Financing energy development in the 1990s

Energy finance has resurfaced as a major issue in energy and energy policy debates. These concerns arise from the recent dismal performance of the private oil industry, and the growing financial demands of the former Soviet Union and other emerging markets. These growing financial imbalances are seen as jeopardizing the continued smooth growth of the world's petroleum industry. However, this paper stresses that the financial difficulties being experienced by publicly held oil companies are due, primarily, to the current economic recession. As economic growth recovers, and owing to recent substantial cost reductions, the balance sheets of the private oil industry will improve. Among state energy companies, recent structural and financial reforms mean that such companies will be able to retain more cash flow than was true historically. Moreover, many national oil companies are again able to access funds on international financial markets and generally at increasingly attractive spreads. And finally, there is the growing importance of financial innovation that is already having a positive impact on the level and pace of petroleum development worldwide.     

The World Bank and Petroleum Development in the Third World

The issues that arise between state sovereignty over natural resources and the desire of the State to finance the development of its petroleum resources from external sources are briefly examined. The problem is particularly acute for the least developed countries. It is suggested that financing obtained from international agencies such as the World Bank, may provide a means for such countries to maintain full sovereignty over their petroleum resources and at the same time obtain needed financing. To this end the petroleum lending activities of the World Bank are examined both in terms of policy and in terms of the financial resources available. A special lending facility to help underwrite financial risk of petroleum exploration in the least developed countries is proposed.     

The internationalisation of the Australian mineral industry in the 1990s

Overseas mineral exploration and mining investment by Australian companies increased dramatically from the early 1990s until 1997. In the wake of the Asian economic crisis and lower commodity prices it declined somewhat in 1998 and 1999. Reflecting their international competitiveness, Australian resource companies were actively involved in projects in about eighty nations in 1999. This study assesses the extent of growth in exploration and mining operations, the distribution between large and small companies and the changing regional focus which has been occurring. It also reflects on some of the key influences on this development. These include a strong domestic finance sector, supporting mining services provision, technological competitiveness, a growing attractiveness of offshore locations and increasing structural impediments at home.     

建立和完善环保产业资金助动系统

没有一个有序高效的环保资本市场,缺乏强有力的资金支持系统是阻碍环保产业快速发展的根本问题。本文在调查研究和探索实践的基础上,建议在资金筹划、分配及使用上引进市场机制,发挥市场在资金运作方面的调节作用,引导资金向环保产业流动,促进环保产业快速发展。     

环境影响评价在HSE管理体系中的应用

HSE(健康、安全、环境)管理体系已发展成为国际石油石化行业通用的管理体系,中国石油逐步推行HSE管理体系,不断探索和实践。文章从环境影响评价与石油企业HSE管理体系的相互关联入手,分析将环境影响评价应用于HSE管理体系建设的可行性,认为企业的环境管理应与环境影响评价工作充分结合,以提高企业管理的效率和效益,推动企业长远发展。     

虚拟现实技术及其在石油勘探开发中的应用

石油勘探开发是一个庞杂的系统，需要最大程度地获取地下信息。而虚拟现实技术可很好地描述真实的物体，在总结虚拟现实技术研究现状的基础上，阐述了虚拟现实技术在石油勘探开发领域的应用动态。目前，在钻井工程、地震资料解释、海洋石油工程、油田开发工程等方面引入了虚拟现实技术，显示了虚拟现实技术在石油勘探开发中广阔的应用前景。     

PETROLEUM EXPLORATION IN DEVELOPING COUNTRIES AND CONSIDERATIONS ABOUT ITS FINANCING

Although the rate of petroleum produced per foot drilled is much greater in the developing regions of the world, levels of petroleum exploration activities in the these areas are much lower than in the United States. Although exploration levels in the developing countries might have been expected to rise after the 1973/74 price increase, they actually tended to decrease. Classification of the developing countries in terms of the levels of exploration and development they have attained reveals that the greater part of the area with good petroleum potential (57 per cent of non-OPEC countries) is comprised of countries where significant exploration has already taken place. There is a need for international assistance to increase exploration levels in the developing countries. A schedule of priorities for various forms of international assistance is suggested.     

Sources of funds for developing country petroleum development

The Third World debt crisis has drastically altered the options open to Third World countries to fund petroleum development. Restricted access to international capital markets means that developing countries are having to reconsider alternative financial options to achieve a satisfactory rate of petroleum development. Of these, only foreign direct investmentis capable of compensating for the loss of more traditional sources of funds. To this end, developing countries are revising and harmonizing prior restrictive direct investment rules and tax codes, with recent financial innovations further underwriting the process.     

Statistical considerations of progressive value and risk in mineral exploration

Financial markets recognise maximisation of expected value (E), in an essentially risk-neutral context, as the main corporate financial objective of private enterprise. This may be valid for large, integrated mining companies. Yet, most junior and middle-size exploration companies behave in a risk-averse fashion when making decisions about progressively more expensive exploration programs. From their perspective, a potential increase in expected value from either an increase in target value or related probability of discovery, or both, may not be a sufficient incentive to embark in an exploration programme if the resultant increase in expected value is accompanied by a significant increase in possible maximum loss. Risk-averse explorers may be unwilling to bear larger, albeit less probable losses, when the cost of successive exploration programmes is taken into account. The paper provides a practical methodology for such explorers to optimise the decision whether to progress to the next stage of exploration or to farm out a risky project. It uses a decision-tree model incorporating the effectiveness of the proposed exploration programme, the explorer's risk tolerance and related utility values and the probability distribution of the possible value of the exploration target.     

THE STATE PETROLEUM ENTERPRISE AND THE TRANSFER OF TECHNOLOGY

This article examines the potential of State Petroleum Enterprises in the developing countries for taking a lead in transfer of technology. After examining the reasons behind the growing demands for technology transfer, the paper defines the content of this technology and the means by which it can be transferred. In spite of reluctance on the part of the developed nations and the multinational oil companies to part with petroleum technology without an economic or political concession from the developing countries, much of this technology is either in the public domain or for sale by small speciality companies. The Enterprises can buy this technology and they can contract with specialty firms for operation with their countries. Of foremost importance is the education of nationals and development of indigenous group familiar with the scientific basis and specific techniques of petroleum technology.     

清洁发展机制在石油行业的潜力分析

系统分析了石油行业清洁发展机制项目的潜力,并提出了建议。在统计与石油行业相关的清洁发展机制方法学及其注册项目和温室气体减排量的基础上,给出了各方法学与石油行业的相关性。从勘探与生产、天然气与管道、炼油与化工三大领域,分析了石油行业潜在的清洁发展机制项目领域。最后,提出了对石油行业开展清洁发展机制相关工作的建议。     

Environmental, developmental and financial risks of tropical timber plantation investment funds

This paper examines economic development and the environment within a market-based approach through financial instruments that incorporate a considerable array of risks. It investigates how financial markets combine finance and sustainable development by analyzing investment funds participating in tropical forest plantations. These funds project high expected returns and carry huge financial risks, especially country risk, price risk, and credit risk. Environmental and developmental risks do not appear to be very large, as most plantations are established on former farmland and as the quantitative impact of the plantations seems limited.     

Indigenous Resource Rights and Mining Companies in North America and Australia

A Contrast is made between indigenous resource rights in North America and Australia. The extent to which the indigenous people of these two continents may prevent mining and exploration on their land is examined. It is demonstrated that whereas some Australian Aboriginals have recently acquired limited veto rights to prevent development, the veto rights of the indigenous people in North America are long-standing and unqualified. In addition, the terms and conditions of mining and petroleum agreements which have been entered into by indigenous people in North America are discussed. These agreements are shown to be better than agreements signed with Australian Aboriginals.     

The prospects of tropical timber plantation investment funds

As financial markets start to acknowledge the significance of environmental issues, it is interesting to analyse how they combine finance and sustainable development. Dutch investment funds participating in tropical forest plantations project high expected returns. However, they carry huge financial risks, in particular country risk, currency risk, price risk and credit risk. The environmental and developmental returns appear to be positive but rather small. In addition, the environmental and developmental risks do not appear to be very large, as most plantations are established on former farmland and the quantitative impact of the plantations is still limited.     

Mining investment in Africa

Since 1985, there has been rapid growth in the presence of Australian exploration and mining companies in Africa. This paper sets out the reasons for the interest of those companies, now 20 in number, in various African mineral opportunities. Australian companies spent about US$16 million in 1992 on African exploration and evaluation, with over US$130 million spent on new mine development or expansion. The 20 Australian companies operate in 16 African countries, with two areas of focus, West Africa and Southern Africa. Using the responses to a survey sent to Australian companies operating in Africa in 1991, and to companies known to be interested in prospects there, the paper identifies and categorizes the policy and regulatory requirements needed by investors. Although a gloomy picture has often been painted of investment in Africa, Australian companies recognize that their risk taking, in the light of a declining investment climate in other mining areas, could promote a renaissance of world-scale mining in Africa.     

浅议石油企业绿色采购管理

随着环境保护标准的日益严格、公众环境权益要求的不断提高,石油企业实施绿色采购已成为实施节能减排、提高竞争能力、实现又快又好发展的重要途径;这也是建设环境友好型、资源节约型企业的重要内容。石油企业应从推行物资供应各环节监管、实施物资生命周期全过程评估、加强物资产品供应商管理、强化物资流通信息化建设等方面,建立完善的企业绿色采购管理体系。     

Australian junior exploration floats, 2001–06, and their implications for IPOs

An analysis of 179 junior exploration floats, listed on the Australian Securities Exchange (ASX) between July 2001 and June 2006, helped to build a basic understanding of the strategy and business structure of these companies. The “typical” junior explorer raised A$4 million at initial public offering (IPO) to finance a 2-year, mainly greenfields exploration program. The capital raised at IPO entitled its investors to approximately half of the company, with the balance in the hands of the promoters, vendors and/or seed capital investors. Of the A$4 million raised at IPO, it intended to spend approximately two-thirds on exploration, while the remainder was absorbed in corporate overheads and the costs of the IPO. Once these were paid, ongoing corporate overheads averaged approximately 28% of its total operational expenditure. However, given an average total annual expenditure of approximately A$2.6 million, most juniors held insufficient capital reserves to meet operational costs beyond a time frame of 2 years. As at October 2006, 9% of the companies were in the process of mine construction, whereas 6% had made it to producer status. The lead time from listing to production ranged from 1.5 to 53 months, giving a median of 28 months.     

石油勘探环境风险评价

通过对石油勘探开发过程中可能发生的环境风险进行识别和分析,提出了预防环境风险的方法和对策。为最大限度地降低风险,防止企业人员伤害、财产损失及环境破坏确定了管理目标,是石油企业实施HSE管理的一项重要内容。     

油气田开发对湿地的影响及保护措施

湿地环境和生态系统的保护及合理利用，在当今国际已普遍受到重视。我国石油勘探开发活动对湿地的影响，大体可分为直接和间接两类。直接影响主要由污染物排放；机械和人类活动对野生动植物的影响；油田设施占用地面；围湖或围海等构成。间接影响主要指影响湿地的水文条件及油气田开发带动其它资源的开发和当地经济的发展。为了减少油气田开发对湿地不利的影响，编制了《中国石油天然气总公司湿地保护行动计划》，建立了湿地保护的专门管理机构，并进而采取了一系列保护措施。     

严格监督管理,减少环境污染──廊坊市环保局开展油田环境保护工作纪实

廊坊市环境保护局认真贯彻落实《河北省陆上石油勘探开发环境保护管理办法》,对石油企业勘探开发生产过程实施较全面的环境监督管理工作,督促石油企业积极采取措施减少和治理污染,有效地遏制了石油勘探开发生产过程中所产生的污染对生态环境造成的破坏和影响,使廊坊地区的生态环境明显转好。