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FDI IN OIL AND GAS SECTOR
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- 13. Company Country Blocks OVL Vietnam Block 06.1 Block 127 Block 128 Myanmar A-1 A-3 AD-2 AD-3 AD-9 Russia Sakhalin-1 Iran Farsi offshore exploration block Iraq Exploration Block-8 Syria Al Furat Project Sudan Block 5A Brazil BC-10
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Hinweis der Redaktion
- FDI can be directly related to the economic growth of a country. Along with economic growth wide spectrum of opportunities in the trading increases, technology diffusion & knowledge transfer takes place, competition increases leading to enhanced efficiency of domestic firms & employment opportunity also increases.
- RIL tied up with Pemex of mexico for joint e&p in oil & gas resources worldwide.
- A new company was formed in 1899 as Assam Oil Company (AOC) with a capital of £310,000 headquartered at Digboi to take over the petroleum interests. The rights were taken from Assam Oil Syndicate & were given to AOC & a new refinery was set up at Digboi with a capacity of 500 BPD in 1901.
- After Independence, the government of India (GOI) realized the importance of oil & gas for rapid industrial development & its strategic role in defence. . So the development of petroleum industry was given top priority while framing the Industrial policy statement of 1948.
- Following liberalization ONGC was restructured as a limited company as per company’s act in 1994. Kaul committee in 1992 recommended GOI for setting up a body for discharging the regulatory functions of leasing & licensing, developing, conserving & managing reservoir. So in 1993, Director of Hydrocarbons (DGH) was set up & entrusted with regulatory & developmental functions.
- OVL has also acquired assets in Egypt, Libya, Sudan (Greater Nile Oil Project) & Nigeria. In Latin America OVL owns assets in Venezuela (San Cristobal Project), Cuba, Brazil & Colombia (Mansarover Energy Project)
- For e.g. OVL acquired Imperial Energy Corporation Plc., an independent upstream oil Exploration and Production Company having its main activities in the Tomsk region of Western Siberia, Russia on 13th January, 2009 at a total cost of USD 2.1 billion. Imperial’s interests comprise of seven blocks in the Tomsk region.
- All the above blocks are in various stages of Exploration. BPRL consortium has drilled 21 wells in 2009-10. BRPL has partnership with some world renowned operators including Petrobras & Anadarko.
- China’s energy security is characterized by a progressive divergence of energy supply & demand since its transition to an oil importing country in 1993. Over the years oil consumption has steadily increased from 6.5million barrels a day (bbl/day) in 2005 to 9.4 million bbl/d & 9.8 million bbl/d in 2010 & 2011 respectively. However China’s oil production has only increased modestly from 3.9 million bbl/d in 2005 to 4.3 million bbl/d in 2011, which shows that China’s oil fields are maturing & that oil production has peaked. However with a growth in oil production China’s oil consumption has increased drastically.
- In the late 1950s Daqing oil field was discovered & Sino-Soviet partnership collapsed which initiated the withdrawal of soviet technological support from the petroleum industry. The unsuccessful adoption of the soviet style approach led to a new strategy for economic development, a move from foreign technical & capital resource dependencies to “self-reliance” & labour intensive approaches, which are the key principles of the “Great Leap Forward”
- Despite political & administrative support given by the government the petroleum sector showed a decline in the production of oil. So PSA contracts were signed for exploration & development of Bohai Gulf & Beibu Gulf were signed between the Chinese Petroleum Corporation, Japan-China oil Development Company & French NOC, Total. Autonomy of the petroleum sector grew & opening for foreign participation became catalyst for production sharing agreements with various foreign companies & initiated various other reforms. Now the 3 NOCs CNPC, CNOOC & Sinopec formed the Chinese petroleum industry. This indicated the end of the government’s direct control over oil industry. This paved the path for decentralization
- The basic objective was to focus on all the facets of the system starting from financial tax & monetary reforms to establish “socialist modern enterprises”. CNOOC was responsible for offshore E&P & cooperation with foreign companies, CNPC focused on onshore E&P & Sinopec focused on downstream & petrochemicals. But now with market being opened to IOCs new form of reforms were to be brought into the scope. After integrating vertically NOCs were geographically restructured & operational transfers were allowed. With these reforms CNPC got direct access for refined products & Sinopec got reliable crude oil supply with new oil producing assets.
- The decentralization gave substantial amount of anatomy to NOCs but diluted central government’s regulatory control. The various agencies formed by state council lacked political clout or manpower which led to their failure. It was formed as a high level research & advisory group but it lacked overall administration of petroleum industry, policy making & regulatory powers. It did not draft any regulations but outlined bureaucratic principles & guidelines. Its limitations in authority, autonomy, personnel & policy instruments made it an ineffective regulatory agency.
- In 2009, Wen Jiabo boosted the overseas expansion & acquisitions by saying “we should hasten the implementation of our going out strategy & combine the utilization of foreign exchange reserves with the going out of our enterprises.” Going out policy & various other policies promoting trade liberalization increased Chinese outward foreign investments. In 2005 OFDI was US$ 12.3 billion which increased by 217% & became US$ 26.7 billion.
- Us $ billions
- Sinopec being a downstream major has closer relations with oil trading partners & crude oil suppliers, mainly in Middle East. Its future international strategies include the following essential elements:
- KSA have abundant natural resources, strategic location, and modern infrastructure, political & economic stability. But still then they were not open to foreign investors in past. The dynamic performance of the banking sector is driving the growth of the non-oil sector. Lastly, access to the world's largest oil reserves, very low energy costs and a high standard of living are decisive factors for foreign investors.
- All FDI related activities in any sector of KSA economy by any country is overlooked & regulated by SAGIA.
- In gas sector Saudi ARAMCO’s exclusive right to explore, drill for and produce gas was lifted in February 1999 and, following a September 1998 request from the Crown Prince, many foreign companies have submitted proposals for upstream and downstream gas development investments.
- Tight capacity worldwide has elevated utilization rates and pushed margins to historic highs. In fact, refinery utilization rates are forecast to exceed 86% by 2010 with demand at 93 million bpd and set to double by 2030. New refineries are in development along with strong demand & favourable forecast, this is also driving FDI investments in KSA. Saudi Aramco has partnered with foreign companies to develop three new export-oriented refineries at a cost of US$18 billion and is planning a series of expansions and upgrades to its existing refineries.
- The ISC must decide to grant or refuse a license within 30 days of receiving an application from an investor.
- Exploration activity abruptly ceased upon the commencement of the First World War in 1914. In 1937, the Shell D’Arcy Company, a consortium of the Royal Dutch shell Petroleum Company and D’Arcy Exploration Company commenced exploration work and were granted exclusive exploration and production rights in the whole country. After second world war Shell D’Arcy Company re-emerged in partnership with British Petroleum as Shell BP, assuming the position of pioneer oil and gas Exploration Company in Nigeria. The OGIC was charged with the task of making recommendations to restructure Nigeria’s oil and gas industry. The recommendations of OGIC included a proposal to separate the commercial institutions within the industry from the regulatory institutions. In 2007, the Federal Government of Nigeria introduced the National Oil and Gas Policy and re-constituted OGIC to make recommendations towards the emergence of a new institutional framework to govern the operations of the oil and gas industry, including the emergence of a new National Oil Company, new regulatory bodies and a new national directorate, for a more effective policy formulation for the industry.
- This led to endemic corruption and massive mismanagement of resources by government ministries, departments and agencies.
- The prime purpose of designing a legal framework by States is not only to control the exploration and development of the oil and gas industry but at the same time satisfy the fundamental needs of the IOC which invest huge funds in a venture which is traditionally risky.
- Oil Exploration License (OEL): This is usually granted by the Minister in respect of an area of undetermined prospectively on which a premium has not been placed. The license authorizes the licensee to carry out aerial and surface geological and geophysical surveys excluding drilling below three hundred feet. Oil Prospecting License (OPL): An Oil Prospecting License grants to the licensee the exclusive right to conduct all the operations that a holder of an OEL has right to conduct. The licensee is given the right to conduct drilling operations to any depth and if he discovers petroleum in the area of grant, to produce and dispose of same just as a lease has the right to do under an Oil Mining Lease. Oil Mining Lease (OML): The OML is exclusive rights within the leased area to conduct exploration and prospecting operations and to win, get, work, store, carry away petroleum in or under the leased area. The term of the OML shall not exceed 20 years but may be renewed under the Act.
- Under the traditional concession, the contract area was often very large (covering the entire territory of Nigeria), the duration was very long mostly between 40 to 75 years and the financial benefits accruing to the host government were usually minimal.
- In a participating agreement, the oil company assigns and transfers to NNPC an undivided interest. Usually, the joint operating agreement would designate one of the parties as the operator for the purpose of conducting, managing and controlling the joint venture in accordance with the provisions of the joint operating agreement.