Oil and Gas

Mineral leasing in the remainder of the land in which the leases are situated is governed by 16 U.S.C. § 520. Specifically, it authorizes the Secretary of Agriculture to permit the prospecting, development, and utilization on lands acquired under the Weeks Act. Id. Meanwhile, Section 402 of the Reorganization Plan No. 3 of 1946 transfers the functions of the Secretary of Agriculture to the Secretary of the Interior, providing that the Secretary of the Interior only

Niger Delta region, placing the Nigerian oil output down to a third of its capacity” (Klare 3).

In 1973, the United States government restricted the export of domestically produced crude oil. At the time, this was largely regarded as a sound decision. Not only was domestic production in a decline, but the global political climate was fundamentally inhospitable. However, in recent years, the oil and gas industry has exploded into a huge upswing, due in no small part to the evolving technologies surrounding hydraulic fracturing and horizontal drilling. Between 2009 and 2013, crude oil production in the United States increased by roughly 2.1 million barrels per day and, according to ICF estimates, is projected to increase another 3.2 million barrels per day through 2020 (ICF International 2014). This has led to a high profile discussion regarding the removal of the export ban which peaked in October of this year when President Barack Obama stood firm against repealing the ban, even threatening to veto the bill completely, despite the House of Representatives voting to pass it. With domestic oil and gas production at an all-time high, continuing with the ban makes little economic sense, and this report will further explain the belief behind why the ban should be repealed and why it would make a positive impact on independent exploration and production companies.

The world’s largest independent corporation for its production of crude oil and natural gas are to be known as the Canadian Natural Resources. It is an Energy Company that is situated in Calgary, Alberta. From the early 1980s, this company has developed from less than a 10 employees and a market capitalization of $1 billion to one employing 3700 employees with a market capitalization of $30 billion ranking number 251 on Forbes list in 2010. The emergence of rapid growth has come due to attainments and organic growths. Canadian Natural Resources (CNQ) is a large company that is operated across Western Canada, offshore West Africa and North Sea. This Energy Company deals with exploring many resources such as: mining, natural gas, oil Sands, production of crude oil and other related markets in the US, Canada and Europe. The biggest production offering nearly half of its all products is the natural gas.

"... an open and attractive oil sector for foreign investment, with the appropriate arrangements to explore new fields."

Nigeria, with a population of 190,584,690 people is the most populous country in West Africa. Marked with huge reserves of oil and natural gas, oil exploration in Nigeria first began in the year 1908, with long breaks during the first and Second World War. After the further discovery of commercial oil fields in Oloibiri in 1956, crude oil has since being produced in large quantities. Today, the country produces a maximum capacity of 2.5 million barrels of crude oil per day, and is the world’s sixth largest producer of crude oil. Crude oil export, accounts for 90% of Nigeria’s earnings. Oil exploration occurs onshore, on land and swamps, while off-shore operations occur mainly in water depths reaching 2500m. Currently, crude oil is

The anticipation and sense of optimism that income from the notion that oil discovery would foster development of local community and countries is yet to be realized by most developing oil producing nations. Hayward C. 2009 and Business Monitor International 2006 highlight measures and actions to be implemented in case of oil discovery are to grow the

In 1994, Equatorial Guinea was one of the most impoverished countries in Africa. During that time, the country had an incredibly low life expectancy of just 46 years, and the inhabitants were forced to survive on only $1 a day. Then, in 1995, they discovered a natural resource that would have the potential to change their economic well-being and quality of life forever. In this year, Equatorial Guinea discovered an immense amount of oil right off the coast of the country. Just nine years after this finding, all major US oil companies, notably Exxon-Mobile, Marathon Oil, and Amerada Hess, were drilling for oil in this once poverty-stricken country. After this notable discovery, Equatorial Guinea was generating $4 billion in revenue per year solely from the oil drilling industry. However, the inexperienced leaders that governed the country entered into a contract where they agreed to give 80%

Oil for over a decade has been the main source of income for the Nigerian economy. It accounts for more than 70% of export.The Niger Delta region of Nigeria has been plagued with different negative effects of oil exploration. The environment, economy and even quality of human life have been greatly affected. This has created a lack of trust between the inhabitants and the oil companies, and even with the Nigerian government.

Oil companies depend on a host (country of operation) government’s licence to operate in a

The author accurately stated throughout the article that the government is removing the subsidy as act of corruption. This was shown firstly, by moving the audience towards the direction that the promises deliberated during presidential campaign were not sincere. This therefore, allows the reader to understand that the Nigeria population was not adequately or not educated about this matter. Secondly, the authors provides figures of the refineries’ lack of capacity which showcases the years of mismanagement and corruption which has led to the incapacity to refine oil in the country. Thirdly, it emphasizes that the removal of such subsidy has taken place during the worst time ever given to all the instability in the North and moreover with the energy problems that Nigeria are currently facing. However, in my opinion despite all these facts stated by the author, I strongly believe this article has only one side of the story. In other articles which were investigated for the purpose of this analysis such as it talks about the massive problem they are with smuggling (Madukwe,2012), in addition, it explains how this massive amount of money which is being used to acquire

Accounting is the language of business. It is a profession that is being guided by principles, concepts, conventions, laws, etc. All these fundamental building blocks serve as common and general compasses to all practitioners of the profession. In some cases, they are nation-wide tailored, while in other cases, they are universally tailored. Accounting as a living, practical, dynamic and realistic profession covers so many areas of social, economic (business), and governmental activities. Surely, any endeavour that involves monetary and material activities create a room for the services of Accounting. Many of the human endeavours for which the accounting profession plays significant (some times inevitable) roles include; Banking, Insurance, Manufacturing, Farming Contracting, Oil and Gas, Mining, Transportation (Air, Land and Sea), Educational Institutions, Churches, Ministries, ICT, Hire Purchase, Local Government Authorities, Estate Businesses, Export and Import Businesses, Bill of Exchange Transactions, Royalties Transactions, Consignment Transactions, Stock Market Transactions, Sports, Entertainment, Hospitals and Hospitality Industry, etc.

The global economy is ever expanding. With this, the amount of energy required to aid the expansion is always increasing. Currently, majority of the energy produced is from combusting coal, oil and gas. Researches are looking in to diverse methods of harvesting energy to reduce the stress on oil and gas as existing wells of these natural resources, especially oil are emptying fast. New sources found for oil deposit are mostly very deep underground and difficult to be extracted. For this, higher end technologies for drills and more skilled engineers are needed. Both of these increase the cost to obtain oil for oil companies (Mae 2014).

The natural gas and oil industry is driven by the competitive, cost, and government drivers. The gas and oil industry can only prosper when there are enough resources (both natural and man-made) to match the demand. There must also be infrastructures in place that can transport and store the natural gas. This is the role that CB&I will play in the venture into Mozambique. The cost of gas and oil largely reflects availability. Measuring sourcing efficiencies entails the potential percentage

Accounting principles as practiced in Nigeria has its origin in Britain due to the colonial influence and the early influence of accountants of Nigerian origin who were practising in the UK. These accountants were made a move to institutionalize accounting in Nigeria and therefore designed the framework of accounting practice based on their current inclination. Association of Accountants in Nigeria (AAN) [1] the progenitor of ICAN was formed in 1960. ICAN herself did not come into existence until September 1, 1965 [ 2]. This officially set the ball rolling for the regulation of accounting practice in Nigeria.