TOP NEWS PICK : FEBRUARY 28, 2011

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Genetically engineered organism creates fuel from sunlight, water and carbon dioxide

The Australian

British business's taste for Libyan oil money exposed

Telegraph

Iraq's largest oil refinery bombed, forced to shut down

AP

Libyan Turmoil: Demand for Nigerian Oil Rises

The Guardian

Oil above $114 after Libya cuts

Upstream Online

 

Crude Oil Prices Stabilise At $97.88pb

The Tide

Saudis to Offset Libya

Oil Price Hike: Bad for the Rich, Good for Developing Economies?

By Alan Wheatley

Oil spike to hit West harder than emerging economies

No two oil shocks are alike, but the chances are that emerging economies could suffer a little less than the developed world if the latest price surge to 29-month highs is sustained. Yet this would not be another illustration of how developing countries are decoupling from the West, for slower growth in the rich world would eventually rebound on emerging nations.

Only oil exporters are unambiguous winners — for a while, at least — from the redistribution of income set in motion by a spike in oil like the one this week, which was triggered by fears that unrest in Libya will disrupt supplies.

EITI IN PERSPECTIVE: Scope and Country Experiences

By Maryanne Agbiriogu

The discovery of oil, gas and other hydrocarbon minerals in developing countries raised the hopes of its citizens that their journey to economic, social and infrastructural development was underway. However, history has proven that the exploitation of these resources does not necessarily guarantee economic development and wealth acquisition. Most of the people living in some of these resource rich countries live in abject poverty. The very basic amenities, water, health, accommodation are not readily and easily accessible and are now more or less perceived as luxurious. This observable irreconcilable situation, principally as a result of political antics, has been frequently phrased as the “paradox of plenty” (Karl, 1997) and the “resource curse” (Auty, 1993).

WEEKEND DIGEST-->>> 26-27 FEBRUARY

The Weekly Digest brings you the highlights of 'The Mix: Oil and Water!' for the past week.

Catch up. Read your favourite Articles and Posts- again and again...and some more!!!

Top 5 Posts- This Week:

BP's COMPETITIVE STRATEGY: Leadership at what cost?

IT'S NOT HOCUS POCUS: Just Focus on Libya Oil

Polishing our Co2 Model

TOP NEWS PICK: FEBRUARY 21, 2011

EVENT ANNOUNCEMENT: Q&A WITH BARRY MORGAN

Top 5 Posts- All Time:

1- Oil and Gas Masters of Tesco Teller Points

2- Dundee Alumni: Humphrey Onyeukwu speaks on Nigerian Petroleum Industry Bill

3- British Petroleum (BP): Corporate Giant in a Giant Mess?

A DEFINITIVE MODEL: Measuring Impact on Carbon (Co2) Emissions

By Apresai Oghenemagan Kereokiye

     Abimbola Shode

     Yetunde Esan

     Nneka Iyabode Eze

      Kingsley Onuoha

RE-STATING THE MODEL

 Results from the previous sections have shown that our model is mis-specified, that the interaction between EU and OM is not significant, and that a cubed term could possibly improve our model. As such, we can re-state a new model taking out the insignificant interaction variable and introducing a cubed variable.

The new model is stated thus;

Log(CO_2pc) =b₁+b₂REN +b₃(REN)³ + b₄EI + b₅EU + b₆OM + b₇REN(OM) + b₈EI(OM) + e_t

The expectation of the signs of the coefficients remains the same. We are assuming that all the OLS (Ordinary Least Squares) assumptions hold.

The regression result is as shown below;

Polishing our Co2 Model

By  Apresai Oghenemagan Kereokiye

     Kingsley Onuoha

     Yetunde Esan

     Nneka Iyabode Eze

     Abimbola Shode

MODEL SPECIFICATION

To determine the adequacy of our model we go beyond the p, t and F statistics performed above to examine the residuals, the Durbin – Watson statistics as well as the Regression Error Specification Test (RESET) test.

PHOTO OF THE WEEK: The Audacity of Hope.......!!!

By Joanna Rae

Reflections:

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Oil prices reach a 30-month high..

A wave of unrest across Middle East/ North African Oil States..

EVENT ANNOUNCEMENT: Q & A with Barry Morgan

Strictly By Invitation. See Previous announcement for more details on how to get your Invite.

Read | Learn | Discuss | Share !!!

EVENT ANNOUNCEMENT: Q & A with Barry Morgan

Upstream, based in Norway, is an award-winning global oil and gas newspaper published weekly and highly regarded as a most authoritative source of information on the industry.

Barry Morgan has reported the

IT'S NOT HOCUS POCUS: Just Focus on Libya Oil

Libya, a member of the Organization of Petroleum Exporting Countries (OPEC), holds the largest proven oil reserves in Africa, followed by Nigeria and Algeria (see below). According toOil and Gas Journal (OGJ), Libya had total proven oil reserves of 44 billion barrels as of January 2010, the largest reserves in Africa. About 80 percent of Libya s proven oil reserves are located in the Sirte basin, which is responsible for most of the country s oil output.

Libya hopes to increase oil reserve estimates with incentives for additional exploration in both established oil producing areas as well as more remote parts of the country. Recent increases in foreign investment have begun to slow as a result of uncertainties stemming from OPEC quotas, infrastructure constraints, and contract renegotiations.

TOP NEWS PICK : FEBRUARY 21, 2011

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Gazprom chief calls shale gas a ‘bubble’

Financial Times

'We are not Egypt': Son of Libyan despot Gadhafi warns of civil war, burning oil

NewYork Post

Fists fly in fight to mine Mongolia

The Australian

Libya tribal chief threatens to block oil exports -Jazeera

Reuters

Vitol, Helios and Shell Reach Agreement on African Downstream Businesses

Daily Finance

Grounded ship now leaking onto Norway shores 
Albuquerque Express

Nigeria: Jonathan, Oil Majors Meet as Exploration Crashes to 10-Year Low

allAfrica.com

WEEKEND DIGEST-->>> 19-20 FEBRUARY

The Weekly Digest brings you the highlights of 'The Mix: Oil and Water!' for the past week.

Catch up. Read your favourite Articles and Posts- again and again...and some more!!!

Top 5 Posts- This Week:

MODELLING CONCEPTS: Co2 Emission Function

BP's COMPETITIVE STRATEGY: Leadership at what cost?

CARBON EMISSIONS IMPACT & GLOBAL CLIMATE CHANGE

PHOTO OF THE WEEK: The Spotlight is on you....!!!

HAPPY VALENTINE!!! Oily Gift from 'The Mix: Oil and Water!

Top 5 Posts- All Time:

1- Oil and Gas Masters of Tesco Teller Points

2- Dundee Alumni: Humphrey Onyeukwu speaks on Nigerian Petroleum Industry Bill

3- British Petroleum (BP): Corporate Giant in a Giant Mess?

REFINER'S FIRE: Testing our Co2 Model

By  Abimbola Shode

     Kingsley Onuoha

     Yetunde Esan

     Nneka Iyabode Eze

     Apresai Oghenemagan Kereokiye

REGRESSION RESULT AND INTERPRETATION

The result of the regression is shown in the table below;

Table 7: Regression result

PHOTO OF THE WEEK: The Spotlight is on you.......!!!

By Joanna Rae

Reflections:

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.

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You are elegant..

You are a towering beauty..

MODELLING CONCEPTS: Co2 Emission Function

By Oghenemagan Kereokiye

     Abimbola Shode

     Kingsley Onuoha

     Yetunde Esan

     Nneka Iyabode Eze

THE MATHEMATICAL MODEL

For the mathematical model, we are looking at CO₂ emissions per capita as a function of the share of renewable energy in a country, the energy intensity of the country, European Union membership, and OECD membership.

For the regression we use a log – linear model.

Mathematically the model can be stated as;

CARBON EMISSIONS IMPACT & GLOBAL CLIMATE CHANGE

By Oghenemagan Kereokiye

     Abimbola Shode

     Nneka Iyabode Eze

     Kingsley Onuoha

     Yetunde Esan

GLOBAL CLIMATE CHANGE AND THE IMPACT OF CARBON EMISSIONS

In recent times global climate change has become a major issue for most countries as its effect is felt in our world today, ranging from increased rainfall and increased drought in some areas, to increasing temperatures, melting glaciers and rising sea levels in many areas of the world as stated by the Inter-governmental Panel on Climate Change (IPCC) report of 2007[1].

These global changes in climate conditions have led to studies on why our world is experiencing these changes and what can be done to mitigate these effects on our climate. Studies by scientists and the IPCC reveal that the changes in the climatic conditions which we are experiencing are caused by an increase in the level of Green House Gases (GHG) being expelled into the atmosphere.

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WEEKEND DIGEST-->>> 12-13 FEBRUARY

The Weekly Digest brings you the highlights of 'The Mix: Oil and Water!' for the past week.

Catch up. Read your favourite Articles and Posts- again and again...and some more!!!

Top 5 Posts- This Week:

TOP NEWS PICK: FEBRUARY 8, 2010

JOINT OPERATING AGREEMENTS: Marriage of Convenience or Just a Seat at the Table

DECOMMISSIONING: Operators and Contractors on UKCS Potentials

PROJECT TEAM SUCCESS: Using Belbin Self-Perception and MBTI tools

MEGA MIND-FULL: ....of Oil !!

Top 5 Posts- All Time:

1- Oil and Gas Masters of Tesco Teller Points

2- Dundee Alumni: Humphrey Onyeukwu speaks on Nigerian Petroleum Industry Bill

3- British Petroleum (BP): Corporate Giant in a Giant Mess?

PHOTO OF THE WEEK: The Mysteries of Life.......!!!

By Joanna Rae

Reflections:

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How many saw the Egypt crisis coming..

Who could have imagined that Barack Obama could be left in the dark..

TOP NEWS PICK : FEBRUARY 11, 2011

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Ensco/Pride deal gets messy

Financial Times

BP 'offer' for TNK-BP

Upstream Online

Oil prices up on Egypt crisis as Mubarak clings to power

Platts

Transocean sells jack-up

Upstream Online

Alaska LNG plant to close after 40 years

Oil & Gas Journal

Chinese hackers infiltrated five energy

Project Team Success: Using Belbin Self-Perception & MBTI tools

 By Bharathi Prakash

According to Belbin ( 1993), “The more you understand how / why people act the way they do and the more you are able to align them to your goals the more successful you will be.” Team role is a tendency to behave, contribute and interrelate with others in a particular way. It is a pattern of behaviour that characterizes one person’s behaviour in a team process. It is important to identify the roles that the team member possesses in order to improve the team effectiveness. Teams having a balance of personality types perform better than those with duplicated personalities.

Model Agreements and Principles of JOA’s

By Gizel Thomas-Roberts

Comparison of Model Agreements

The basic structure of the current international JOA owes its beginnings to a model JOA form adopted by the American Association of Petroleum Landmen (AAPL Form 610) and commonly used for the U.S onshore operations. Operators in the early days of the U.S oil industry often entered into joint agreements as a device to raise capital, spread risks over several projects and gain access to downstream markets. This JOA concept spread from the U.S to Canada- and then to the international arena.[1]