05.07.2009
Energy flow that can be reduced or completely stopped with little or no notice from the provider of the energy
IOCs today only control 6% of oil and 20% of gas reserves and 24% of oil and 35% of gas production, while the rest is in the hands of NOCs (National Oil Companies).
In the 1970s, international oil companies controlled nearly 75% of global oil reserves and 80% of oil production. As late as the 1970s, Western corporations controlled well over 50% of the world’s oil production. By 2008, the major 7 supermajor companies ExxonMobil, BP, Royal Dutch Shell, Chevron, Total, Conoco-Phillips and Eni produce just 13% whilst the 10 largest holders of petroleum reserves are state-owned companies such as Russia’s Gazprom or Iran’s national oil company. The international companies control less than 10% of global reserves. This has serious consequences since the international companies are far more competent at investing in, discovering and extracting petroleum than the national companies are since the former have more advanced exploration techniques and financial resources
Companies that are subject to the provision of the Securities Law 1968 and which are required to report according to the regulations published thereunder will be required to prepare their financial statements in accordance with IFRS as of 1.1.2008.
IFRS currently has three main categories for handling investments in shares: no influence (financial asset), in which case the accounting is based on fair value; significant influence (associates) or joint control – in which case the accounting is based on the equity method; and control (subsidiary) – in which case the financial statements need to be consolidated.
Based in Paris, is an autonomous agency linked with the OECD. The IEA is the energy forum for 28 member countries. IEA Member governments are committed to taking joint measures to meet oil supply emergencies. They have also agreed to share energy information, to co-ordinate their energy policies and to co-operate in the development of rational energy programs. Founded during the oil crisis of 1973-74, the IEA’s initial role was to co-ordinate measures in times of oil supply emergencies. As energy markets have changed, so has the IEA. Its mandate has broadened to incorporate the “Three E’s” of balanced energy policy making: energy security, economic development and environmental protection