Oil Companies Research Articles

PlaBacter: Determination of Microbial Diversity on Plastic Polymers in Topçu Pond

Climate change is one of the biggest problems of our world, and one of the biggest measures taken to solve the climate crisis is to reduce the consumption of oil and oil derivatives, which are considered among fossil resources. However, with the globalising world and increasing population, oil companies have turned to the plastic and packaging sector in order to meet the increasing demand for plastic consumption. This situation inevitably increases the environmental damage of plastic waste. In particular, the inability to use water resources correctly and the pollution of water by wastes left in the environment adversely affect the lives of living things on earth. Within the scope of the study, it was aimed to determine the microbial diversity living on polyethylene terephthalate (PET), which is known as the raw material of tools such as plastic bottles, food containers, and fishing line, which are left as waste in the environment, especially in rivers and lake shores. In this context, Topçu Pond, which is an important water source in the field of agricultural irrigation in Yozgat province, was selected as the study area. Genomic DNA (gDNA) was isolated from biofilm layers formed on water, sediment, and PET samples collected from the study area. The bacterial communities living in the samples were identified by analysing the 16S rDNA of the gDNAs with the next-generation sequencing method. Thus, we conducted the first microbial diversity study in Topçu Pond and defined the bacterial composition on PET samples in the pond.

A comprehensive review of treasury management practices and their impact on corporate sustainability in emerging economies: Strategic insights from the oil and gas sector

Treasury management practices are critical for ensuring financial stability and fostering corporate sustainability, particularly in the volatile oil and gas sector of emerging economies. This comprehensive review examines the relationship between treasury management practices and corporate sustainability, focusing on strategic insights that can be drawn from the oil and gas industry. The review highlights the importance of effective cash management, risk assessment, and liquidity optimization as key components of successful treasury operations. The study categorizes treasury management practices into several essential areas, including cash flow forecasting, working capital management, investment strategies, and risk management frameworks. Each category is analyzed concerning its contribution to corporate sustainability, emphasizing the need for a holistic approach that aligns financial objectives with environmental and social considerations. The findings indicate that robust treasury management practices can significantly enhance operational resilience, improve resource allocation, and support long-term sustainability initiatives. Furthermore, the review discusses the challenges faced by oil and gas companies in emerging economies, such as economic instability, regulatory uncertainty, and fluctuating commodity prices. These challenges necessitate the adoption of innovative treasury strategies that not only safeguard financial assets but also promote sustainable business practices. By integrating sustainability metrics into treasury decision-making, companies can better manage risks associated with environmental regulations and stakeholder expectations. Additionally, the role of technology in modernizing treasury management is examined, particularly in terms of digital tools and platforms that enhance data analysis and decision-making capabilities. The review underscores the potential for fintech solutions to streamline treasury operations and improve transparency, thereby contributing to enhanced corporate sustainability. In conclusion, this review provides strategic insights into the interplay between treasury management practices and corporate sustainability in the oil and gas sector of emerging economies. The insights presented herein are intended to guide industry practitioners in developing effective treasury strategies that foster sustainable growth while addressing the unique challenges of the emerging market context.

Building a theoretical framework for financial risk management in emerging markets: Applying global best practices to the oil and gas industry in developing economies

Financial risk management is crucial for the sustainability and growth of the oil and gas industry in developing economies, where volatility and regulatory uncertainties present significant challenges. This abstract explores the construction of a theoretical framework for financial risk management, adapting global best practices to the specific contexts of emerging markets within the oil and gas sector. In developing economies, the oil and gas industry faces unique risks such as geopolitical instability, currency fluctuations, and regulatory changes. Effective financial risk management mitigates these risks through proactive strategies that balance risk exposure with strategic objectives. Adopting global best practices involves the integration of comprehensive risk assessment methodologies, scenario planning, and hedging techniques tailored to local market conditions. Key components of the theoretical framework include risk identification through comprehensive analysis of market, operational, and financial factors. This approach enables oil and gas companies to anticipate and mitigate risks before they escalate, ensuring financial stability and resilience in volatile environments. Furthermore, the application of global best practices in financial risk management fosters transparency and accountability, enhancing investor confidence and facilitating access to capital. By aligning risk management strategies with international standards and benchmarks, developing economy oil and gas firms can navigate uncertainty more effectively, thereby optimizing operational performance and sustaining long-term growth. However, challenges such as limited access to sophisticated financial instruments and expertise may hinder effective implementation. Overcoming these barriers requires capacity building, collaboration with experienced partners, and continuous adaptation of strategies to evolving market dynamics. In conclusion, building a theoretical framework for financial risk management in the oil and gas industry in developing economies is essential for mitigating volatility and maximizing opportunities. By applying global best practices tailored to local contexts, companies can strengthen their resilience, attract investment, and drive sustainable development in emerging markets.

IS THE OIL AND GAS BLOCK POLICY IN IDONESIA EFFECTIVE? EMPIRICAL APPROACH BASED ON COMPANY RATING DEVELOPMENTS

Objective: This study aims to identify the empirical influence of the assessment criteria for Indonesian oil and gas auctions on total oil and gas block production. The role of remaining concession time, contract policy and block size are considered. Theoretical Framework: In this topic, the concepts and agency theories underlying the research are presented, providing a strong basis for understanding the context of the influence of oil and gas block policies in Indonesia. Method: This research uses an exploratory quantitative approach. The research sample consisted of 157 petroleum and 140 natural gas blocks that had carried out production activities. Ordinary least square (OLS) regression used to empirically test the hypothesis. Results and Discussion: The results show that the ranking of oil and gas companies has a significant positive effect on the productivity of blocks. Meanwhile, remaining concession time has a significant positive relationship only for the natural gas. This research also found a significant negative effect of the gross split contract on block production. Finally, it was found that company ranking had a positive and significant effect on production both in large and small blocks. However, the relationship between ranking and productivity is stronger and more consequential for large-scale blocks compared to small-scale blocks. Research Implications: Contract policymakers need to review the gross split policy because it is not in line with the initial goal of increasing efficiency. The results clearly show that strict government policies can reduce agency costs while encouraging oil and gas production, however, this can hinder the competitiveness of the sector. The government does not need to give excessive priority to high-ranking companies in managing small-scale blocks in order to attract new investors. Originality/Value: To the best of our knowledge, this research is the first study to develop a ranking method for oil and gas companies in Indonesia.

A Legal Examination of Stabilization Clauses in Petroleum Contracts in Cameroon

This study aims to explore the legal examination of stabilization clauses in petroleum contracts in Cameroon. Stabilization clauses forms one of the pillars in protecting the interest of foreign investors in petroleum contractual arrangements. These clauses act as a shield to investors as they protect oil companies from the modification attempts in the agreement by host countries by subsequent legislative changes. Their legal validity in the Cameroonian petroleum industry has been guaranteed by the Petroleum Law of the country. However, the findings of this research reveals that the applicability of these clauses remains questionable as the Cameroonian government can implement nationalization and expropriation based on public utility, security or national interest, with suitable compensation. Furthermore, the Cameroonian government can introduce new legislative or regulatory changes in the petroleum contracts, the terms of which must be agreed by both sides and if an agreement is not reached, the matter can be resolved through arbitration.

Capital structure decisions in the energy transition: Insights from Spain

The renewable energy transition depends heavily on capital structure decisions of energy firms. Most previous research has focused on the decisions of oil companies. This study investigates the financing of new investment in the Spanish renewable energy sector, including decisions about: i) equity versus debt, ii) short versus long-term debt, and iii) equity issuances versus retained earnings for new investment. Our analysis is based on data from over 22,000 energy firms from 2008 to 2021 and shows that these firms prefer debt over equity (more than 90% of changes in assets are financed through increasing debt) and have extended the term of the debt over the period studied (reaching a maximum of almost 73% long-term debt in 2021). The deployment of retained earnings is less usual than raising new equity capital. Our analysis points to a generalized use of project finance to support new investments. Policymakers should focus on increasing financing through equity and thus diversifying the financial risk of the energy transition. In addition, a supportive fiscal policy and a stable regulatory environment are desirable for achieving this goal.

Greenwashing by the fossil fuel industry: impediments to SDGs

Abstract The fossil fuel industry, a major commercial determinant of public and environmental health, constitutes a central challenge to the achievement of the SDGs. Motivated by profit, the industry has contributed to establishing the current global reliance on fossil fuel as the primary energy source and essential raw material in global production. Major oil companies have purposefully hindered the research and transition towards renewable energy. This was achieved through an intricate web of interference and mechanisms that fall under the corporate playbook, such as political interference through lobbying to stagnate carbon emission reduction, influences on carbon pricing policies, and hinderances to environmental protection legislation. These practices known as ‘greenwashing’ have resulted in misinformation, interfered with climate action in an aim to increase demand for their products, to decrease the pressure from society on the industry, and portray a green image to consumers. Using the commercial determinants of health framework and focusing on the Middle East, this presentation will illustrate how fossil fuel companies falsely advertise their products as environmentally friendly, resulting in environmental degradation, and impede the achievement of most SDGs, especially SDG 3 (good health and wellbeing), SDG 7 (affordable and clean energy), and SDG 13 (climate action).

Towards the design of a smart warehouse management system for spare parts management in the oil and gas sector

IntroductionThe oil and gas production industry requires rapid changing. As oil and gas companies around the world are called upon to decarbonize, several sectors within the industry are attempting to find new ways of working to achieve decarbonization. One of those sectors is spare parts warehousing. During the past decades of oil and gas production, spare parts warehousing has not been prioritized in optimization measures. Warehouses have been filled with material, all activities have been performed manually, and financial expenditure has been high. Now, a large oil and gas production company in Norway is looking to optimize its spare parts warehousing to streamline its logistics activities and increase sustainability.MethodThis study addresses the optimization ambitions of the company and proposes key design elements of a smart warehouse management system using Industry 4.0 technology implementation. The study is conducted by performing a review of relevant literature and company ambitions, before embarking on a qualitative design measure to contribute to the company’s innovative success.ResultsThe study proposes optimization of the warehouse activities goods receipt, issuing of stocked goods, and inventory count. Additionally, the digital supply chain of tomorrow and the technical architecture of a track and trace system in the warehouse is suggested.DiscussionThe study’s results can be used in practical implications and provide a foundation for future research. Future research is suggested to include extensive visual simulations, practical implementation studies, and studies on long-term effects of implementation.

Politics of International Oil Companies (IOCs): Understanding PETRONAS Carigali Nile Ltd Exit From South Sudanese Oilfields

The study has examined the politics of the International Oil Companies (IOCs), the case study of PETRONAS Carigali Nile Ltd. It does this by appraising the legal violations of PETRONAS Carigali Nile Ltd exit and farming out from South Sudanese oilfields. The study explains the politics of IOCs and particularly, PETRONAS Carigali Nile Ltd as dependent variable and independent variables such as legal violations of Petronas Carigali Nile Ltd, types of residual liabilities and responsibility of these liabilities.The study was subjected to stringent empirical literature review and the gaps in the literature were filled through fieldwork. During fieldwork, the methodology of research tools and instruments such as questionnaires and interview guides/schedules were deployed with target of 52 respondents. Persuasive and cluster type of sampling amongst the senior staff of Ministry of Petroleum (MOP), Nile Petroleum Corporation (NILEPET), Dar Petroleum Operating Company (DPOC), Sudd Petroleum Operating Company (SPOC) and Greater Pioneer Operating Company (GPOC) were applied. The study findings indicate that PETRONAS Carigali Nile Ltd has politicized and violated sections 12, 22, 23, 24, 41 & 42 of the Petroleum Act 2012. Various types of liabilities such as cost recovery audits, environmental audit, petroleum taxes, surface rentals, and cash calls should be taken care off by Petronas Carigali Nile Ltd or by a company that farms into its shares. While the study concludes that PETRONAS Carigali Nile Ltd exit and farming out has been politicized and violated the laws of the Republic of South Sudan, the study recommends that the Ministry of Petroleum should be held responsible for all the legal violations Petronas Carigali Nile Ltd have committed in South Sudan without any action. Whether Savannah Energy Ltd farms into Petronas Carigali Nile Ltd shares or not after the PETRONAS has exited, consequences should be rolled out for such violations so that no any other IOC can do it again in the near future in this volatile oil and gas industry.

Effects of royalty payment on petroleum profit tax evasion: evidence from the Nigerian non-renewable energy sector

AbstractThe impact of the tax regime on the non-renewable energy sector has been neglected in the current literature. The sector is reported to be at the heart of most oil and gas producing economies. Considering the immense contributions of this sector, the present study investigated the effects of royalty payments on petroleum profit tax evasion in Nigeria’s non-renewable energy sector. A survey, in the form of a questionnaire, was used to collect data from 312 oil and gas companies; while SPSS and PLS software were used to analyze the data. The results indicate that there is positive and significant relationship between tax rate, detection probability, and penalty, and petroleum profit tax evasion. Additionally, the result shows that there is a significantly negative relationship between royalty payment and petroleum profit tax evasion. The findings have significant policy implications for the non-renewable energy sector across the globe. The findings confirm the fact that higher tax rate, detection probability, and penalty, have a direct impact on petroleum tax evasion. The findings also call on policymakers to reconsider the level of royalty rates to a more reasonable level so as to reduce the extent of petroleum tax evasion among the oil and gas companies.

Technological sovereignty as a factor of competitiveness of oil and gas companies of the Russian Federation

Aim. To investigate the importance of technological sovereignty for strengthening the competitive positions of Russian oil and gas companies.Objectives. To identify the key factors that determine the level of technological independence of oil and gas companies; to assess how these factors affect their ability to compete successfully at the national and international levels.Methodology. The research uses general scientific methods of analysis and synthesis using a systematic approach.Results. The essence of technological independence as a factor in the development of competitiveness of companies in the oil and gas sector was analyzed. The assumption is formulated that the achievement of technological sovereignty allows companies to mitigate risks arising from external factors, including international sanctions and restrictions on access to advanced foreign technologies. Several strategic initiatives have been proposed to strengthen the technological sovereignty of the domestic oil and gas industry: training of highly qualified personnel, introduction of tax incentives and subsidies from the state for companies, creation of special economic zones or technology parks, protection of intellectual property and support for patent activity.Conclusions. Technological independence is the most effective method in the context of the struggle of Russian industrial companies against external challenges: sanctions and changes in global energy markets. The development of national technologies in the oil and gas sector due to the synergetic effect has a positive impact on strengthening the competitive advantages of Russian national companies in both domestic and international markets. In order to ensure technological sovereignty, special attention should be paid to the development of strategic risk management mechanisms, as well as effective communication models between the state, industry, and science.

აზოტის გამოყენება ნავთობისა და გაზის ოპერაციებში

The article discusses several options for nitrogen application in the oil and gas industry. Nitrogen gas is useful in maintaining formation pressure in oil fields, expelling gas from the gas cap, stimulating steeply inclined formations, cyclic exploitation of gas condensate deposits, Completion of wells, Cleaning of wells with Coiled Tubing, Circulatimg low pressure reservoir wells with foam.Described experience of local oil and gas companies in Georgia utilizing nitrogen pumping in welltesting and stimulation.

Analysis of Inventory Control in the Downstream Fuel Supply Chain : An Indonesian Prespective

This research focuses on determining the level of inventory in a downstream supply chain for fuel products in Indonesian oil and gas company prespective. The variability in supply and demand is a problem in maintaining the stability of services to the consumers. High inventory costs that are completely borne by the company are also a problem that needs to be controlled. Therefore, determining inventory levels is very important to mitigate the variability of supply and demand that occurs with optimum inventory costs. This research designs a probabilistic model by considering variability in supply and demand to determine safety stock so that the correct level of Fuel Product inventory at each Storage Point can be determined. This research method is quantitative research based on empirical data. It is hoped that the research results will be able to obtain inventory control which can be taken into consideration by oil and gas company in managing the downstream supply chain of fuel products.

Analysis of Entropy Optimization in MHD Flow of Non-Newtonian Nanofluids with Chemical Reaction and Thermal Energies

Investigation of nanofluid flows under various conditions is becoming fascinating research due to its numerous applications in many science and engineering fields such as solar energy, geothermal energy, water purification, glass blowing, enhanced oil recovery, petroleum production and food processing. For the present requirements in thermal energy applications, this mathematical model is considered to explore the diffusion and heat source effects on the flow of conductive Casson and Maxwell nanofluids in a porous medium on an elongating sheet with a chemical reaction. Further, the effects of viscous dissipation and thermal radiation are also examined. Moreover, the entropy generation is analyzed since this approach is employed in solar energy exchangers. The governing equations and the corresponding boundary conditions are constructed. This system of partial differential equations (PDEs) is changed into a system of nonlinear ordinary differential equations (ODEs) with the help of a suitable transformation and then solved numerically by the bvp5c MATLAB package. The influences of the physical parameters on the flow phenomena are discussed and presented through figures and tables. This analysis explains that the Casson fluid flow has a higher velocity field than the Maxwell fluid flow. The Nusselt number becomes higher as the Dufour numbers increase. It has also been noticed that increasing the Brinkmann number improves the entropy and, an increase in radiation enriches the temperature profile. The concentration of the fluid is decreased for the increasing values of the higher-order chemical reaction parameter. Furthermore, comparisons of the current results were conducted for limiting examples of the problem and found to be in good agreement with existing results in the literature.

Experimental Study of Synergy between Polymeric Microspheres and Nanoemulsions for Profile Control and Water Plugging.

The development of low-porosity and low-permeability oil reservoirs in the Changqing oilfield presents a significant challenge due to the high injection pressure and limited space for profile control and pressure raising. Therefore, the synergistic profile control and flooding technology of polymer microspheres (PMs) and nanoemulsions is proposed, which makes use of the plugging performance of PMs and the pressure-reducing and oil-driving properties of nanoemulsions, with the objective of controlling the water-absorbing profile and increasing the recovery rate. The paper assessed the properties of nanoemulsions and PMs and evaluated their suitability for reservoirs. The construction parameters of profile control and flooding were optimized on an experimental basis. The experimental results demonstrate that the initial particle size of microspheres can more closely match the pore diameter of the formation and that the core exhibits a higher plugging rate after hydration and expansion. Moreover, the nanoemulsion can effectively reduce the interfacial tension, thereby exerting a beneficial effect on pressure reduction. The construction parameters of microspheres and nanoemulsions were optimized by alternately injecting them with 2:1 multistage plugs, and the injected pressure was lowered by 43%, with a high plugging rate and value-added recovery rate of up to 26.5%. Based on the experimental study, 8 well sets of field tests were conducted, and the results demonstrated that the efficiency rate of profile control reached 50%. Furthermore, the average injection pressure of the injected wells decreased by 1.7 MPa, the rise in water content decreased by 2.27%, and the petroleum production increased by 1110.2 tons. The validity period reached 162 days, indicating a positive application effect.

Development of the Separation Column’s Temperature Field Monitoring System

Oil is one of the main resources used by all countries in the world. The ever-growing demand for oil and oil products forces oil companies to increase production and refining. In order to increase net profit, oil producing companies are constantly upgrading equipment, improving oil production technologies, and preparing oil for further processing. When considering the elements of primary oil refining in difficult conditions, such as hard-to-reach or in remote locations, developers face strict limitations in energy resources and dimensions. Therefore, the use of traditional systems causes a number of difficulties, significantly reducing production efficiency. In this study, the authors solve the problem of improving the characteristics of the oil separation process. In their work, the authors analyzed the separation columns of primary oil distillation, identified the shortcomings of the technological process, and searched for technological solutions. Having identified the lack of technical solutions for monitoring the state of the temperature field of the separation column, the authors developed their own hardware–software complex for monitoring the separation column (RF patents No. 2020665473, No. 2021662752 were received). The complex was tested and successfully implemented into production. The study provides an assessment of the economic efficiency of implementation for a year and a forecast of the economic effect for 10 years.

The Impact of Strategic Mind on Social Responsibility - An Analytical Study in Dhi Qar Oil Company

Purpose: The aim of the research is to activate the influence of strategic mind to enhance the principle of social responsibility in Dhi Qar Oil Company. Theoretical Framework: Recent literature indicates a growing trend towards applying the principle of social responsibility, transforming it into a competitive strategy among organizations, especially when possessing strategic mind to devise implementation steps (Khouj, 2020:84). Design/Methodology/Approach:We analyzed the literature and activities advocating for the implementation of the principle of social responsibility using the scale (Schwartz & Carroll, 2003:67) in various organizations. We also examined the impact of possessing a strategic mindset, as measured by (Pisapia et al., 2005:60), on achieving desired outcomes through local, regional, and international research and studies in this regard. Results: The research findings indicate a significant direct positive relationship between strategic mind and social responsibility overall, particularly concerning the economic dimension. A set of recommendations was provided to rectify the nature of these variables in practice, in line with research trends. Research, Practical & Social implications: We propose that organizations integrate the implementation of the principle of responsibility into their future strategies, considering it a competitive advantage to be achieved. Originality/value: The results indicate that the application of the principle of social responsibility has begun to be implemented in organizations, especially those with a strategic vision derived from their strategic mind leaders, achieving levels of satisfaction and approval from stakeholders. Research Type: Research Paper

Analysis of Fossil Fuel Subsidy Removal Policy in Nigeria

Elite interest in energy policy reform has often been neglected in analysing subsidy removal policy on fossil fuel in Nigeria, which is the reason for this study. The study explained the reasons for the fossil fuel subsidy removal policy in Nigeria, identified the reasons for protests against fossil fuel subsidy removal policy in the country, and analysed the reasons for acceptance of protested fossil fuel subsidy removal policy in the country. Information for the study was obtained through a systematic review of 13 purposively selected peer-reviewed published journal articles between 1996 and 2023. Subsidy removal policy has been influenced by internal and external factors in Nigeria. Protests recorded against the policy have been noted to result from exploitation from the government and multinational oil companies, an increase in the poverty rate, an increase in the crime rate, a failed private investment quest, and a contradiction to the constitutional provisions on the welfare of the citizens. The acceptance of the policy is informed by the need to have sustainable access to fossil fuel, the capability of the government to provide services locally and nationally within the country, and the involvement of the labour unions in the negotiation on fuel subsidy removal. The study concluded that elite interest sustains subsidies removal policy on fossil fuel in the country

Influence of Technology on Business Sustainability in Petroleum Firms in Nairobi, Kenya

Purpose: Sustainability is gaining more interest among several strategic management scholars. Technology provides a disruptive competitive advantage that is essential for businesses to thrive in a difficult environment where rules and strategies change from time to time. There is little competition among the oil marketers in Kenya because the government controls pricing strategy. The study's main aim was to determine the influence of technology on business sustainability in petroleum firms in Nairobi, Kenya. The study was underpinned by dynamic capability theory. This study adopted a descriptive research design in its investigation. Study design/methodology/approach: The study's total population was 60 oil marketing companies in Nairobi. The study selected heads of business development units from each oil marketing company. Since the population was small, a census was adopted because it was the most appropriate approach. The primary data was collected using questionnaires, where standard questionnaires with closed-ended questions were administered to capture important information about the respondents. Simple linear regression was employed to determine the effect of technology on business sustainability in petroleum firms in Nairobi. Findings: Technology had a positive and significant effect on the business sustainability of oil marketing companies. The study concluded that strengthening technology enhances competitiveness and thus results in business sustainability among oil marketing companies. Originality/value: The study recommends adopting improvised technology for all the processes and services of oil marketing companies.

Culture of health as a strategy for designing and developing corporate welfare models

Improving population health requires the commitment of a multitude of community partners, including employers. Since 2008, successive economic crises have reduced the national health system's capacity to meet the needs of its citizens in Italy. ENI is an Italian oil company employing over 31,000 people in nearly 62 countries. In the Italian community of ENI, there are about 20,000 employees. Between 2022 and 2023, ENI made relevant services and goods available for each employee. This work aims to identify a framework to measure the culture of health in ENI. It is the first step in developing an in-depth analysis of the culture of health in ENI, which will be the subject of in-depth studies after this work. Today, promoting health cannot be the sole purpose of public healthcare systems in Western contexts. Italy is an emblematic context of these phenomena. The development of the corporate welfare case in ENI is an opportunity to reflect on the evolution of private expenditure concerning the interventions promoted by a multinational oil and gas company such as ENI towards its employees. In all this, the culture of health represents a valid approach to the design and the evolution of corporate welfare models over time. The idea of the culture of health is an essential framework that can support why companies must work towards complementarity in providing services and interdependence with public health systems. By incorporating strategies such as inclusive health education, community engagement and partnering with public health systems to address social determinants of health, companies can contribute to building a culture of health rooted in equity, providing employees with the resources and support needed for a better and more equitable life.