A term used to denote trade in non-physical oil (futures, forwards, swaps, etc.) markets which give a buyer or seller the right to a certain quantity and quality of crude oil or refined products at a future date, but not to any specific physical lot.
The study of Earth’s magnetic field over time. When rocks that contain magnetic minerals are deposited, the character (vertical and horizontal orientation) of Earth’s magnetic field is locked within the rocks. This information can be used to study changes in Earth’s magnetic field as well as the movement of plates over time
OPIC was established as an agency of the U.S. government in 1971. OPIC helps U.S. businesses invest overseas, fosters economic development in new and emerging markets, complements the private sector in managing risks associated with foreign direct investment, and supports U.S. foreign policy. OPIC provided $250 million in political risk insurance for the construction by IEC of the offshore natural gas transmission line in Israel. OPIC also granted Morganti the U.S strategic partner in the Gaza Power Generating Company, Political risk insurance of $48 million. Morganti became the strategic partner in GPGC at the end of year 2001, after the collapse of GPGC’s previous partner, ENRON
The US and other OECD countries are concerned by their “oil addiction” in general and specifically their dependence on Middle East oil. Indeed, the world has, does, and will continue to depend on the Middle East for over half its oil. That is hardly surprising since this region holds over half of the world’s energy reserves. But this dependence varies considerably – from a high of 82 percent of Japanese demand to 26 percent for Western Europe and 21 percent for the United States. However, Algeria and Qatar have supplied completely reliably large amounts of the gas needs of Europe and Asia, which means the latter in turn can depend less on such alternative suppliers as Russia. Gas disputes have upset relations between Russia and its neighbors, notably Ukraine, Belarus and Georgia, and persist between Russia and the EU over monopoly control over exports and pipelines. Thus, supplies from the Middle East help to mitigate the pressure that Russia can bring to bear. In addition, in the case of oil, Saudi Arabia and other suppliers from the Arabian Gulf have provided uninterrupted exports for the past quarter century. Negative aspects of course include the case of Iran, which supplies 4 percent of Europe’s oil and 10 percent of Japan’s, and earned about $51 billion from its energy exports in 2006 so that oil revenue helps to support an extremist, clerical regime which subsidizes terrorist organizations and rejects the State of Israel. When all the vast host of issues are taken into consideration, the best course of action is probably energy interdependence, diversification, and risk reduction.
The OECD brings together the governments of countries committed to democracy and the market economy around the world to support sustainable economic growth, boost employment, raise living standards, maintain financial stability, assist other countries’ economic development and contribute to growth in world trade. Israel has started the process to try to join the OECD in July 2007, a process which is being led by the Ministry of Finance. One of the most important spheres where compliance is needed and where Israel is lagging is that of the environmental requirements, where Israel needs to comply with supervision of chemicals, supervision of emission of pollutants and of damages caused to the environment by industrial plants.
Calculations can be made for a power plant to optimize the number of generating units in operation for each hour of the day in order to attain the total generation scheduling of a plant in the most economic way, including tradeoffs that need to be made between start-up/shut-down of generating units and the plants overall efficiency. optimization. Optimal dispatch needs to be carried out on a country-wide scale especially in deregulated electricity markets, to include energy security, price issues, emission levels, etc.
In order to run the joint venture (oil and gas exploration) efficiently, the parties will appoint an Operator to act on their behalf. The Operator will reap no gain and suffer no losses in doing so. The Operator will be the motivating party in taking the work forward by proposing budgets and plans and running meetings. It will also act as the agent of the parties in relation to third parties, including government liaison. The operator is usually a party to the license and usually the party with the largest interest in the block. The operator is said to have the operatorship
Operational flow orders and other alerts help protect the integrity of pipelines by requiring shippers to take action to balance their supply with their customers’ usage on a daily basis within a specified tolerance band. Such system-wide alerts are often given in order to manage imbalances in the system and handle within-day volatility due to operating challenges in conjunction possibly with a previous pipeline rupture or cold weather
When infrastructure funded by one party can be used by other parties, including competitors, such as in a transmission system, a distribution network, an LNG facility, at a regulated tariff. A regulatory mandate to allow others to use a utility’s transmission and distribution facilities to move bulk energy/power from one point to another on a nondiscriminatory basis for a cost-based fee
Intergovernmental organization, created at the Baghdad Conference in 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The 5 Founding Members were later joined by 9 other Members: Qatar (1961); Indonesia (1962); Libya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Ecuador (1973) — suspended its membership from December 1992-December 2007; Angola (2007); and Gabon (1975–1994). OPEC supplies about 40% of the world’s oil. In Mai 2008 Indonesia stated it would leave OPEC after its imports of fuel products became higher than its exports. OPEC’s income for the first half of 2008 was 645 billion dollars. The average price of oil during this period was $111.1 a barrel
