Given the persistence of environmental problems that characterise the oil producing communities (OPC) of Nigeria, often referred to as the Niger Delta region (NDR), this thesis examines the implication of the governance of oil and gas sector on the biodiversity and ecosystem services (BES) in the region. The NDR is a coastal area that is most endowed in terms of BES and hosts exploration and production of oil and gas activities. However, the continued exploration and production of oil and gas is having deleterious impacts on BES which transcends government and oil and gas companies’ efforts to address them. This state of affair has been an issue of great concern nationally, calls therefore for the examination of the governance of the oil and gas sector with regards to conservation of BES. Informed by a review of academic literature, this thesis advances an interactive governance framework that promotes recognition and involvement of the various relevant actors/stakeholders, including local citizens in the governance of the sector. The study was conducted in two OPC in Nigeria and primary data was collected through a total of four focus group discussions, one workshop and 21 in-depth interviews, including at least one representative each from 11 government agencies, one representative each from three environmental NGOs, one representative each from both a Community-based Organisation and Hybrid organisation. Analysis of the data revealed that the governance of oil and gas sector has contributed to BES loss and degradation, which has ultimately exacerbated the conditions of living of the coastal communities. The empirical evidence equally suggests that BES degradation persists, because of bad leadership, corruption and the locals in the OPC whose values, norms and principles are supposed to be considered in policies and decision-making are not fully involved in the governance process. Additionally, the governing actors also lack the requisite capacity to perform. The study developed a schematic framework and concluded that interactive governance framework is a good antidote to illuminate the governance challenges as well as the various environmental problems including the degradation of BES that characterised the oil and gas sector in Nigeria.

This dissertation is a critical exploration of the changing social world of policy-making in the British central government. It examines new forms of governance that engage international corporations and non-governmental organisations into the making of state policy in the UK. It focuses on a case of one transnationally mobile blueprint for a collaborative anti-corruption policy. Implemented in the Whitehall, this policy, called the Extractive Industries Transparency Initiative (EITI), has had profound effects on how government officials exercise their authority. I describe the EITI as a densely scripted model for policy, organised around an infrastructure of official collective forms, which structurally gear its implementation to consensual deliberation. I suggest that this formal set-up makes necessary constant social work of negotiating difference and maintaining relationships. This leads me to argue that the institutions of the UK EITI not only provide a social and political forum for the negotiation of disclosure rules, but set in motion complex social and political dynamics, and engender epistemic and ethical dilemmas, that simultaneously contributed to, and undermined, policy-making. My dissertation sheds new light on the increasingly networked, transnational character of ‘domestic’ policy-making. It analyses the political, social and affective dimensions of collaborative policy-making, and explains how ethical and epistemic dilemmas that arise from collaboration of civil servants and their ‘stakeholders’, affect the policy. Opening up the ‘black box’ of the UK EITI in order to recuperate its sociality and understand the agency of official abstractions enabling it, this thesis explores how British civil servants and their expert stakeholders, navigate the terrain of statecraft transformed by their collaboration. Collaboration, I contend, transforms policy-making because it brings into play social interests, relations, and practices, which are rarely associated with state bureaucracies. At the same time, the ways in which this collaboration is formally organised, restrict the government’s control over the policy that it makes. Affecting policy-making within the government, collaboration results in processes of governance beyond government.

Restrictions on the production of oil practiced by oil exporting countries under the auspices of the Organization of the Petroleum Exporting Countries (OPEC) has been the subject of contentions and debates over time. One of the dimensions of this discourse is in relation to the possible violation of the obligations stipulated by the General Agreement on Tariffs and Trade (GATT) by members of OPEC who are also members of the World Trade Organization (WTO). This research examines the issues arising therein as production restrictions and quantitative restrictions are analysed. It considers whether these production restrictions on oil qualifies as quantitative restrictions prohibited by Article XI of the GATT 1994 and as such whether oil exporting members of the WTO are in violation of the provisions of the GATT. The question hinges upon the classification of production restrictions, whether it falls under the same category as quantitative restrictions. This is based on the premise that the language employed in the regulations prohibits measures relating to the importation and exportation of goods; which leads this research to ascertain if production restrictions affect oil ready for importation or exportation. The concept of sovereigntyis intertwined in this discourse as oil exporting countries raise this as a defence, quoting the exclusive right to exploit their resources devoid of external influence or pressure. Membership of an international organization on the other hand indicates that a measure of sovereignty has been transferred through consent in becoming part of the organization and this inputs a level of responsibility and to an extent dictates certain expectations. For OPEC member countries that are also members of the WTO this expectation is not clear-cut as no mention is specifically made to oil resources in the text of the WTO regulations. Presumptions abound on the rationale for this perceived exclusion. From the notion that a ‘Gentleman’s Agreement’ was reached by the initial contracting parties of the Trade Organization to the perception that oil exploration and trade at that time was in the domain of the western world while the majority of the current exporters were colonies and as such did not have a say in trade discussions relating to the exploration of their natural resource. Moreover the peculiarities of this commodity inversely positions it in the international trade regime as it is devoid of the market access challenge which the international organization on trade set out to overcome through its furtherance on trade liberalization. No doubt the bias for import restrictions as against export restrictions by the organization based on the prevailing circumstances during its establishment makesloopholes in the strict interpretation of the provisions that border on export restrictions inevitable. This study therefore strives to analyse these surrounding issues and goes further to consider the relationship between oil exporting countries and their importing counterparts as it argues that the contention on production restrictions and quantitative restrictions transcend the interpretation of the provisions that are in contention. This is based on the notion that the relationship between members of an international organization is the pivot that determines the functionality of the regulations binding members. Thus where a viable relationship thrives, the operations of the organization will be at its peak and the interpretation and application of the letters of the regulations will not be in contention ‘stricto sensu’. This is the rationale behind the proposition by this study that theories of international relations especially that of liberalism is key in understanding and improving the relationship between oil exporting and importing countries. This work advocates that this is achievable under the auspices of the WTO based on its formidable qualities.

The expansion of the refinery capacity in oil-producing countries is a rising trend. The fact that the majority of oil producers have already begun to vertically integrate into the downstream oil refining segment calls for a detailed examination of the implication of such investments. Oil-producing countries rely largely on the revenues from crude oil exports, while refining crude oil locally means increasing the use of crude oil domestically and/or possibly reducing oil exports. Such a decision can affect oil supply and demand balance and, thus, market stability. Although various factors can influence crude oil prices, the implication of the expansion of refinery capacity has not been explicitly examined in the literature. Therefore, the primary concern of this research is the increase in crude oil consumption in domestic refineries and the implications that can arise from this. Firstly, the expansion of existing refinery capacity or investing in new plants has an impact on crude oil net exports. It can reduce crude oil exports, and thus influence the price of oil depending on the magnitude of an oil producer’s crude oil supply (market power) in the world oil market. Secondly, there are the opportunity costs of not exporting crude oil and refining it locally. This research aims to investigate the decision of petroleum refinery investment in an oil-producing country. We develop a partial equilibrium static model to compare the cost of refining crude oil in a local refinery with the cost of importing refined products. The incorporation of the oil producers’ market power helps in determining the refining decision by evaluating the impact of the export capacity on the oil price in the world market. The results of the empirical test confirm the crude oil price responsiveness to the oil export levels of OPEC member countries and lend support to theories emphasising the existence of the market power in the world oil market. Furthermore, we evaluate the export decision on whether to export crude oil or refined products by assessing the economies of scale in the refinery investment and in the transportation costs of the refined products. The results of the numerical example indicate that petroleum refining exhibits economies of scale while there are diseconomies of scale in the refined products shipping. This means that the refining investment costs can offset the transportation costs, thus making the export of refined products profitable. However, we numerically find the optimal crude oil input capacity at which the oil producer is indifferent between the two export choices. Finally, despite the disparities in the petroleum refining segment in OPEC member countries, there are common challenges facing the industry in OPEC members. These challenges fall into policy-related (intrinsic) challenges and extrinsic challenges. The policy-related challenges mainly comprise: refinery size, refinery configuration, and subsidy. Extrinsic challenges are refinery-specific, such as construction cost, lack of skilled labour, political instability and insecurity. The research finds that large oil producers have ambitions to expand the capacity in their domestic refineries as, from their point of view, it would not just satisfy the domestic demand for refined products but also add value to the supply chain. This particular objective requires a detailed evaluation of the opportunity cost of first, the refining decision, and second, the export decision.

There is a growing menu of forward pricing models. Each model has a different specification regarding the nature of its underlying variables. This study critically evaluates, suggests extensions to and proposes alternative models. After reviewing the literature, we then investigate the dynamics of a market (in this study the WTI crude oil market) and based on these findings we specify the underlying stochastic processes of the model. Specifically, we perform series of econometric tests in attempting to pinpoint the nature of the variables; our focus is on the spot price, the convenience yield, and the long-term price of oil. We conclude that both the spot price and the convenience yield follow mean reverting patterns whereas the long-term price of oil is not a stationary process. We also find that there is a strong interaction between these three variables. The current models in the literature either neglect some fundamental dynamics or do not correctly specify the functional form of the underlying processes. For example, Gibson and Schwartz (1990) mis-specify the functional form followed by the spot price, Gabillon (1991) neglects the stochastic nature of the convenience yield. In this study, we suggest a model which is consistent with the empirical findings in the crude oil market. In particular, we provide a framework that is able to incorporate the dynamics of the crude oil market. We derive various closed form solutions and one general solution that is rich enough to incorporate solutions to all present forward pricing models. We also suggest quasi closed-form solutions for the stochastic volatility problem in forward pricing, a notion which has not been mentioned in the literature. We then compare the performance of the alternative models in fitting the term structure of actual oil forward prices. Our results support the hypothesis that a model incorporating the underlying dynamics of a market outperforms models that suffer from specification problems.

Nigeria is the world’s thirteenth largest oil exporter, with exports of over 2.2 million barrels per day (OPEC report, 2010). The capital-intensive oil sector provides 95 per cent of the nation’s foreign exchange earnings, and about 65 per cent of budgetary revenues. Despite the huge resources from oil sales, the major stake holders within the Nigerian oil sector (the government, host communities, and oil companies) generally believe there is environmental degradation in the oil region. However, they sharply disagree on what precisely constitutes environmental degradation in the Niger Delta and who bears responsibility for it. The major stake holders; accuse one another as being responsible for the situation (Frynas 1999). My research examines the conflicting set of voices and claims among the stake holders in the Nigerian oil industry in describing what environmental degradation is and how it affects their relationships with each other. My argument is that though the key players in the Nigerian oil industry render quite different accounts of what the environment means to them, they all seem to be plausible and, indeed convincing in their own accounts. As a result, the more ‘convincing’ the accounts seem to be, the more dramatic the views become and the more apparent it becomes that we need to employ rigorous analyses to create order in the diversity of their different conflicting accounts by showing that there is much to be gained by setting free the different versions of voices that the key players use to explain what the environment means in their relationship. This thesis considers face to face interviews as a method to explore how my respondents give their own versions of what their environment means to them in their social world. The thesis argues that the way people give their version can be interpreted within the perspective of Goffman’s dramaturgical metaphor which views the performers acting on stage as “merchants of morality” (1956:156).

This thesis explores the relationship between oil price shocks, exchange rate dynamics and stock market behaviour in Nigeria using a variety of econometric specifications. The response of exchange rates and stock markets to oil price fluctuations is an issue of great interest to policy makers, monetary authorities and investors in both oil exporting and oil importing economies. Despite over 30 years of empirical research, there is still no consensus on their relationship, in addition there have been limited empirical efforts exploring this relationship for Nigeria. First, the thesis applies a Multivariate Vector Error Correction Model (VECM) and a Structural Vector Autoregression (SVAR) to investigate the interaction between real oil price, real exchange rate and productivity differentials. On the one hand results from the VECM suggest that, as predicted by the theoretical literature, oil price exercise a significant positive influence on Nigeria’s real exchange rate but contrary to the Balassa-Samuelson hypothesis, productivity differential exerts a significant negative influence on Nigeria’s real exchange rate. On the other hand, results from the SVAR analysis using short run restrictions do not offer much support for the theoretical literature on the impact of oil price shocks on exchange rates. The response of real exchange rate and productivity differentials to an oil price shock although positive is not statistically significant. Second, the thesis applies Generalised Autoregressive Conditional Heteroscedasticity (GARCH) class models to explore the influence of oil price return on exchange rate return in Nigeria during periods of extreme oil price volatility. Empirical estimates suggest that over the study period oil price return in Nigeria exercised a significant negative influence on exchange rate return. Third, on the relationship between oil price shocks and the stock market, the thesis employs a multivariate VAR along with a Generalised Impulse Response Function (GIRF) and Variance Decomposition (VDC) as well as an Ordinary Least Square (OLS) and Quantile Regression (QR) technique to examine the role of oil price on the Nigerian stock market. Results of the VAR analysis, OLS and quantile regression indicates that oil price changes do not play an important role in affecting real stock return in Nigeria. However, by employing the QR technique on a recent sample, overall results point to the importance of negative oil price changes in explaining movements in the Nigerian stock market lending credence to the view that the impact of oil price on the stock market occurs in the short run. Finally the thesis applies a DCC-IGARCH (1,1) to evaluate the dynamic correlation between oil prices and the Nigerian stock market. The dynamic correlation findings demonstrate a number of notable positive and negative correlations between the two. While the Nigerian stock market does not always move in the same direction with oil price, correlations between the two tend to increase and decrease over time. The results of this study are of value to policy makers and investors who are interested in understanding the response of exchange rates and stock markets to an oil price shock in Nigeria. In addition, the results are also transferable and generalizable to other oil exporting economies.

This research is undertaken as a new venture to explore potential environmental management approaches for the development of the oil industry in East Timor. Particular focus will be given to environmental legislations in order to assess the possible impacts and control of oil industry development in East Timor. The country has newly emerged in the past decade and is still heavily reliant on immediate development of oil resources in order to boost the country’s economic prospects. Environmental laws and regulation are, however, still in an embryonic stage. This research begins with a review of the Timor Sea environment, focusing on the natural resources of the region. This is followed by a review of the potential environmental impacts of the oil industry, as well as an assessment of the importance of Timor Sea habitats and the possible threats posed by the oil industry. Of course, oil industry development mostly takes place offshore therefore the second part of the study involved a pilot study to evaluate stakeholders’ views on the possible impacts of an oil refinery along the South Coast of Timor. Stakeholders were interviewed to gain insight into opinions on how the Timor Sea environment should be managed, and how a new country can raise the living standards of its people in equilibrium with the natural environment of the region. International and national environmental regulatory frameworks were reviewed, including numerous case studies from selected regions. Data collected from stakeholders was analysed, with multivariate and univariate statistical tests employed to assess the significance of differences in responses. Moreover SWOT analyses methods were employed to analyse different environmental frameworks and regulations discussed. The main discoveries of the study include: 1) Mangroves, shallow deep-water coral reefs, seagrass, intertidal shelter sediment and rock are of high value to the Timor Sea and South Coast. In terms of animal groups turtles, dugongs, cetaceans and seabirds are considered to be of high conservation importance, 2) As environmental data or information is limited secondary data was also sourced for this study, 3) Development of the oil industry poses possible threats to the marine environment in the Timor Sea region, although it is localised and transitory in nature, 4) Stakeholders suggested that development of the oil industry should go ahead, but environmental regulations should be in place, 5) Environmental regulations must be adequate and include essential legal components such as clear responsibility, flexible environmental permit system, as well as adequate sanctions for non-compliance and effective monitoring and enforcement processes. The bottom line conclusions of this study is that while economic development should go ahead, measures for environmental protection should also be in place.

The thesis explores the political economy of natural resources in Brazil and Chile. The cases are drawn from oil and copper mining respectively. Using the twin lenses of historical institutionalism and critical international political economy (IPE), I probe into the significance of states and state enterprises in resource management. In this thesis, I seek to explain the process of market opening reforms in strategic resources industries, particularly the extent to which sector-specific dynamics and institutional complexities have obstructed the full privatisation of the resource sectors. Not only has neoliberalism been implemented partially, the persistence of state ownership in Brazil and Chile has reconfigured the balance between states and markets in managing strategic industries. Consequently, I demonstrate how state enterprises and labour unions have responded to demands of global competitiveness by way of maintaining a structure of relationships that address commercial goals, sectoral interests, and public policy objectives. Evidently, reforms have taken place prior to the commodity boom in 2003 and the rise of Left-led governments in the region. Overall, my comparative historical approach contributes to broader debates on IPE of natural resources, political economy of development, and Latin American politics.

The journey from history to heritage is explored through the history of the Brunswick Ironworks of Caernarfon Gwynedd which is presented as an ethnographic case study. Brunswick Ironworks are a family business which has been located in the town of Caernarfon for over one hundred years. It has contributed significantly to the visual appearance of the town through its work as art metal blacksmiths. The ethnographic study is based on the history of the Brunswick Ironworks supported by the materials generated from Irish case studies which assisted in the creation of the Brunswick heritage trail (one of the outcomes of the research project). The history of the company was researched from 1906-2010 using documents held by the company charting their development as art metal blacksmiths. The company has worked on key commissions ranging from work in the Royal Palaces of (Hampton Court Palace and Windsor Castle) to the ironwork for the coffin of the Unknown Warrior in Westminster Abbey. The heritage debate is discussed by charting the journey from history to heritage as illustrated through the history of the Brunswick Ironworks. The current debate on heritage was discussed revealing that heritage in the case of the Brunswick project was a process developed to suit the requirements of the research project. The project revealed that through the creative use of one specific aspect of the Brunswick Ironworks heritage (the Unknown Warrior) the profile of the company was used to guide its future development through the utilisation of their skills as art metal blacksmiths in the twenty first century. The research project was a journey which revealed new aspects of the heritage of the Brunswick Ironworks as the project developed and evolved. The creation of the six objectives for the Brunswick Ironworks emerged following detailed discussions between the owner Mr Meurig Williams and the researcher. These objectives assisted in the identification of a structure for the project. As the project developed and evolved a transferable model emerged which could be utilised by other researchers providing a template from which to begin their journey. The six objectives identified for the project were ambitious and required the acquisition of new skills for the researcher. These ranged from learning how to catalogue the Brunswick archive to improving and developing photographic skills which were used to record the work of the company resulting in the creation of a photographic archive. The outcomes from the research project indicated that when heritage is viewed as a process it encourages connections to be made which in the case of the Brunswick project were enriched by the active sharing of their heritage. This supported other locations which were able to develop their link with the Unknown Warrior. This in turn raised the profile of the company on a national level which brought their skills as art metal blacksmiths to a wider market illustrating how the past heritage of the company was developed to guide its future development.