Offshore petroleum exploration and production (E&P) activities are faced with both technical and environmental challenges. In spite of these challenges, offshore petroleum E&P are on the increase globally. These operations have not been accident free even with improved technology. Recent incidents like Montara blowout and Deepwater Horizon fire have more than ever before raised serious concerns about the safety of offshore oil and gas E&P. Key issues are the prevention of major hazards, emergency response and civil liability, and payment of compensation. These issues have greater implication when the impact is transboundary. There is a general consensus on the need to ensure safety of these operations globally. However, the international legal framework needed to achieve the objective is unresolved. Looking at the extant international instruments relating to marine pollution from offshore oil and gas activities, there is a clear absence of global treaty on safety of offshore operations, civil liability and compensation. While there is general consensus on the need for safety of offshore oil and gas operations globally, opinions are divided on the necessity for global treaties. This thesis looks at the extant international legal framework at both global and regional levels with a view to identifying gaps in provisions on safety, civil liability and compensation. The thesis finds that even in the post-Macondo era, there are no global treaties in relation to safety of offshore petroleum E&P to prevent accidental pollution, and to deal with issues of civil liability and compensation. Furthermore, most regional regimes have no specific provisions on accidental pollution from offshore operations and liability issues arising therefrom. The absence of provisions for civil liability, especially in cases of transboundary harm from offshore accidental pollution has created difficulty for affected nations and nationals. This thesis proffers suggestion for international regulation of offshore petroleum operations to prevent accidental pollution, improve emergency response and guarantee prompt settlement of liabilities and payment of compensation. Accordingly, an international legal framework involving three levels of legal regimes is recommended as an effective way of preventing accidental pollution from offshore petroleum operations to protect marine environment and also ensuring that liabilities that may arise in the event of a major hazard are adequately addressed.

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This paper determines the relationship between the crude oil price and the financial performance of International Oil Companies (IOCs) of the Eurozone during the last decade (from 2004 to 2013). This study is conducted around a multiple regression model with panel data with the financial performance ratios (ROA, ROE, Profit Margin) as dependent variables and the crude oil price as independent variables. A knowledge gap is visible since the crude oil price was never used as an independent variable in relation to the financial performance ratios of IOCs. In addition, the IOCs in the Eurozone have not been studied since most studies focuses on the United States and Asia. Moreover these studies focus on stock returns rather than financial performance. The research follows a quantitative approach by assessing the relationship of the crude oil price with financial performance of IOCS during the 10-year period (from 2004 to 2013) for 11 companies from 10 countries. The purpose of the study is to determine the effect of the crude oil prices on the financial performance of oil producer companies on a 10-year period using a multiple regression model with panel data. The research question therefore is:What is the relationship between the crude oil price and the International Oil Companies’ financial performance in the Eurozone during the last ten years (2004-2013)?The empirical results show that the crude oil price has a negative relationship with the financial ratios and that the crisis had an impact during that time period on the financial performance of the IOCs. It is also noted that the debt level and the size of IOCs have a strong relationship with their financial performance. The findings on the relationship between the crude oil price and the financial performance of IOCs are opposed to the results of Dayanandan & Donker study (2011). The findings of this research paper are relevant for investors and researchers looking to assess the performance of the Oil & Gas Industry so as its determinants.

The research undertaken in this study is designed to examine the reliability of management estimates of expected future net revenues from the production of proved oil and gas reserves determined in accordance with the requirements of the prediction model specified in ASR No. 253. The issue of the required disclosure of earnings forecasts has been a topic of considerable controversy for many years. Within that controversy, the most frequently encountered opposition questions the reliability and ultimate utility of earnings forecasts. Similar opposition to both past and present forecast disclosure requirements exists in the oil and gas industry. In order to examine the reliability of management estimates of expected future net revenues, a two-part analysis was conducted. In the first part of the analysis, error metrics comparing management forecasts to actual results were computed and examined. Included in the examination were various relationships among and within the computed metrics. In the second part of the analysis an attempt was made to establish the association between the error metrics and specific related variables. It was anticipated that the degree of association determined would provide evidence of the relative accuracy of management in predicting the timing and volume of future production within the framework of the prediction model.

Целю исследования является разработка теоретических и методических основ для оценки тенденций и перспектив развития нефтегазовой отрасли Ирака на основе нескольких сценариев. Научная новизна исследования состоит в разработке подхода к оценке перспектив развития нефтегазовой отрасли в низкодиверсифицированной экономике, который отличается использованием показателей занятости в промышленном секторе, удельного внутреннего энергопотребления и объема экспорта сырой нефти на международные рынки в соответствии с тремя сценариями развития: инерционным, сценарием развития рынков и сценарием развития промышленности. / The purpose of the study is to develop theoretical and methodological foundations for assessing the trends and prospects for the development of the oil and gas industry in Iraq based on several scenarios. The scientific novelty of the study lies in the development of an approach to assessing the prospects for the development of the oil and gas industry in a low-diversity economy, which is distinguished by the use of indicators of employment in the industrial sector, specific domestic energy consumption and the volume of crude oil exports to international markets in accordance with three development scenarios: inertial, market development scenario and industrial development scenario.

Accurate knowledge of the physical properties of complex chemical systems is of extreme importance for the design and optimization of industrial processes. The unprecedented increase of computing power in the last couple of decades, the development of efficient algorithms and methods, and advances in molecular force fields have made molecular simulation a powerful tool in predicting such properties very accurately, and often with very limited experimental information involved. Related to this, molecular simulation can be used for the design of new materials with improved, often tailor-made, properties compared to existing materials. In this lecture, a few representative examples from recent work related to the oil & gas industry will be discussed.

Sustainability is one of the most important performance measurements in this fast changing business environment, as climate change and customer satisfaction is becoming real issues that managers have to face. Not only does it reflect the impact the company has on the economy, environment and society but also communicates corporate responsibility and smart business practices to the relevant shareholders. The Johannesburg Stock Exchange Limited (JSE) is the first global stock exchange to compel listed companies to integrate sustainability reporting with their annual report in the form of an integrated report. This requirement came into effect on 1 March 2010. It will enable managers to assess their organisation’s ability to create and uphold sustainability over the short, medium and long terms. It also allows managers and stakeholders to evaluate their business from a holistic perspective to report on a wider context of how it creates value for their shareholders and customers. The GRI identified the global challenges regarding sustainability reporting and launched their first Sustainability Reporting Framework in 2000 to clearly and openly report on relevant sustainability issues. The GRI also provide Sector Supplements that focuses on sector specific performance measurements. The balanced scorecard which celebrated its 20th anniversary in 2012, has been proven to be one of the most influential business management strategies of the last 20 years. Adjustments can be made to the traditional BSC by using an effective social responsibility framework, such as the GRI, to provide a sustainable balanced scorecard. It will express long-term organisational strategies, both financial and non-financial that is linked to sustainability. The oil and gas industry is a multifaceted, global industry and a key player in the South African economy, which has a fundamental impact on safety, health, environmental and social issues. The research was performed based on all the JSE listed companies in this industry based on an observational, ex post facto and descriptive research methodology. The integrated reports for both 2011 and 2012 were obtained and compared against the G3.1 Oil and Gas Sector Supplement indicators. It was found that selected oil and gas companies include sustainability issues in their integrated reports with a focus on social aspects. The contribution of the study was the development of a Sustainable Balanced Scorecard for the oil and gas industry. / MCom (Management Accountancy), North-West University, Potchefstroom Campus, 2014

Sustainability is one of the most important performance measurements in this fast changing business environment, as climate change and customer satisfaction is becoming real issues that managers have to face. Not only does it reflect the impact the company has on the economy, environment and society but also communicates corporate responsibility and smart business practices to the relevant shareholders. The Johannesburg Stock Exchange Limited (JSE) is the first global stock exchange to compel listed companies to integrate sustainability reporting with their annual report in the form of an integrated report. This requirement came into effect on 1 March 2010. It will enable managers to assess their organisation’s ability to create and uphold sustainability over the short, medium and long terms. It also allows managers and stakeholders to evaluate their business from a holistic perspective to report on a wider context of how it creates value for their shareholders and customers. The GRI identified the global challenges regarding sustainability reporting and launched their first Sustainability Reporting Framework in 2000 to clearly and openly report on relevant sustainability issues. The GRI also provide Sector Supplements that focuses on sector specific performance measurements. The balanced scorecard which celebrated its 20th anniversary in 2012, has been proven to be one of the most influential business management strategies of the last 20 years. Adjustments can be made to the traditional BSC by using an effective social responsibility framework, such as the GRI, to provide a sustainable balanced scorecard. It will express long-term organisational strategies, both financial and non-financial that is linked to sustainability. The oil and gas industry is a multifaceted, global industry and a key player in the South African economy, which has a fundamental impact on safety, health, environmental and social issues. The research was performed based on all the JSE listed companies in this industry based on an observational, ex post facto and descriptive research methodology. The integrated reports for both 2011 and 2012 were obtained and compared against the G3.1 Oil and Gas Sector Supplement indicators. It was found that selected oil and gas companies include sustainability issues in their integrated reports with a focus on social aspects. The contribution of the study was the development of a Sustainable Balanced Scorecard for the oil and gas industry. / MCom (Management Accountancy), North-West University, Potchefstroom Campus, 2014

A seleção de projetos de investimento é uma das atividades essenciais no dia-a-dia das organizações, e, neste exercício de avaliação, é preciso lidar em geral com uma carga considerável de incerteza. Analisar apenas as características individuais dos projetos é insuficiente diante do impacto que seus aspectos relacionais pode causar nos resultados. Além disso, um fator adicional nesse processo de escolha é a carga informacional já disponível internamente, na forma de conhecimento e percepção de analistas e gestores. Mais ainda, o próprio conceito de valor neste caso depende da perspectiva de quem avalia. Motivado por estas questões, buscou-se neste trabalho elaborar uma proposta de avaliação da carteira de projetos de investimento logicamente estruturada e modular, adaptável a diversas realidades organizacionais possíveis. A montagem do procedimento otimizatório reuniu conceitos de métricas de risco e retorno de projetos, Teoria Moderna de Portfólio, Teoria da Utilidade, simulação de Monte Carlo e decomposição de Cholesky. Por fim, a utilidade da proposta foi testada via sua aplicação em amostra de projetos no segmento de óleo e gás. / The investment projects selection is one of the essential activities in day-to-day operation of companies, and in this evaluation exercise it is generally required to handle a considerable amount of uncertainty. Analysing only the individual characteristics of projects is insufficient considering the possible impact of their relational aspects in results. Furthermore an additional item in this selection process is the informational load already available internally in the form of knowledge and perception of analysts and managers. Moreover even the concept of value in this case depends on the perspective of who evaluates. Motivated by this issues, this study aimed to formulate a proposal for investment projects portfolio evaluation logically structured and modular, adaptable to various possible organizational realities. The conception of optimization procedure brought together concepts of risk and return project metrics, Modern Portfolio Theory, Utility Theory, Monte Carlo simulation and Cholesky decomposition. Finally the proposal utility was tested by its application in a sample of oil and gas projects.

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / O estudo partiu do diálogo entre as políticas públicas de meio ambiente e o referencial teórico crítico da educação e da justiça ambiental. Ancorada na filosofia da práxis, uma categoria central do materialismo-histórico, busca ir além dos aspectos teóricos. A pesquisa tem o objetivo de contribuir para o entendimento e melhoria dos processos complexos e contraditórios de implementação da educação ambiental como condicionante de licença de operação e produção da indústria de petróleo e gás no Brasil. Tais projetos mitigatórios são conduzidos e monitorados pelo órgão ambiental, mas devem ser implementados e executados pelos próprios empreendedores que causam os impactos socioambientais nas localidades. Em contrapartida, projetos de educação ambiental crítica e participativa, desenvolvidos compulsoriamente no licenciamento offshore, estão voltados para os grupos socioambientais impactados. Preconizam o fortalecimento e a integração desses grupos diante do Estado e do próprio empresariado e devem estimular participação em processos decisórios da gestão ambiental local. A tese a ser demonstrada é a de que, neste campo de disputas pelo uso e gestão do território, os PEAs em sua práxis educativa e enquanto política pública no âmbito do licenciamento, constitui-se em um instrumento em potencial na construção de cidadania política. Na busca por investigar a efetividade desses PEAs, implementados na maior bacia petrolífera do país, a bacia de campos, a pesquisa faz primeiramente um estudo documental e posteriormente um estudo empírico com os atores sociais participantes dos projetos. A pesquisa documental revelou que existiam cinco PEAs desenvolvidos entre os anos de 2010 e 2012: o Projeto Pólen e o NEA-BC (Petrobras); o PEA ObservAção (PetroRio, antiga HRT); o PEA FOCO (Statoil) e o QUIPEA (Shell). A pesquisa empírica foi feita nos municípios de São Francisco de Itabapoana, São João da Barra, Armação dos Búzios e Cabo frio, contemplados com 80% dos projetos desenvolvidos na região e percorreu 17 localidades dos municípios e foram realizadas 52 entrevistas. Esta etapa da pesquisa traz as motivações acerca dos projetos, opiniões sobre o processo formativo, as transformações práticas vividas pelos atores a partir das vivências nos projetos e aspectos da participação desses atores sociais dentro e fora dos PEAs. 70% dos entrevistados trazem as crenças nos projetos devido às: propostas, objetivos e metodologias (discussões participativas, encontros de comunidades) e à equipe de executores (com os quais os atores têm uma relação de afeto e admiração); 28% abarcam as descrenças: lentidão e subjetividade dos resultados; o não entendimento acerca da origem dos projetos (mitigatórios, compesatórios, etc); conflito nas relações entre os quilombolas e os empresários; gastos com os projetos e não com a comunidade. Outras categorias surgem: remuneração/contratação; Obtenção de uma sede para o projeto; a excelência no processo formativo (onde alguns métodos devem ser repensados); a interação e a articulação entre os projetos. O estudo também revelou que os participantes passaram a participar de instâncias da gestão pública de seus territórios. As questões são apontadas para que esses projetos possam ser aperfeiçoados, mesmo diante de todas as contradições, tensões e conflitos que isso impõe em uma sociedade desigual, reduzindo a natureza, a mercadoria e a relações precificadas. / This study originated from the dialogue between public environmental policies and the critical theoretical education and environmental justice references. Anchored on the praxis philosophy, a central category of historical materialism, aimed to go beyond the theoretical aspects. The research also aimed to contribute to the understanding and improvement of the complex and contradictory processes regarding the implementation of environmental educational programs, which are one of the demands to obtain the environmental license required for oil and gas exploitation in Brazil. Mitigating projects such as the one cited above, are conducted and monitored by the environmental agency, and must be implemented and executed by the companies whose activies cause social and environmental impacts on identified social groups. On the other hand, the participatory environmental education projects, compulsorily developed for licensing offshore focused on the impacted social groups. They stimulate, as one goal, the strengthening and integration of these groups on the State and the business itself and should encourage participation in decision-making on the local environmental management level. The thesis to be demonstrated is that on this field of contest for the territory usage and its management, the PEAs in their educational praxis and as a public policy in the licensing scope, can be stated as a potential tool for the citizenship policy construction. With the purpose of investigating the effectiveness of PEAs, implemented in the largest oil basin of the country, the Campos basin, the first step of the present investigation was an extensive survey on documents and the second step was an empirical approach with selected social actors participating in the the projects. The documents survey revealed that there were five PEAs developed between 2010 and 2012 in Campos basin: the Pollen Project and the NEA-BC (Petrobras); PEA OBA (PetroRio); PEA FOCO (Statoil) and the QUIPEA (Shell). The empirical research has been done in the municipalities of San Francisco de Itabapoana, São João da Barra, Buzios and Cabo Frio, awarded 80% of the projects developed in the region. The field research included 17 locations in the municipalities were 52 interviews were conducted. 70% of respondents cited they believed in the projects due to the proposal itself, the objectives and the methodologies, including participatory discussions, community meetings and the team of performers, with which, the actors demonstrated a relationship of affection and admiration. About 28% approached the disbelief due to slow and subjectivity of results; lack of understanding about the nature of the projects (mitigation, compensation nature, etc); conflicts in relations between social actors (Maroons) and entrepreneurs; spending resources on the projects and not on the communitys needs. Other categories were rised: remuneration / contracting; headquarters needed for the project; excellence in the informative/training process; the interaction and coordination between the projects. The study also confirmed that participants increased their participation within the public administration bodies on their territories. The issues are highlighted as a contribution for the improvement of these projects improvement, regardless all the contradictions, tensions and conflicts imposed by an unequal society, reducing the goods and the nature priced relationships.