DOCSLIB.ORG

Annual Report on Form 20-F ANNUAL REPORT /2012 Annual Report on Form 20-F

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

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 29 3.6.3 International exploration 30 3.6.4 Fields under development internationally 32 3.6.4.1 North America 32 3.6.4.2 South America and sub-Saharan Africa 33 3.6.4.3 Middle East and North Africa 33 3.6.4.4 Europe and Asia 33 3.7 Marketing, Processing and Renewable Energy (MPR) 35 3.7.1 MPR overview 35 3.7.2 Natural Gas 35 3.7.2.1 Gas sales and marketing 36 3.7.2.2 The Norwegian gas transportation system 38 3.7.2.3 Processing 38 3.7.3 Crude oil, liquids and products 39 3.7.3.1 Marketing and trading 39 3.7.3.2 Processing and transportation 39 3.7.4 Processing and manufacturing 40 3.7.5 Renewable energy 42 3.8 Statoil Fuel & Retail 43 3.9 Other Group 44 3.9.1 Global Strategy and Business Development (GSB) 44 3.9.2 Technology, Projects and Drilling (TPD) 44 3.9.3 Corporate Staffs and Services 46 3.10 Significant subsidiaries 47 3.11 Production volumes and prices 48 3.11.1 Entitlement production 49 3.11.2 Production costs and sales prices 50 3.12 Proved oil and gas reserves 51 3.12.1 Development of reserves 54 3.12.2 Preparations of reserves estimates 55 3.12.3 Operational statistics 56 3.12.4 Delivery commitments 58 3.13 Applicable laws and regulations 59 3.13.1 The Norwegian licensing system 59 3.13.2 Gas sales and transportation 61 3.13.3 HSE regulation 61 3.13.4 Taxation of Statoil 62 3.13.5 The Norwegian State's participation 63 3.13.6 SDFI oil and gas marketing and sale 63 3.14 Property, plants and equipment 65 3.15 Related party transactions 65 3.16 Insurance 65 3.17 People and the group 66 3.17.1 Employees in Statoil 66 3.17.2 Equal opportunities 67 3.17.3 Unions and representatives 67 4 Financial review 68 4.1 Operating and financial review 2012 68 4.1.1 Sales volumes 68 4.1.2 Group profit and loss analysis 70 4.1.3 Segment performance and analysis 74 4.1.4 DPN profit and loss analysis 77 4.1.5 DPI profit and loss analysis 79 4.1.6 MPR profit and loss analysis 81 4.1.7 Other operations 83 4.1.8 Definitions of reported volumes 84 4.2 Liquidity and capital resources 85 4.2.1 Review of cash flows 85 4.2.2 Financial assets and liabilities 86 4.2.3 Investments 88 4.2.4 Impact of inflation 90 4.2.5 Principal contractual obligations 90 4.2.6 Off balance sheet arrangements 91 4.3 Accounting Standards (IFRS) 91 4.4 Non-GAAP measures 92 4.4.1 Return on average capital employed (ROACE) 92 4.4.2 Unit of production cost 93 4.4.3 Net debt to capital employed ratio 94 5 Risk review 95 5.1 Risk factors 95 5.1.1 Risks related to our business 95 5.1.2 Iran-related activity 100 5.1.3 Legal and regulatory risks 100 5.1.4 Risks related to state ownership 102 5.2 Risk management 103 5.2.1 Managing financial risk 103 5.2.2 Disclosures about market risk 105 5.3 Legal proceedings 105 6 Shareholder information 106 6.1 Dividend policy 108 6.1.1 Dividends 108 6.2 Shares purchased by issuer 110 6.2.1 Statoil's share savings plan 110 6.3 Information and communications 111 6.3.1 Investor contact 111 6.4 Market and market prices 112 6.4.1 Share prices 112 6.4.2 Statoil ADR programme fees 113 6.5 Taxation 115 6.6 Exchange controls and limitations 119 6.7 Exchange rates 119 6.8 Major shareholders 120 7 Corporate governance 122 7.1 Articles of association 122 7.2 Ethics Code of Conduct 124 7.3 General meeting of shareholders 125 7.4 Nomination committee 127 7.5 Corporate assembly 127 7.6 Board of directors 130 7.6.1 Audit committee 134 7.6.2 Compensation committee 135 7.6.3 HSE and ethics committee 135 7.7 Compliance with NYSE listing rules 136 7.8 Management 137 7.9 Compensation paid to governing bodies 141 7.10 Share ownership 147 7.11 Independent auditor 148 7.12 Controls and procedures 150 8 Consolidated financial statements Statoil 151 8.1 Notes to the Consolidated financial statements 156 8.1.1 Organisation 156 8.1.2 Significant accounting policies 156 8.1.3 Change in accounting policy 165 8.1.4 Segments 166 8.1.5 Acquisitions and dispositions 170 8.1.6 Financial risk management 172 8.1.7 Remuneration 175 8.1.8 Other expenses 176 8.1.9 Financial items 176 8.1.10 Income taxes 177 8.1.11 Earnings per share 179 8.1.12 Property, plant and equipment 180 8.1.13 Intangible assets 182 8.1.14 Non-current financial assets and prepayments 183 8.1.15 Inventories 184 8.1.16 Trade and other receivables 184 8.1.17 Current financial investments 184 8.1.18 Cash and cash equivalents 185 8.1.19 Shareholders' equity 185 8.1.20 Bonds, bank loans and finance lease liabilities 185 8.1.21 Pensions 187 8.1.22 Provisions 192 8.1.23 Trade and other payables 193 8.1.24 Bonds, bank loans, commercial papers and collateral liabilities 193 8.1.25 Leases 193 8.1.26 Other commitments and contingencies 194 8.1.27 Related parties 195 8.1.28 Financial instruments: fair value measurement and sensitivity analysis of market risk 196 8.1.29 Condensed consolidating financial information related to guaranteed debt securities 202 8.1.30 Supplementary oil and gas information (unaudited) 208 8.2 Report of Independent Registered Public Accounting firm 218 8.2.1 Report of Independent Registered Public Accounting Firm 218 8.2.2 Report of Independent Registered Public Accounting Firm 219 8.2.3 Report of KPMG on Statoil's internal control over financial reporting 220 9 Terms and definitions 221 10 Forward looking statements 224 11 Signature page 225 12 Exhibits 226 13 Cross reference to Form 20-F 227 Cover Page UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 20-F (Mark One) REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2012 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ OR SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report _________ Commission file number 1-15200 Statoil ASA (Exact Name of Registrant as Specified in Its Charter) N/A (Translation of Registrant’s Name Into English) Norway (Jurisdiction of Incorporation or Organization) Forusbeen 50, N-4035, Stavanger, Norway (Address of Principal Executive Offices) Torgrim Reitan Chief Financial Officer Statoil ASA Forusbeen 50, N-4035 Stavanger, Norway Telephone No.: 011-47-5199-0000 Fax No.: 011-47-5199-0050 (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Securities registered or to be registered pursuant to Section 12(b) of the Act: Title of Each Class Name of Each Exchange On Which Registered American Depositary Shares New York Stock Exchange Ordinary shares, nominal value of NOK 2.50 each New York Stock Exchange* *Listed, not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission Securities registered or to be registered pursuant to Section 12(g) of the Act: None Statoil, Annual report on Form 20-F 2012 1 Document last updated 21-03-2013 18:38 CET Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.
Recommended publications
  • Executive Summary

    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.
  • Annual Report 2019 DIRECTORS’ CORPORATE FINANCIAL 2 YEAR 2019 REPORT GOVERNANCE STATEMENTS HOME

    Annual Report 2019 DIRECTORS’ CORPORATE FINANCIAL 2 YEAR 2019 REPORT GOVERNANCE STATEMENTS HOME

    DIRECTORS’ CORPORATE FINANCIAL YEAR 2019 REPORT GOVERNANCE STATEMENTS HOME Annual report 2019 DIRECTORS’ CORPORATE FINANCIAL 2 YEAR 2019 REPORT GOVERNANCE STATEMENTS HOME Gassco secures energy supplies GASSCO ANNUAL REPORT 2019 DIRECTORS’ CORPORATE FINANCIAL 3 YEAR 2019 REPORT GOVERNANCE STATEMENTS HOME FRODE LEVERSUND President and CEO Norwegian gas in a time of change Gassco secures energy supplies for Europe. We do this together with and on behalf of many important players on the Norwegian continental shelf (NCS). Safe, reliable and efficient operation is always our priority, and safety always comes first. It is gratifying to note that virtually all HSE indicators moved in the right direction during 2019. An absence of gas leaks provides an important example of this. We also again achieved good gas deliveries from the NCS, providing some 107 billion standard cubic metres (scm) of natural gas to the UK and continental Europe. That nevertheless represented some reduction from 2018. One reason for this decline is that we implemented an extensive maintenance programme on the transport network during the year. That work safeguards the integrity and safety of our gas deliveries for the future. GASSCO ANNUAL REPORT 2019 DIRECTORS’ CORPORATE FINANCIAL 4 YEAR 2019 REPORT GOVERNANCE STATEMENTS HOME Engagement with the climate expanded The first gas infrastructure on the throughout Europe in 2019 and set the NCS was constructed 43 years ago. A agenda. The world population is growing well-functioning and ever more extensive and ever more energy is needed. At the transport system has grown up. This has same time, greenhouse gas (GHG) been crucial for Norway’s position as one emissions must be reduced.
  • Climate and Energy Benchmark in Oil and Gas Insights Report

    Climate and Energy Benchmark in Oil and Gas Insights Report

    Climate and Energy Benchmark in Oil and Gas Insights Report Partners XxxxContents Introduction 3 Five key findings 5 Key finding 1: Staying within 1.5°C means companies must 6 keep oil and gas in the ground Key finding 2: Smoke and mirrors: companies are deflecting 8 attention from their inaction and ineffective climate strategies Key finding 3: Greatest contributors to climate change show 11 limited recognition of emissions responsibility through targets and planning Key finding 4: Empty promises: companies’ capital 12 expenditure in low-carbon technologies not nearly enough Key finding 5:National oil companies: big emissions, 16 little transparency, virtually no accountability Ranking 19 Module Summaries 25 Module 1: Targets 25 Module 2: Material Investment 28 Module 3: Intangible Investment 31 Module 4: Sold Products 32 Module 5: Management 34 Module 6: Supplier Engagement 37 Module 7: Client Engagement 39 Module 8: Policy Engagement 41 Module 9: Business Model 43 CLIMATE AND ENERGY BENCHMARK IN OIL AND GAS - INSIGHTS REPORT 2 Introduction Our world needs a major decarbonisation and energy transformation to WBA’s Climate and Energy Benchmark measures and ranks the world’s prevent the climate crisis we’re facing and meet the Paris Agreement goal 100 most influential oil and gas companies on their low-carbon transition. of limiting global warming to 1.5°C. Without urgent climate action, we will The Oil and Gas Benchmark is the first comprehensive assessment experience more extreme weather events, rising sea levels and immense of companies in the oil and gas sector using the International Energy negative impacts on ecosystems.
  • Statoil ASA Statoil Petroleum AS

    Statoil ASA Statoil Petroleum AS

    Offering Circular A9.4.1.1 Statoil ASA (incorporated with limited liability in the Kingdom of Norway) Notes issued under the programme may be unconditionally and irrevocably guaranteed by Statoil Petroleum AS (incorporated with limited liability in the Kingdom of Norway) €20,000,000,000 Euro Medium Term Note Programme On 21 March 1997, Statoil ASA (the Issuer) entered into a Euro Medium Term Note Programme (the Programme) and issued an Offering Circular on that date describing the Programme. The Programme has been subsequently amended and updated. This Offering Circular supersedes any previous dated offering circulars. Any Notes (as defined below) issued under the Programme on or after the date of this Offering Circular are issued subject to the provisions described herein. This does not affect any Notes issued prior to the date hereof. Under this Programme, Statoil ASA may from time to time issue notes (the Notes) denominated in any currency agreed between the Issuer and the relevant Dealer (as defined below). The Notes may be issued in bearer form or in uncertificated book entry form (VPS Notes) settled through the Norwegian Central Securities Depositary, Verdipapirsentralen ASA (the VPS). The maximum aggregate nominal amount of all Notes from time to time outstanding will not exceed €20,000,000,000 (or its equivalent in other currencies calculated as described herein). The payments of all amounts due in respect of the Notes issued by the Issuer may be unconditionally and irrevocably guaranteed by Statoil A6.1 Petroleum AS (the Guarantor). The Notes may be issued on a continuing basis to one or more of the Dealers specified on page 6 and any additional Dealer appointed under the Programme from time to time, which appointment may be for a specific issue or on an ongoing basis (each a Dealer and together the Dealers).
  • Sak 1: Mål Og Indikatorer for Måloppnåelse Og Effektiv Drift I

    Sak 1: Mål Og Indikatorer for Måloppnåelse Og Effektiv Drift I

    Sak 1: Mål og indikatorer for måloppnåelse og effektiv drift i heleide selskaper der staten har en samfunnsmessig begrunnelse eller et sektorpolitisk mål med eierskapet Målet med undersøkelsen har vært å vurdere om heleide selskaper der staten har en samfunnsmessig begrunnelse for eller et sektorpolitisk mål med eierskapet, benytter mål og indikatorer for måloppnåelse og effektiv drift og rapporterer med bakgrunn i disse. Videre er det vurdert i hvilken grad departementene følger opp og vurderer samfunnsmessige effekter eller sektorpolitisk måloppnåelse og effektiv drift i selskapene. Som eier skal staten utarbeide et tydelig mål for eierskapet, fastsette vedtekter og velge styre, samt følge opp statens forventninger. Staten kan også benytte virkemidler som sektorspesifikk lovgivning, konsesjoner, statlige tilsyn og finansielle virkemidler som tilskudd, kjøp av tjenester og brukerfinansiering. Valg av styringsvirkemidler og selskapsform setter rammer for selskapets virksomhet og for statens eieroppfølging. Selskapets styre skal utarbeide klare mål og strategier innenfor rammene av selskapets vedtekter og rapportere om oppnåelse av disse til eier. Flere av Riksrevisjonens tidligere undersøkelser har vist at staten i liten grad benytter eierdialogen til å følge opp de samfunnsmessige effektene eller den sektorpolitiske måloppnåelsen som ligger til grunn for eierskapet. Undersøkelsene har også vist at det er behov for å styrke selskapenes arbeid med å fastsette mål og indikatorer som gjør det mulig å vurdere måloppnåelse og effektiv drift. Studier foretatt av blant annet Sørensen og Rattsø og Direktoratet for forvaltning og IKT har pekt på lignende utfordringer. For å tydeliggjøre statens mål med eierskapet i det enkelte selskap har den statlige selskapsporteføljen siden 2006 vært inndelt i fire kategorier.
  • 2015/1861 of 18 October 2015 Amending Regulation (EU) No 267/2012 Concerning Restrictive Measures Against Iran

    2015/1861 of 18 October 2015 Amending Regulation (EU) No 267/2012 Concerning Restrictive Measures Against Iran

    18.10.2015 EN Official Journal of the European Union L 274/1 II (Non-legislative acts) REGULATIONS COUNCIL REGULATION (EU) 2015/1861 of 18 October 2015 amending Regulation (EU) No 267/2012 concerning restrictive measures against Iran THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty on the Functioning of the European Union, and in particular Article 215 thereof, Having regard to Council Decision 2010/413/CFSP of 26 July 2010 concerning restrictive measures against Iran and repealing Common Position 2007/140/CFSP (1), Having regard to the joint proposal of the High Representative of the Union for Foreign Affairs and Security Policy and of the European Commission, Whereas: (1) Council Regulation (EU) No 267/2012 (2) gives effect to the measures provided for in Decision 2010/413/CFSP. (2) On 18 October 2015, the Council adopted Decision (CFSP) 2015/1863 (3) amending Decision 2010/413/CFSP, providing for certain measures in accordance with United Nations Security Council Resolution (UNSCR) 2231 (2015) endorsing the Joint Comprehensive Plan of Action of 14 July 2015 (‘JCPOA’) on the Iran nuclear issue and providing for actions to take place in accordance with the JCPOA. (3) UNSCR 2231 (2015) determines that upon verification by the International Atomic Energy Agency (IAEA) of the implementation of Iran's nuclear-related commitments as set out in the JCPOA, the provisions of UNSCRs 1696 (2006), 1737 (2006), 1747 (2007), 1803 (2008), 1835 (2008), 1929 (2010) and 2224 (2015) are to be terminated. (4) UNSCR 2231 (2015) further determines that States are to comply with the relevant provisions contained in Annex B to UNSCR 2231 (2015) aimed at promoting transparency and creating an atmosphere conducive to the full implementation of the JCPOA.
  • GCC Oil Exporters and the Future of the Dollar Forthcoming in New Political Economy

    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.
  • Water-In-Oil Emulsions Through Porous Media and the Effect

    Water-In-Oil Emulsions Through Porous Media and the Effect

    processes Brief Report Water-In-Oil Emulsions through Porous Media and the Effect of Surfactants: Theoretical Approaches Josue F. Perez-Sanchez 1,2 , Nancy P. Diaz-Zavala 1 , Susana Gonzalez-Santana 3, Elena F. Izquierdo-Kulich 3 and Edgardo J. Suarez-Dominguez 2,* 1 Centro de Investigación en Petroquímica, Instituto Tecnológico de Ciudad Madero-Tecnológico Nacional de México, Altamira, Tamaulipas 89600, Mexico; [email protected] (J.P.-S.); [email protected] (N.D.-Z.) 2 Facultad de Arquitectura, Diseño y Urbanismo, Universidad Autónoma de Tamaulipas, Tampico, Tamaulipas 89000, Mexico 3 Departamento de Química-Física, Facultad de Química, Universidad de la Habana, La Habana 10400, Cuba; [email protected] (S.G.-S.); [email protected] (E.I.-K.) * Correspondence: [email protected]; Tel.: +528332412000 (ext. 3586) Received: 14 August 2019; Accepted: 9 September 2019; Published: 12 September 2019 Abstract: The most complex components in heavy crude oils tend to form aggregates that constitute the dispersed phase in these fluids, showing the high viscosity values that characterize them. Water-in-oil (W/O) emulsions are affected by the presence and concentration of this phase in crude oil. In this paper, a theoretical study based on computational chemistry was carried out to determine the molecular interaction energies between paraffin–asphaltenes–water and four surfactant molecules to predict their effect in W/O emulsions and the theoretical influence on the pressure drop behavior for fluids that move through porous media. The mathematical model determined a typical behavior of the fluid when the parameters of the system are changed (pore size, particle size, dispersed phase fraction in the fluid, and stratified fluid) and the viscosity model determined that two of the surfactant molecules are suitable for applications in the destabilization of W/O emulsions.
  • Anatomy of the 10-Year Cycle in Crude Oil Prices Philip K. Verleger

    Anatomy of the 10-Year Cycle in Crude Oil Prices Philip K. Verleger

    Anatomy of the 10-Year Cycle in Crude Oil Prices Philip K. Verleger, Jr. David Mitchell/EnCana Professor of Strategy and International Management Haskayne School of Business University of Calgary, Calgary, Alberta, Canada March 2009 John Wiley & Sons published Twilight in the Desert in 2005. The book’s author, Mat- thew Simmons, contends the world will confront very high and rising oil prices shortly because the capacity of Saudi Arabia, the world’s largest oil producer, is insufficient to meet the future needs of oil consumers. In 448 pages, Simmons extensively discusses his views regarding Saudi Arabia’s future production levels. He asserts that the Saudis have refused to provide details about their reserves, insinuating at several points that the Kingdom’s leaders withhold information to keep the truth from the public. At its core, Simmons’ book is no more than a long exposition of the peak oil theory first espoused by King Hubbert in 1956. Hubbert, it may be recalled, studied the pattern of discovery of super giant oil fields. His review led him to conclude that world productive capacity would peak and then begin to decline. In 1974, Hubbert suggested the global zenith would occur around 1995. Simmons and other adherents to the “peak oil theory” enjoyed great prominence in the first half of 2008. Again and again, one read or heard that the oil price rise was occurring be- cause the flow from world oil reserves had reached or was approaching the maximum while de- mand was still growing. Here’s what one economist wrote just as prices peaked: Until this decade, the capacity to supply oil had been growing just as fast as de- mand, leaving plenty of room to expand production at the first sign of rising pric- es.
  • U.S.-Canada Cross- Border Petroleum Trade

    U.S.-Canada Cross- Border Petroleum Trade

    U.S.-Canada Cross- Border Petroleum Trade: An Assessment of Energy Security and Economic Benefits March 2021 Submitted to: American Petroleum Institute 200 Massachusetts Ave NW Suite 1100, Washington, DC 20001 Submitted by: Kevin DeCorla-Souza ICF Resources L.L.C. 9300 Lee Hwy Fairfax, VA 22031 U.S.-Canada Cross-Border Petroleum Trade: An Assessment of Energy Security and Economic Benefits This report was commissioned by the American Petroleum Institute (API) 2 U.S.-Canada Cross-Border Petroleum Trade: An Assessment of Energy Security and Economic Benefits Table of Contents I. Executive Summary ...................................................................................................... 4 II. Introduction ................................................................................................................... 6 III. Overview of U.S.-Canada Petroleum Trade ................................................................. 7 U.S.-Canada Petroleum Trade Volumes Have Surged ........................................................... 7 Petroleum Is a Major Component of Total U.S.-Canada Bilateral Trade ................................. 8 IV. North American Oil Production and Refining Markets Integration ...........................10 U.S.-Canada Oil Trade Reduces North American Dependence on Overseas Crude Oil Imports ..................................................................................................................................10 Cross-Border Pipelines Facilitate U.S.-Canada Oil Market Integration...................................14
  • Russian – Norwegian Oil & Gas Industry Cooperation in the High North

    Russian – Norwegian Oil & Gas Industry Cooperation in the High North

    Russian – Norwegian Oil & Gas industry cooperation in the High North Logistics and Transport - Report 31st of October 2014 The Core Team: Introduction by INTSOK To develop the High North as a new energy province, we must have the necessary technology to operate in vulnerable Arctic areas. The Russian – Norwegian oil and gas industry cooperation in the High North project (RU-NO Barents Project) is the largest project INTSOK has ever undertaken in any market worldwide. The scope of the RU-NO Barents project, as a strategic project for both countries, is illustrated by the participation of both government and industry from both countries, thus being a part of the official Norwegian – Russian Energy Dialogue. The main objective of the RU-NO Barents Project is, through industry cooperation and knowledge of Arctic technology needs, to contribute to the growth of the Russian and Norwegian industry participation in future petroleum endeavors in the High North. Acting on this objective, INTSOK has mobilized the industry to: Assess common technology challenges Russia and Norway face in the development of the High North Analyze existing technologies, methods and best practice Russian and Norwegian industry can offer for the High North today Based on the above: Visualize the need for innovation and technology development the industry in our two countries needs to overcome Promote stronger industrial links between our two countries It is envisaged that the RU-NO Barents project will benefit the industry, supporting their strategic decisions/direction for increased participation in field developments in the High North. The RU-NO Barents Project will also be an important arena to promote and ascertain their level of commitment given to innovation and technology development, forging stronger industry links and partnerships across the border to face our common oil and gas technology challenges of the High North and preparing the industry to meet and overcome these challenges.
  • STATENS EIERBERETNING 2007 Innhold

    STATENS EIERBERETNING 2007 Innhold

    STATENS EIERBERETNING 2007 Innhold Statens eierberetning for 2007 omfatter 52 selskaper der staten er eier og hvor dette eierskapet forvaltes direkte av departementene. Beretningen omfatter de selskapene hvor staten som eier i hovedsak har forretningsmessige mål og de mest sentrale selskapene med sektorpolitiske mål. SIDE SIDE SIDE Statens eierberetning 2007 3 KATEGORI 2 KATEGORI 4 Statsrådens forord 4 Selskaper med forretnings- Selskaper med sektorpolitiske mål Året 2007 for staten som eier 6 messige mål og nasjonal Avinor AS 74 Avkastning og verdier 12 forankring av hovedkontor Bjørnøen AS 75 Selskapenes økonomiske utvikling 20 Cermaq ASA 55 Enova SF 76 Andre forhold 27 DnB NOR ASA 56 Gassco AS 77 Statens eierforvaltning 33 Kongsberg Gruppen ASA 57 Itas amb AS 78 Eksterne bidrag Nammo AS 58 Kings Bay AS 79 – StatoilHydro: Et slagkraftig Norsk Hydro ASA 59 Kompetansesenter for IT i nytt selskap 36 StatoilHydro ASA 60 helse- og sosialsektoren AS 80 – Kongsberg Gruppens arbeid Telenor ASA 61 Norsk Eiendomsinformasjon AS 81 med samfunnsansvar 38 Yara International ASA 62 Norsk Rikskringkasting AS 82 – Eierstyring og bedriftsøkonomi Aker Holding AS1 63 Norsk Samfunnsvitenskapelig utenfor Oslo Børs 40 datatjeneste AS 83 Norsk Tipping AS 84 Petoro AS 85 KATEGORI 3 Simula Research Laboratory AS 86 KATEGORI 1 Selskaper med forretnings- SIVA SF 87 Selskaper med forretnings- messige mål og andre spesifikt Statnett SF 88 messige mål definerte mål Statskog SF 89 Argentum Fondsinvesteringer AS 46 BaneTele AS 64 Uninett AS 90 Baneservice AS 47 Electronic