics • No. 1 Network Total People • No. 1 Primary Channel All Key Demographics and Total People • No. 1 Commercial Free-to-air BVOD: 9Now • No. 1 Overall Program: State of Origin Game 1 • No. 1 Overall Regular Program: Married at First Sight • No. 1 New Program: LEGO Masters • No. 1 & No. 2 Reality Series: Married at First Sight & The Block • No. 1 & No. 2 & No. 3 Light Entertainment Series: Lego Masters, Australian Ninja Warrior & The Voice • No. 1 Comedy Program: Hamish & Andy’s “Perfect” Holiday • No. 1 Sports Program: State of Origin • No. 1 Weekly Public Affairs Program: 60 Minutes • No. 1 Daily Public Affairs Program: A Current Affair • No. 1 Multichannel Program: The Ashes (4th Test, Day 5, Session 1) With the official ratings survey period wrapping up overnight, Nine is celebrating its best ratings share performance of all time. Key to the network’s success is a year-round schedule of premium Australian content that has once again delivered proven consistency of audience across all advertiser-preferred demographics. It is this reliable slate of family-friendly programming that sees Nine crowned Australia’s No. 1 network for 2019 with the demographics most highly sought after – People 25-54, People 16-39 and Grocery Shoppers with Children. Nine’s primary channel also ranks as Australia’s most watched channel in 2019 with all key demographics. Furthermore, Nine also secured the greatest number of viewers (Total People) for both its primary channel and network share. Nine can also lay claim to the highest rating program of the year, with the first State of Origin game between NSW and Queensland securing a national linear broadcast average audience of 3.230 million viewers (Metro: 2.192 million/Regional: 1.038 million).