Category: General

Term used by international oil companies to describe a new trend by nation states, such as in the Middle East, Russia and in South America, by governments determined to keep full control of their petroleum resources and not to share profits, even at the expense of more efficient exploitation techniques and greater financial ability of the IOCs and thus increasingly shutting out the IOC from promising regions. Saudi Arabia for instance the top holder of oil reserves does not allow foreign exploration. Even where IOCs are still welcome, such as in Nigeria, Algeria and Angola the governments attempt to renegotiate the contracts to capture a bigger share of the profits

The ability to use fewer resources – not only energy – to achieve the same output

Extended process to identify, appraise and control risks with the objective to cancel them out or at least minimize them.

A factor that has the potential to cause harm or damage to body, property or the environment.