DOCSLIB.ORG

Statoil-Annual-Report-2005.Pdf

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Statoil-Annual-Report-2005.Pdf icy seas burning deserts Annual report and accounts 2005 On course towards new goals A liquefi ed natural gas carrier in open seas provides a good illustration of the way we have expanded the scope of our activities. From producing and selling Norwegian gas to European customers, we are now also a player in the transatlantic market. This vessel and its wide horizon is also a metaphor for a group experiencing strong international growth. We are currently represented in 33 countries, and our non-Norwegian oil and gas production grew by 60% in 2005. That makes our internationalisation a natural theme in this annual report. Many of the challenges we face will not be solved by good profi ts alone. The way we achieve our fi nancial results is just as important as the results themselves. As a consequence, this annual report and our report on sustainable development – which are published concurrently – contain a good deal of information about the way we are creating a value-based performance culture in a group which is undergoing rapid international expansion. Key fi gures INCOME CASH FLOW RETURN NOK billion NOK billion Per cent 100 60 30 90 50 25 80 70 40 20 60 50 30 15 40 20 10 30 20 10 5 10 2001 2002 2003 2004 2005 2001 2002 2003 2004 2005 2001 2002 2003 2004 2005 Income before financial items, other items, Cash flow used Return on average capital income taxes and minority interest in investing activities employed after tax Net income Cash flow provided by operating activities OIL PRODUCTION/PRICE GAS PRODUCTION/PRICE PROVED OIL/GAS RESERVES NOK/scm 1,000 boe per day USD/barrel 1,000 bbls per day Million boe 60 800 1.75 500 5,000 450 700 50 1.50 400 4,000 600 1.25 350 40 500 300 3,000 1.00 30 400 250 0.75 300 200 2,000 20 150 0.50 200 100 1,000 10 100 0.25 50 2001 2002 2003 2004 2005 2001 2002 2003 2004 2005 2001 2002 2003 2004 2005 Entitlement oil production Sales equity gas production Natural gas Average oil price Brent Blend Average gas price Oil and NGL CARBON DIOXIDE (CO2) TOTAL RECORDABLE INJURY FREQUENCY SERIOUS INCIDENT FREQUENCY Million tonnes 14 8 12 12 10 6 10 8 8 6 4 6 4 4 2 2 2 0 -2 2001 2002 20032004 2005 20012002 2003 2004 2005 2001 2002 2003 2004 2005 Number of total recordable injuries Number of serious incidents CO2 reductions made through measures per million working hours per million working hours implemented between 1997 and 2005 for Statoil operations Total CO2 emissions from Statoil operations USGAAP – – Hovedtall Financial highlights 20042005 20032004 20022003 20012002 20002001 FinansielleFinancial information data (i millioner (NOK kroner) million) DriftsinntekterTotal revenues 393,298306 218 249306,218 375 243249,375 814 236243,814 961 230236,961 425 ResultatIncome before før finans, financial andre items, poster, other skatt items, og minoritetsinteresser income taxes 65 107 48 916 43 102 56 154 59 991 Åretsand minority resultat interest 95,09624 916 1665,107 554 1648,916 846 1743,102 245 1656,154 153 KontantstrømNet income fra operasjonelle aktiviteter 30,73038 807 3024,916 797 2416,554 023 3916,846 173 5617,245 752 KontantstrømCash flow provided benyttet by operatingtil investeringsaktiviteter activities 56,25031 959 2338,807 198 1630,797 756 1224,023 838 1639,173 014 RentebærendeCash flow used gjeld in investing activities 37,66436 189 3731,959 278 3723,198 128 4116,756 795 3612,838 982 NettoInterest-bearing rentebærende debt gjeld 34,19820 326 2036,189 906 2337,278 592 3437,128 077 2341,795 379 GjeldsgradNet interest-bearing debt 19,49219,0% 20,32622,6% 20,906 28,7% 23,592 39,0% 34,077 25,0% AvkastningNet debt to på capital gjennomsnittlig employed sysselsatt kapital etter skatt 23,5%15.3% 18,7%19.0% 14,9%22.6% 19,9%28.7% 18,7%39.0% Return on average capital employed after tax 27.6% 23.5% 18.7% 14.9% 19.9% Operasjonelle data Olje-Operational og naturgassproduksjon information (tusen fat o.e./dag) 1 106 1 080 1 074 1 007 1 003 SikreCombined olje- ogoil andnaturgassreserver gas production (millioner (thousand fat boe/day) o.e.) 1,1694 289 41,106 264 41,080 267 41,074 277 41,007 317 Proved oil and gas reserves (million boe) 4,295 4,289 4,264 4,267 4,277 Produksjonskostnader (USD/fat) 3,5 3,2 3,0 2,8 3,0 Funn-Production og utviklingskostnader cost (NOK/boe) (USD/fat) (3-års gjennomsnitt) 22.28,5 23.35,9 22.4 6,2 9,1* 8,2* ReserveerstatningsrateReserve replacement ratio (3-års (three-year gjennomsnitt) average) 1,011.02 0,951.01 0,780.95 0,680.78 0,860.68 AksjeinformasjonShare information (i (in kroner, NOK, unntattexcept numberantall aksjer) of shares) ResultatNet income per peraksje share 11,5014.19 11.507,64 7,787.64 8,317.78 8,188.31 AksjekursShare price Oslo at OsloBørs Stock31. desember Exchange 31 December 155.0095,00 74,7595.00 58,5074.75 61,5058.50 61.50 - VektetWeighted gjennomsnittlig average number antall of utestående ordinary aksjer 2 166 142 636 2 166 143 693 2 165 422 239 2 076 180 942 1 975 885 600 shares outstanding 2,165,740,054 2,166,142,636 2,166,143,693 2,165,422,239 2,076,180,942 (1) Engangseffekter gjelder spesielle effekter knyttet til fjerningsfordelingsloven, salgsgevinster, nedskrivninger og avsetninger. Se «Ledelsens finansielle analyse». * Follow-up changed from USD/boe to NOK/boe. NettoNet interest-bearing rentebærende gjeld debt = ProduksjonskostnaderProduction costs per barrel per fat oil o.e. = virksomhet.boilers, furnaces, Totalt engines, CO2-utslipp flares, omfatter drilling of BruttoGross interest-bearing rentebærende gjeld debt fratrukket less cash andbetal- Driftskostnaderequivalent= forbundet med produk- alleexploration utslippskilder and production som turbiner, wells kjeler, and well ingsmidlercash equivalents. og kortsiktige investeringer. sjonenOperating av oljeexpenses og naturgass, associated dividert with pro- med ovner,testing/workovers. motorer, fakler, Reductions boring av in lete- emissions og samletduction produksjon of oil and natural (løfting) gas dividedav olje ogby total produksjonsbrønnerare accumulated for the og period 1997-2005. GjeldsgradNet debt to = capital employed = naturgass.production (lifting) of oil and natural gas. brønntesting/brønnopprenskning. ForholdetThe relationship mellom between netto rentebærende net interest- OppnåddeTotal recordable reduksjoner injury i frequencyutslippene er= gjeldbearing og debt sysselsatt and capital kapital. employed. Funn-Reserve og replacement utviklingskostnader ratio = = akkumulertThe number forof total perioden recordable 1997-2004. injuries per BeregnesAdditions tout provedfra nye reserves,sikre reserver, including million working hours. Employees of Statoil GjennomsnittligAverage capital employedsysselsatt = kapital = eksklusivacquisitions kjøp and og disposals, salg av reserver. divided by volu- Personskadefrekvensand its contractors are included.= Definitions GjennomsnittAverage of the av capital kapitalen employed som er at syssel- the mes produced. Antall personskader per million arbeids- Definisjoner sattbeginning ved begynnelsen and end of the og accounting slutten av period. Reserveerstatningsrate = timer.Serious Statoil-ansatte incident frequency og leverandører = er regnskapsperioden.Capital employed is net Sysselsatt interest-bearing kapital er TilgangBarrel of av oil nye equivalent sikre reserver, (boe) inkludert = kjøp inkludert.The number of incidents of a very serious nettodebt plus rentebærende shareholders’ gjeld equity pluss and egenkapital ogOil salg,and gas dividert volumes med expressed produserte as areserver. common nature per million working hours. An incident ogminority minoritetsinteresser. interest. unit of measurement. One boe is equal to Alvorligis an event hendelsesfrekvens or chain of events which = has Oljeekvivalentone barrel of crude, (o.e.) or =159 standard cubic Antallcaused uønskede or could have hendelser caused med injury, stor illness alvor- AvkastningReturn on average på gjennomsnittlig capital employed Oljemetres og gassof gas. omregnet til felles måleenhet. lighetsgradand/or damage per to/loss million of arbeidstimer. property, the En sysselsattafter tax = kapital etter skatt = 1 fat oljeekvivalent er lik 1 fat råolje eller uønsketenvironment hendelse or a third er en party. hendelse eller et ÅretsNet income resultat plus pluss minority minoritetsinteresser interest and net og 159Carbon standard dioxide kubikkmeter (CO2) = naturgass. hendelsesforløp som har forårsaket eller nettofinancial finanskostnader expenses after etter tax as skatt a percentage i prosent Carbon dioxide emissions from Statoil ope- kunne ha forårsaket personskade, sykdom avof capitalgjennomsnittlig employed. sysselsatt kapital. Karbondioksidrations embrace (CO all sources2) = such as turbines, og/eller skade på/tap av materiell, skade Karbondioksidutslipp fra Statoil-operert på miljøet eller tredjepart. Contents Our future International value creation by chief executive Helge Lund 3 Statoil’s strategy 4 The Statoil group 6 Topic: From Barents cold to African heat 8 Our operations Overview of our business 14 Exploration & Production Norway 18 International Exploration & Production 21 Natural Gas 24 Manufacturing & Marketing 26 Technology & Projects 28 People and society 32 The environment 37 Our results Directors’ report 2005 42 The corporate executive committee 52 Corporate governance 54 Shares and shareholder matters 60 Operating and fi nancial review and prospects 62 The Statoil group - USGAAP 93 Auditors’ report 132 Proved reserves report 133 HSE accounting for 2005 134 General information 142 Articles of association for Statoil ASA 143 In addition to this report we publish the sustainability report, the fi nancial statements according to the Norwegian accounting principles and the 20-F report as specifi ed by the US Securities and Exchange Commission. Read more about these reports on page 144. STATOIL ANNUAL REPORT AND ACCOUNTS 2005 1 2 STATOIL ANNUAL REPORT AND ACCOUNTS 2005 Our future International value creation by chief executive Helge Lund We have never been better positioned, either industrially or fi nancially, after presenting a profi t for fi scal 2005 which represents our best-ever result.
Load more

Recommended publications
  • Executive Summary
    WHEN GUN POINT JOINS THE TRADE Executive Summary When Gun Point Joins The Trade (Ketika Moncong Senjata Ikut Berniaga) Military Business Involvement in Bojonegoro, Boven Digoel dan Poso RESEARCH TEAM COMMISSION FOR DISAPPEARANCES AND VICTIMS OF VIOLENCE (KONTRAS) 2004 1 EXECUTIVE SUMMARY KontraS Jl. Borobudur No. 14 Menteng Jakarta 10320 Indonesia Phone : +62 21 392 6983 fax : +62 21 392 6821 email : [email protected] web : www.kontras.org 2 Commission for Disappearances and Victims of Violence (KONTRAS) WHEN GUN POINT JOINS THE TRADE Kontras At A Glance KONTRAS, which was formed on 20 March 1998, is a task force established by a number of civil society organizations and community leaders. This task force was originally named KIP-HAM in 1996. As a commission whose work was to monitor Human Rights issues, KIP-HAM received many reports and inputs from the community, both victims’ community and others who dared to express their aspiration regarding human rights issues that took place in their regions. In the beginning, KIP-HAM only received reports through phone communication but the public gradually grew brave in delivering their reports directly to KIP-HAM secretariat. In several meetings with victims’ community, there was an idea to form an entity that deals specifically with cases of forced disappearances as a response to continuous violent practices that had claimed many victims. The idea was thrown in by one of the victims’ mothers named Ibu Tuti Koto. It was finally agreed that a commission would be established to deal with cases of disappearances and victims of violence under the name of Kontras.
    [Show full text]
  • Price Forecast June 30, 2015 Contents
    Resource Evaluation & Advisory Price forecast June 30, 2015 Contents Canadian price forecast 1 International price forecast 5 Global outlook 6 Western Canada royalty comparison 8 Pricing philosophy 11 Glossary 12 Canadian domestic price forecast Forecast commentary Andrew Botterill Senior Manager, Resource Evaluation & Advisory “Everything is in a state of fl ux, including status quo” - Robert Byrne As industry adjusts to the “new normal” we have analyzed This narrowing has been most notable on the heavy oil in our last two forecasts, activities in the energy sector side, where diff erentials have decreased more than 30 per are beginning to demonstrate a cautious, but optimistic cent compared with where they were in summer 2014. view of the future. While not anticipating $100 oil in the With greater than 60 per cent of Canadian production near term, these views show an expectation industry will being from oil sands (CAPP 2015 forecast report) the bring a more focused approach to North American oil narrowing of heavy diff erentials is welcome news to much development within the coming 12 to 18 months. of the sector. In recent weeks, the WTI to heavy diff erential has been narrower than we have seen recently as In recent weeks, Canadian-received oil prices have been production from some projects was shut-in due to wildfi res stronger relative to the beginning of the year, with daily in northern Alberta. The shut-in production has since been WTI settlements hovering around $60/bbl USD and brought back on-stream, which has slowed the narrowing Canadian Light settlements greater than $70/bbl CAD.
    [Show full text]
  • GCC Oil Exporters and the Future of the Dollar Forthcoming in New Political Economy
    Title: GCC Oil Exporters and the Future of the Dollar Forthcoming in New Political Economy Author: Bessma Momani- Assistant Professor University of Waterloo and Senior Fellow, Centre for International Governance and Innovation Bio: Dr. Bessma Momani is Assistant Professor at the University of Waterloo and a Senior Fellow at the Centre for International Governance and Innovation. Dr. Momani has written on the US Middle East Free Trade Area, Euro-Med initiative, economic integration of the GCC, EU-GCC free trade agreement, economic liberalization in Egypt, and extensively on the International Monetary Fund. In addition to three monographs, her articles have appeared in World Economics, International Journal, Review of International Political Economy, Review of International Organizations, World Economy, Global Society, Middle East Review of International Affairs, New Political Economy, Canadian Journal of Political Science, and Asian Affairs. Abstract: Since the early 1970s, the oil-exporting states of the Gulf Cooperation Council (GCC) led by Saudi Arabia, have played a key role in supporting the value of the US dollar by invoicing oil trade oil in dollars and by investing in US dollar reserves and securities. However, the United States‟ negative fiscal and current account positions have made many nervous about the sustainability of the US dollar as an international reserve currency. This article asks whether the GCC oil exporters will undermine the future of the dollar. Three factors are considered: the GCC‟s influence in changing the dollar-based invoicing of oil; emerging patterns in petrodollar recycling; and, the potential for diversification of GCC official reserves. The findings of this article suggest that despite some economic rationales in favour of loosening ties to the dollar, in the short term at least, the GCC will remain loyal to the dollar for political and security reasons.
    [Show full text]
  • The Price of Oil Risk
    The Price of Oil Risk Steven D. Baker,∗ Bryan R. Routledge,y [February 10, 2017] Abstract We solve a Pareto risk-sharing problem for two agents with heterogeneous re- cursive utility over two goods: oil, and a general consumption good. Using the optimal consumption allocation, we derive a pricing kernel and the price of oil and related futures contracts. This gives us insight into the dynamics of prices and risk premia. We compute portfolios that implement the optimal consumption policies, and demonstrate that large and variable open interest is a property of optimal risk-sharing. A numerical example of our model shows that rising open interest and falling oil risk premium are an outcome of the dynamic properties of the optimal risk sharing solution. ∗ McIntire School of Commerce, University of Virginia; [email protected]. y Tepper School of Business, Carnegie Mellon University; [email protected]. 1 Introduction The spot price of crude oil, and commodities in general, experienced a dramatic price increase in the summer of 2008. For oil, the spot price peaked in early July 2008 at $145.31 per barrel (see Figure 1). In real-terms, this price spike exceeded both of the OPEC price shocks of 1970's and has lasted much longer than the price spike at the time of the Iraq invasion of Kuwait in the summer of 1990. The run-up to the July 2008 price of oil begins around 2004. Buyuksahin, Haigh, Harris, Overdahl, and Robe (2011) and Hamilton and Wu (2014) identify a structural change in the behavior of oil prices around 2004.
    [Show full text]
  • Exploration and Production
    2006-2009 Triennium Work Report October 2009 WORKING COMMITTEE 1: EXPLORATION AND PRODUCTION Chair: Vladimir Yakushev Russia 1 TABLE OF CONTENTS Introduction SG 1.1 “Remaining conventional world gas resources and technological challenges for their development” report SG 1.2 “Difficult reservoirs and unconventional natural gas resources” report 2 INTRODUCTION Reliable natural gas supply becomes more and more important for world energy sector development. Especially this is visible in regions, where old and sophisticated gas infrastructure is a considerable part of regional industry and its stable work is necessary for successful economy development. In the same time such regions often are already poor by conventional gas reserves or have no more such reserves. And there is need for searching new sources of natural gas. This is challenge for exploration and production of natural gas requiring reviewing strategies of their development in near future. The most important questions are: how much gas still we can get from mature areas (and by what means), and how much gas we can get from difficult reservoirs and unconventional gas sources? From this point of view IGU Working Committee 1 (Exploration and Production of Natural Gas) has established for the triennium 2006-2009 two Study Groups: “Remaining conventional world gas resources and technological challenges for their development” and “Difficult reservoirs and unconventional natural gas resources”. The purposes for the first Group study were to make definition of such important term now using in gas industry like “mature area”, to show current situation with reserves and production in mature areas and forecast of future development, situation with modern technologies of produced gas monetization, Arctic gas prospects, special attention was paid to large Shtokman project.
    [Show full text]
  • The Impact of the U.S Fracking Boom on the Price of Oil and on Arab Oil Producers
    The Impact of the U.S Fracking Boom on the Price of Oil and on Arab Oil Producers Lutz Kilian University of Michigan CEPR Background ● Shale oil production became possible because of technological innovation (horizontal drilling, hydraulic fracturing (fracking), microseismic imaging). ● The rapid expansion of U.S. shale oil production was stimulated by the high price of conventional crude oil after 2003, which made this new technology competitive. ● Since then efficiency gains in shale oil production have lowered its cost, allowing continued production at much lower oil prices. ● Because the price of oil has remained low since 2015, shale oil producers are experiencing increased operating losses and financial stress. The Role of Refineries ● Crude oil is being consumed by refineries that turn crude oil into refined products such as gasoline, diesel, heating oil, jet fuel and heavy fuel oil. ● Not all refineries are alike. Their technical configuration determines which type of crude oil they can process. ● Changing an existing configuration is costly. The Refining Industry in Transition A few years ago, the global refining industry expected a growing shortage of light sweet crude oil worldwide: 1. Refiners along the Texas Gulf Coast invested in new technology that allowed them to become the world leader in processing heavier crudes. This allowed them to process lower priced crudes imported from Saudi Arabia, Venezuela and Mexico. 2. Refiners along the East Coast began to shut down existing refineries for light sweet crude oil in anticipation of a growing shortage of light sweet crude oil. The Glut That No One Saw Coming After 2010 shale oil was shipped in ever increasing quantities from the interior of the country to the U.S.
    [Show full text]
  • Königs-Und Fürstenhäuser Aktuelle Staatsführungen DYNASTIEN
    GESCHICHTE und politische Bildung STAATSOBERHÄUPTER (bis 2019) Dynastien Bedeutende Herrscher und Regierungschefs europ.Staaten seit dem Mittelalter Königs-und Fürstenhäuser Aktuelle Staatsführungen DYNASTIEN Römisches Reich Hl. Römisches Reich Fränkisches Reich Bayern Preussen Frankreich Spanien Portugal Belgien Liechtenstein Luxemburg Monaco Niederlande Italien Großbritannien Dänemark Norwegen Schweden Österreich Polen Tschechien Ungarn Bulgarien Rumänien Serbien Kroatien Griechenland Russland Türkei Vorderer Orient Mittel-und Ostasien DYNASTIEN und ihre Begründer RÖMISCHES REICH 489- 1 v.Chr Julier Altrömisches Patriziergeschlecht aus Alba Longa, Stammvater Iulus, Gaius Iulius Caesar Julisch-claudische Dynastie: Augustus, Tiberius, Caligula, Claudius, Nero 69- 96 n.Ch Flavier Röm. Herrschergeschlecht aus Latium drei römische Kaiser: Vespasian, Titus, Domitian 96- 180 Adoptivkaiser u. Antonionische Dynastie Nerva, Trajan, Hadrian, Antoninus Pius, Mark Aurel, Commodus 193- 235 Severer Aus Nordafrika stammend Septimius Severus, Caracalla, Macrinus, Elagabal, Severus Alexander 293- 364 Constantiner (2.flavische Dynastie) Begründer: Constantius Chlorus Constantinus I., Konstantin I. der Große u.a. 364- 392 Valentinianische Dynastie Valentinian I., Valens, Gratian, Valentinian II. 379- 457 Theodosianische Dynastie Theodosius I.der Große, Honorius, Valentinian III.... 457- 515 Thrakische Dynastie Leo I., Majorian, Anthemius, Leo II., Julius Nepos, Zeno, Anastasius I. 518- 610 Justinianische Dynastie Justin I.,Justinian I.,Justin II.,Tiberios
    [Show full text]
  • Enhancing the Resilience
    (Periodicals postage paid in Seattle, WA) TIME-DATED MATERIAL — DO NOT DELAY News Special Issue Learn a little Welcome to our about Norwegian Kunnskap er makt. Education Issue! meteorites – Francis Bacon Read more on page 3 Read more on page 8 – 18 Norwegian American Weekly Vol. 124 No. 7 February 22, 2013 Established May 17, 1889 • Formerly Western Viking and Nordisk Tidende $1.50 per copy News in brief Find more at blog.norway.com Enhancing the resilience News The Norwegian Government has Norges Bank decided to cancel all Guinea’s debt to Norway, which amounts governor calls for to around NOK 100 million a more resilient (USD 17.2 million). Minister of International Development economy in Heikki Eidsvoll Holmås commented, “In August last year, face of Europe’s we cancelled NOK 42 million of financial crisis Guinea’s debt to Norway. I am glad that we can now cancel the rest. This means that this West STAFF COMPILATION African country can now use Norwegian American Weekly more of its income on schools and public health services without the heavy burden of debt.” In his annual address on Feb. (Ministry of Foreign Affairs) 14, Central Bank governor Øystein Olsen argued for ways to enhance Culture the Norwegian economy in light of In most of Norway, schools Europe’s financial suffering. are closed the week of Feb. “Norway’s oil and gas re- 18 for the winter break. Many sources provide an economic base Norwegian families will head that few other countries enjoy. In- up to their cottage this weekend, come levels are among the highest to enjoy the peak of the skiing in the world and the people of Nor- Photo: Ståle Andersen / Norges Bank season.
    [Show full text]
  • Annual Report on Form 20-F ANNUAL REPORT /2012 Annual Report on Form 20-F
    ANNUAL REPORT /2012 Annual Report on Form 20-F ANNUAL REPORT /2012 Annual Report on Form 20-F The Annual Report on Form 20-F is our SEC filing for the fiscal year ended December 31, 2012, as submitted to the US Securities and Exchange Commission. The complete edition of our Annual Report is available online at www.statoil.com/2012 © Statoil 2013 STATOIL ASA BOX 8500 NO-4035 STAVANGER NORWAY TELEPHONE: +47 51 99 00 00 www.statoil.com Cover photo: Ole Jørgen Bratland Annual report on Form 20-F Cover Page 1 1 Introduction 3 1.1 About the report 3 1.2 Key figures and highlights 4 2 Strategy and market overview 5 2.1 Our business environment 5 2.1.1 Market overview 5 2.1.2 Oil prices and refining margins 6 2.1.3 Natural gas prices 6 2.2 Our corporate strategy 7 2.3 Our technology 9 2.4 Group outlook 10 3 Business overview 11 3.1 Our history 11 3.2 Our business 12 3.3 Our competitive position 12 3.4 Corporate structure 13 3.5 Development and Production Norway (DPN) 14 3.5.1 DPN overview 14 3.5.2 Fields in production on the NCS 15 3.5.2.1 Operations North 17 3.5.2.2 Operations North Sea West 18 3.5.2.3 Operations North Sea East 19 3.5.2.4 Operations South 19 3.5.2.5 Partner-operated fields 20 3.5.3 Exploration on the NCS 20 3.5.4 Fields under development on the NCS 22 3.5.5 Decommissioning on the NCS 23 3.6 Development and Production International (DPI) 24 3.6.1 DPI overview 24 3.6.2 International production 25 3.6.2.1 North America 27 3.6.2.2 South America and sub-Saharan Africa 28 3.6.2.3 Middle East and North Africa 29 3.6.2.4 Europe and Asia
    [Show full text]
  • Nordstream: an Economic and Market Analysis of the North European Pipeline Project
    Riley, Nordstream: An Economic and Market Analysis of the North European Pipeline Project Nordstream: An Economic and Market Analysis of the North European Pipeline Project Professor Dr. Alan Riley, City Law School, City University, London & Associate Research Fellow, Centre for European Policy Studies, Brussels. 1.0 Introduction Most of the critical discussion in relation to the Nordstream project have focussed upon environmental concerns for example, the construction of the pipelines through the WWII munitions dumps in the Gulf of Finland.1 This paper takes a different approach. It instead examines the underlying economics and market context in which Nordstream will operate. It argues that the cost of Nordstream is already substantially more expensive than land based pipelines and that the costs of building the pipeline are likely to grow.2 As a consequence if the German domestic market remains substantially closed to competition German consumers particularly will face very high prices for Nordstream sourced gas. However, this paper argues that consumers are likely to be offered relief as a result of competition created by EU gas market liberalisation. The paper then argues that rather than consumers facing economic damage, it will instead be the shareholders in Nordstream, Gazprom, Gasuunie, EON and BASF who are likely to suffer3 The impact of gas market liberalisation will be to permit cheaper land based piped gas from alternative sources, for instance from the new British gas hub to flow into Germany and the rest of Europe undercutting Nordstream sourced gas and forcing Nordstream to exit the market. 1 Lips, Possible Environmental` Impacts of the Nordstream Project (2007) Presentation at the Nordstream Project Conference, (February 2007) Vilnius.
    [Show full text]
  • Plain Language in the Norwegian Financial Services
    Plain Language Association International’s 11th conference Improving Customer Relationships September 21-23, 2017 University of Graz, Austria hosted by Klarsprache.at Copyright of this presentation belongs to the presenter www.plainlanguagenetwork.org Plain Language in the Norwegian financial sector Graz, 22nd September 2017 Gry Nergård, Consumer Policy Director www.finansnorge.no Introduction • Gry Nergård • Lawyer • Consumer Policy Director, Finance Norway • Former Norwegian Consumer Ombudsman www.finansnorge.no 3 Our members: • Finance Norway is the industry • Savings banks organisation for the financial • Commercial banks industry in Norway. • Life insurers • We represent about 240 financial • Non-life insurers companies with around 50,000 • Savings bank foundations employees. • Mortgage companies • Financial conglomerates • Other financial companies www.finansnorge.no Changes in the retirement pension system www.finansnorge.no The P-word www.finansnorge.no What is difficult? • Summer 2016: questionaire to 1000 consumers • Confirmed: • Economical terms are incomprehensible to most people. • In plain language: they are totaly not understandable! www.finansnorge.no Finance Norway’s Plain Language Project Main goals • Better information to consumers about retirement pension • Better choices – better pensions • Reduce capasity and costs in costumer relations • Better language culture in the companies • Reputation and trust www.finansnorge.no Working methode • Steering group • Working grpup • Bilateral cooperation between each company
    [Show full text]
  • The Impact of the Decline in Oil Prices on the Economics, Politics and Oil Industry of Venezuela
    THE IMPACT OF THE DECLINE IN OIL PRICES ON THE ECONOMICS, POLITICS AND OIL INDUSTRY OF VENEZUELA By Francisco Monaldi SEPTEMBER 2015 B | CHAPTER NAME ABOUT THE CENTER ON GLOBAL ENERGY POLICY The Center on Global Energy Policy provides independent, balanced, data-driven analysis to help policymakers navigate the complex world of energy. We approach energy as an economic, security, and environmental concern. And we draw on the resources of a world-class institution, faculty with real-world experience, and a location in the world’s finance and media capital. Visit us atenergypolicy. columbia.edu facebook.com/ColumbiaUEnergy twitter.com/ColumbiaUEnergy ABOUT THE SCHOOL OF INTERNATIONAL AND PUBLIC AFFAIRS SIPA’s mission is to empower people to serve the global public interest. Our goal is to foster economic growth, sustainable development, social progress, and democratic governance by educating public policy professionals, producing policy-related research, and conveying the results to the world. Based in New York City, with a student body that is 50 percent international and educational partners in cities around the world, SIPA is the most global of public policy schools. For more information, please visit www.sipa.columbia.edu THE IMPACT OF THE DECLINE IN OIL PRICES ON THE ECONOMICS, POLITICS AND OIL INDUSTRY OF VENEZUELA By Francisco Monaldi* SEPTEMBER 2015 *Francisco Monaldi is Baker Institute Fellow in Latin American Energy Policy and Adjunct Professor of Energy Economics at Rice University, Belfer Center Associate in Geopolitics of Energy at the Harvard Kennedy School, Professor at the Instituto de Estudios Superiores de Administracion (IESA) in Caracas, Venezuela, and Founding Director of IESA’s Center on Energy and the Environment.
    [Show full text]