Foreign Oil Research Articles

The Opec Oil Shock Crisis (1973): An Analysis

The OPEC Oil Embargo (1973) was precipitated by the Yom Kippur War. The United States was the first country to be sanctioned by Saudi Arabia, Libya, and other Arab countries on October 19, 1973 for its political and military support for Israel (particularly through the delivery of military equipment and arms, which played a key role in Israel's wars against neighboring countries). The 1973 Oil Embargo put a strain on a United States economy that had become increasingly reliant on foreign oil. The research is conducting to analyse the The Opec Oil Price Shock Crisis (1973) and Impact to United States of America. The objectivof this study is to examine the OPEC Oil Price Shock Crisis impact to United States of America. The concept of national interest is used to support the action of United States of America in solving the the crisis. The study is being carried out using a qualitative approach, including data gathered from secondary sources. The secondary data in this study also consists of printed and digital material gathered from articles and books. Findings of the study are several impacts that have a significant impact on the United States where it has already had an impact on the economy, politics and also the United States relationship with the OPEC organization. One of the obvious impacts is from an economic point of view. The U.S. economy undeniably experienced a downward trend during the oil crisis. It left no lasting impression, even more than a year on the United States. Not to forget the impact on U.S. politics. U.S. politics is seen as less stable and volatile after the oil crisis. But the United States Government is still able to work together to overcome this problem. Not to forget the impact on US relations and the OPEC Organization. The relationship between the two was seen to erode when the crisis began and in 1974 to 1975 witness their recovery phase but this crisis has taught the United States not to be too dependent on oil resources from foreign countries.

The Effect of Inflation, Indonesian Interest Rate and the Rupiah Exchange Rate on the Movement of the Indonesia Stock Exchange

This study aims to determine the effect of inflation, Indonesian interest rates, and the rupiah exchange rate simultaneously and partially on the movement of the Composite Stock Price Index on the Indonesia Stock Exchange (IDX). The theory and previous research that revealed that the IDX movement was influenced by several factors such as the global stock exchange index, the trend of foreign oil price movements, the trend of foreign gold prices, the exchange rate of the country's currency against other countries, interest rates and inflation that was happening in the country. country. In this study, the composite stock price index used is from January 1, 2016 to December 31, 2020. This study uses a causal form and quantitative data. In analyzing the data, the researcher used multiple regression analysis. The error rate used is 5 percent. The researcher also tested the classical assumptions before doing the regression analysis. All data analysis was performed using SPSS version 21 program. From the results of the analysis that has been carried out, it can be concluded that 1) The inflation rate, the Indonesian interest rate and the rupiah exchange rate simultaneously have a significant influence on the movement on the IDX as seen from the calculation significance value of 0.000 which is less than the research significance of 0.05 . 2) Partially, inflation has a significant effect on the IDX based on the calculation significance value of 0.021 which is smaller than the research significance value of 0.05. 3) Partially, the Indonesian interest rate has a significant influence on the movement of the IDX as seen from the calculation significance value of 0.018 which is smaller than the research significance value of 0.05. 4) Partially the rupiah exchange rate has a significant influence on the movement of the IDX with the results of the calculation of the significance value of 0.036 which is less than the significance value of 0.05. 5) The coefficient of determination (Adjusted R2) is 0.405, which means that 40.5 percent of the IDX can be explained by the three independent variables, namely the inflation rate, the Indonesian interest rate and the rupiah exchange rate simultaneously and the rest is explained by other factors outside the research variables.

Fields and directions for shale gas exploration in China

China is highly dependent on foreign oil and gas, and the exploration and exploitation of shale gas is an important way to alleviate the energy and environmental pressure of China. Although a series of significant progress has been made in a short time, China is still at the crossroads of shale gas exploration direction. Therefore, this paper systematically reviews the particularity of shale gas geological conditions in China, and points out China's exploration direction of shale gas in different fields combined with the research achievements of shale gas accumulation mechanism. The following results were obtained. (1) China's shale gas exploration fields can be divided into three major parts, i.e., marine, continental and marine–continental transitional facies. The geological characteristics of shale gas in North China, Yangtze and Tarim plates are different. The interaction of multiple factors, including tectonic and sedimentary evolution, shale gas accumulation, late-stage transformation and etc., has led the complexity of the geological distribution and the diversity of exploration fields of shale gas in China. (2) The organic pores and fractures of marine shale are developed. The Ordovician Wufeng-Silurian Longmaxi Formation will still be the primary target of shale gas exploration in future. Meanwhile, the Cambrian Niutitang and Sinian Doushantuo Formation in the Yangtze region, the Devonian Luofu and Carboniferous Jiusi Formation in the Yunnan-Guizhou-Guangxi region, the Jixianian Hongshuizhuang and Mesoproterozoic Xiamaling Formation will be the targets of strategic breakthrough in shale gas exploration. (3) The structural deep and slope of middle-large basins and the sedimentation centers of small-middle basins are the main directions of continental shale gas exploration. Inter-laminar cracks and intergranular pores are well developed in continental shale. The coupling of various organic matter types and thermal evolution results in the symbiosis of shale oil and shale gas, which will become an important field for further exploration of continental shale gas. (4) The marine–continental transitional shale, which mainly formed in Late Carboniferous-Permian, is characterized by cyclic association with sandstone, mudstone, coal and carbonate. Diagenetic fractures are well developed in transitional shale. The favorable structural and diagenetic preservation are the two major factors for the enrichment of this type of shale gas. The flat-lagoon and delta sedimentary systems, middle-large superimposed and small-middle residual basins, and deep layers with quality caprock and good structural preservation are the favorable directions for shale gas exploration in transitional facies.

Analisis Pengaruh PMA, PMDN dan Ekspor Migas-Nonmigas Terhadap Pertumbuhan Ekonomi Indonesia

This study aims to analyze the effect of Foreign Investment, Domestic Investment, and Oil gas-Non oil gas Exports on Indonesia's economic growth. The data used is time series data from 2010 to 2019 on a quarterly basis. Data were analyzed using the ECM (Error Correction Model) method with the help of Eviews 10. The results showed that foreign investment and domestic investment had a significant effect in the short and long term on economic growth, while oil gas-non oil gas exports had no significant effect in the short and long term on economic growth.

Chemometric Analysis and Physicochemical Composition of Foreign and Tunisian Olive Oil: Consumer Preferences

This research was conducted to evaluate consumer preferences of seven extra virgin olive oils (EVOOs) from foreign and Tunisian cultivars. Two studies were carried out. The first is a comparative physicochemical characterization of the VOOs tasted by the consumers. The second is a consumer survey where each consumer tasted each VOO six times. Using simple linear regressions, we have performed a new method that gives a pairwise comparison between the oils. It revealed that Coratina and Chetoui cultivars were the most preferred revealing by the high concentration of polyphenols with 468 and 525 ppm, respectively, and Arbequina was the less preferred with 182 ppm. We have then performed a principal component analysis on the data composed by the physicochemical parameters that highly discriminate between cultivars. The latter showed important differences between the most and the less preferred oils and that oxidative stability, palmitic, palmitoleic, oleic, and linoleic fatty acids, triacylglycerol, β-carotene, and polyphenols seem to be the principal-choice drivers for consumers.

Rumours as Anticipatory Knowledge in a Future Petro-State

Building on ethnographic research in Uganda, this paper discusses the mundane practice of rumour mongering and gossiping as anticipatory practices. Crude oil discovery in Uganda brought a small oil boom to the region endowed with the natural resource including some infrastructure development and the presence of foreign oil exploration and construction companies. With these companies came (young) men working for them or aspiring to get employed. However, as the development of the oil remained in a phase not-yet-ness, a temporal space opened for rumours about the oil and anyone involved with it to flourish in the oil region. Especially, since information on the (national) development of the oil project was scarce. The rumours used familiar tropes such as gender stereotypes or witchcraft to relate to the presence of foreign or at least non-local casual workers. Ugandans living in the oil region wondered what negative repercussions the boom might have for them and viewed the strangers with suspicion. During my fieldwork, I encountered rumours of wife-snatching, sexual harassment and even human sacrifice. This paper argues that these rumours can be understood as risks narratives or the sharing of anticipatory knowledge. The rumours were not only reflections of the past but were told in anticipation of the dark side of the future.

Effect of processing technology on chemical, sensory, and consumers' hedonic rating of seven olive oil varieties.

This study established physicochemical and sensory characteristics of virgin olive oils (VOOs) and linked them to consumers’ liking using external preference mapping. We used five Tunisian and two foreign VOO varieties produced by two processing systems: discontinuous (sp) and continuous three‐phase decanter (3p). The samples were analyzed and evaluated by a panel of 274 consumers. The external preference mapping revealed five VOO clusters with a consumer preference scores rating from 40% to 65%. Consumers highly appreciated the foreign Coratina cultivar's olive oil; the main drivers being richness in polyphenols (markers of bitterness and pungency), mainly the oleuropein aglycone, and volatile compounds (markers of green fruity, green leaves, green apple, cut grassy almond, and bitterness), particularly the trans‐2‐hexenol. The Tunisian Chemlali (3p) oil was second highly preferred (scoring 55%). The positive drivers for olive oil preference (a profile of almond fruity green and low bitterness and pungency) are the richness in hexanal compounds. Arbequina (sp and 3p) and Chemlali (sp) were the least appreciated due to the fact that Arbequina VOO is not in the tradition of Tunisian consumers, whereas Chemchali VOO is a minor variety representing only 2% of olive oil production in Tunisia and consumed mostly in blends. The differentiation between the two processing systems depends on the variety of cultivar; consumers are able to identify the two processing system in the case of Chetoui, Leguim, and Chemchali.

Exploring the spatial distribution of distributed energy in China

Expanding distributed energy supply can not only make up for the energy shortage, but also help reduce carbon dioxide emissions. Existing studies often ignore the differences in the spatial distribution of distributed energy. To fill this gap, this article uses the geographically weighted regression model to investigate China's distributed energy based on the 2003–2019 panel data. Empirical results display that the impact of technological progress on distributed energy varies across region, because technology investment varies from region to region. Energy infrastructure investment has a greater influence on distributed energy in the eastern region, since it invests more infrastructure construction funds. The energy consumption structure has a greater pulling effect on distributed energy in the central region, because this region has more coal resources. Foreign oil dependence has the greatest effect on distributed energy in the eastern region, since this region imports more oil. Similarly, urbanization has the greatest impact on distributed energy in the eastern region, because this region consumes more natural gas. Therefore, government managers should consider spatial heterogeneity when formulating distributed energy policies.

Investigating the effect of US dollar, gold and oil prices on the stock market

The capital market, as one of the main components of the financial markets, plays an important role in the economic development of countries. As financial markets become more globalized through the free flow of capital and international trade, price fluctuations in financial assets also affect other assets and markets. Due to the high impact of foreign exchange, gold, and oil markets on other financial markets, this study examined the impact of these markets on the Tehran Stock Exchange market from April 2015 to March 2021. In this regard, US dollar, ounces of gold, and crude oil are used as independent variables, and Tehran Price Index (TEPIX) is considered as a dependent variable. The results of the final model indicate that the prices of dollars, gold, and oil had significant effects on the total price index of the Tehran Stock Exchange.

Intergroup communication, conflict handling style and the quality relationship of multinational firms with oil producing communities

The research sought to understand how cross-border oil companies dealt with violence in the Niger Delta utilizing intergroup community strategy. The main goal was to present the best practices used by international oil companies in resolving conflicts with local residents (Odularu, 2008). The survey research design was used to collect data from 115 respondents. It includes senior and junior public relations workers. Because the sample was small, the total population was utilised, although 102 questionnaires were obtained from the 13 foreign oil companies actively seeking oil in the host regions. The data were analysed using mean, standard deviation, ANOVA, and regression using SPSS version 22. The study indicated that foreign oil companies often use compromise to resolve disagreements with host communities in the Niger Delta. The essential connection that international oil companies have with oil-producing communities in the region is unfavourable, as is the use of compromise tactics to resolve disputes. The study showed no statistically significant differences between compromise methods and host locations in addressing conflict. This report also proposed that international oil companies should stop dominating and start integrating and cooperating with the region’s oil-producing communities.

Impact of changes in economic pressures on the activities of foreign oil and gas companies in Venezuela

The article discusses several new laws in the oil and gas sector of Venezuela, which appeared at the beginning of the 21st century. It also presents the tax regimes in this area of the country and the types of tax and economic burdens that apply to these regimes; highlights the main problematic aspects of changes in tax legislation and the consequences on the activities of foreign companies and the development of the oil and gas sector of the country as a result of such changes. It is concluded that the increase in state revenues not solve the problem of attracting investments in the oil and gas sector of the country, and only scare off a large company in the future (Exxon Mobil and ConocoPhillips have left the Venezuelan market), resulting in a fall in production at the country, its government revenues, and then slowing down economic growth in the country. As an alternative approach to improving state regulation and the conduct of the oil business in the country, the options for improving this situation are presented: to increase the share of foreign companies in strategic partnerships; review the tax system for oil companies; allow some programs to be implemented directly by foreign companies; and propose new distribution and profitability schemes that will adapt to the current international hydrocarbon market.

KUWAITI WORKERS AND WESTERN OIL COMPANIES 1946-1960

Kuwaiti oil was very important for oil companies of colonial powers such as the Anglo-Persian Oil Company, APOC, and Gulf Oil Company. Those two companies managed to acquire oil concession inside Kuwait. Although they achieved huge financial profits led to welfare and happiness of American and British peoples, they, however, broke the terms of the concession agreement regarding Kuwaiti workers rights by not providing jobs, training, qualifying, high position and other rights. In return, Kuwait witnessed a successful labor movement led to having workers’ rights. Moreover, that movement had a potential role in the decision of nationalization of foreign oil companies later in 1975. In light of the above, this study aims at highlighting the most important companies that had oil concessions in Kuwait. Also, it seeks to identify their real policies toward Kuwait and its workers. In addition, the finding tries to show the Kuwaiti workers response on the companies which exhausted Kuwait’s resources and depraved Kuwaitis from their normal rights. As far as the method followed by the study, nature of the research requires applying the suitable analytical approach. That is, via the references and sources used in study, the linked points with the subject are being specified, analyzed and objectively criticized in order to show the injustice that had taken place from colonial oil companies upon Kuwaiti workers.

Oil Price Fluctuation, Monetary Policy and Output Growth in Nigeria

This study examines the dynamic relationship among Oil Price Fluctuation, Monetary Policy and Output Growth in Nigeria between the periods of 1986 to 2019. Time series data was used for the analysis and Vector Autoregression Model was also employed in this study. The estimation of the VAR showed that Gross Domestic Product growth rate has a negative response to the shocks of foreign interest rate, prime lending rate, real effective exchange rate and output gap but has a positive response to the shocks of oil price volatility and money supply. The result also showed that foreign interest rate has a positive response to real effective exchange rate and a negative response to Oil Price Volatility, Money Supply, Prime Lending Rate and Output Gap. The shocks to the money supply and real effective exchange rate have a positive effect on oil price volatility, whereas the output gap has a negative effect. The study concluded that output gap has a positive response to the shocks of gross domestic product growth rate and prime lending rate but a negative response to the shock of real effective exchange rate and asymmetric response to the shocks of money supply, foreign interest rate and oil price volatility. Keywords: Oil Price Volatility, Monetary Policy, Output Growth, Vector Autoregressive Model, Unit Root Test DOI: 10.7176/JESD/12-24-06 Publication date: December 31 st 2021

Обзор проектов реализации инновационных технологий производственной безопасности в зарубежных нефтегазовых компаниях

The introduction of innovative technologies to ensure industrial safety in oil and gas companies is aimed at reducing the number of accidents, industrial injuries, incidents and occupational diseases in the implementation of both main and auxiliary activities. The article presents the results of a study of innovative projects to ensure industrial safety on the example of foreign oil and gas companies: Royal Dutch Shell (Shell), ExxonMobil, British Petroleum (BP), Total, Chevron, Eni, Equinor, Sinopec, PetroChina, CNOOC, Petrobras, Saudi Aramco, Hydro, PVDSA. The directions and current trends in the development of innovative technologies in the field of industrial safety (labor protection, industrial safety, fire safety, road safety, environmental protection) for the period 2016-2020 are summarized.
 The research methodology is based on the analysis of information from open sources, including annual reports of companies and reports on sustainable development. The results obtained have theoretical and practical significance for oil and gas of the Russian Federation, state executive authorities.

Reference Significance of Foreign Offshore Oil and Gas Cooperation Model Experience to China

For a long time, the oil exploration and development business of Chinese oil enterprises is mostly limited to China, and the international cooperation of transnational oil and gas started late. Therefore, compared with foreign companies, there is still a big gap in understanding the business model of overseas oil and gas industry. Therefore, it is necessary to summarize and learn from the past business model. This paper summarizes the main modes of offshore oil and gas cooperation among global oil companies, compares various modes, and studies the cooperative development mode of offshore oil and gas resources. The research shows that under the lease contract mode, foreign oil companies have greater management rights, but with the continuous development of international oil industry, the government of resource countries has gradually increased its control over foreign oil companies.

Oil exploration and discovery in the basement rocks of Bach Ho field: Documentation, facts and lessons

During the 40 years of operation and development (1981 - 2021), the Vietnam - Russia Joint Venture "Vietsovpetro" has witnessed many historical milestones, but the discovery of industrial oil for the first time from the fractured and weathered granite basement at exploration well BH-6 on 11 May 1987 is the most important one.
 From the first oil in the basement rock of Bach Ho field, Vietsovpetro consecutively discovered industrial oil in other fields in its area of operation, such as Dong Bac Rong (1991), Dong Nam Rong (1995), Nam Rong (2005), Nam Trung Tam Rong (2006), etc. At the beginning of 2018, the 2P (P1+P2) oil reserve from the basement rock accounted for 74% of Vietsovpetro's total balanced reserves at that time. As of 1 October 2021, the total oil produced from the basement reached 235 million m3 (195 million tons), accounting for 86% of Vietsovpetro's total oil output.
 Being encouraged by the success and experience of Vietsovpetro, other domestic and foreign oil and gas companies (PVEP, JVPC, Talisman, and Petronas, etc.) have explored and discovered oil and gas from the granite basement and put the fields of Rang Dong, Su Tu Den, Hong Ngoc, and Hai Su Den, etc. into operation. This fact has, at the same time, created a strong attraction for domestic and foreign investors, making important contributions to the rapid development of Vietnam's oil and gas industry which was still very young at the time.
 The above-mentioned shows that it is time to study data and documents, draw lessons from success and failure gained during the 40 years of basement exploration. The outcomes should be used as a basis to formulate an appropriate exploration strategy for Vietsovpetro in the coming decades with strong fluctuations in the oil and gas market expected, and the inevitable depletion of non-renewable resources worldwide.

Research on Abnormal Detection Method of Data Flow Trend in Oil Drilling Engineering Early Warning

In this paper, by collecting and analysing the domestic and foreign oil drilling accident data and early warning technology, combined with the oil drilling process prediction and forecasting process deficiencies. Based on theoretical analysis and analysis of five typical accident modes in actual drilling rig engineering, the early warning method and train of thought of oil drilling engineering are established, and the index of early warning of accident is given. The sensitivity of various accident prediction indexes to the corresponding accidents is studied. On the basis of analysing the forecast signal and processing, the comprehensive model of accident early warning under multi-objective condition is established.

Decolonization of Petroleum Education and Training in the Indonesian Oil Industry, 1950-1968

The article explores the decolonization of education within the Indonesian petroleum industry. The Netherlands Indies had one of the largest petroleum industries in the world with many major petroleum players involved. Despite this there was a lack of investment in training and schooling of engineers and workers in the Netherlands Indies. The article showed that the development of training and tertiary education in the 1950s was conducted by both the major oil companies and Indonesian government which invested in creating vocational training schools and university departments to meet industry needs. This development allowed for the creation of a government-run national education and research institute based in Java. The article shows that the role of the oil companies was still indispensable for the decolonization gap before the development of state-owned education institutes and the inclusion of Indonesian participation in the industry during the 1950s and 1960s. The active participation of the foreign oil industry in the Indonesianization of the industry was part of its ‘exceptionalism’ and the specific role oil played in the Indonesian economy.

Передовые практики нефтегазовых компаний по освоению газовых месторождений на арктическом шельфе

The development of the hydrocarbon potential of the Arctic shelf is one of the priority tasks for Russia, forming the conditions for its strategic presence in the region. Russia's official energy documents stipulate the need to increase oil and gas production in the Arctic, including offshore production, to ensure the stable operation of the country's oil and gas complex in the long term. However, the development of hydrocarbon fields on the Arctic shelf is a serious technological challenge for the domestic oil and gas in-dustry. While offshore oil production in the Russian Arctic is already underway, natural gas production remains a promising future target. The article analyses the current gas projects on the Arctic shelf in terms of their technological complexity and unique solutions, and the strategies of operators to attract foreign participants to the project. We consider these in the contexts of technological issues, organizational features, securing foreign investment. The author believes that the provisions and conclusions of this study will help add to the comprehensive picture of the foreign oil and gas companies experience engaged in natural gas production on the Arctic shelf, which will minimise the errors and risks in the development of hydrocarbon resources on the Russian Arctic seas shelf.

COVID-19 pandemic and volatility interdependence between gold and financial assets

ABSTRACT By using high-frequency data, we examine the volatility linkages patterns between gold and several important asset classes including foreign currency, US equity, oil, bitcoin and agriculture commodity in the period surrounding the COVID-19 pandemic. To this end, we use the cross-wavelet power transform, the cross-wavelet coherency and the dynamic frequency-domain connectedness. We find that the pandemic caused a greater positive association in volatility series between gold and each of the financial assets considered. We document clear findings of phase difference of lead-lag volatility interdependence between gold and the financial assets that varies according to timescales and periods. In general, the long-term connections are strengthened during the pandemic except the case of bitcoin and soya bean suggesting a long-term diversification ability when including them in a portfolio containing gold.