This presentation includes “forward-looking information” within the meaning of Section 27A of the US Securities Act of 1933, as amended and Section 21E of the US Securities Exchange Act of 1934, as amended. Forward-looking statements are statements made by companies based on data available to them as of the date of their report. They are …
A statement that cannot sustain itself as merely a historical fact. A forward-looking statement predicts, projects, or uses future events as expectations or possibilities, such as in the phrase “All statements contained herein, as well as oral statements that may be made by the company or by officers, directors or employees of the company acting …
When an agreement is made to acquire goods or services on the futures market, the buyer and seller enter into a futures contract. An agreement to pay a pre-arranged price for a barrel of oil at some point in the future, hence future contract, so that a buyer undertakes to buy oil at an agreed …
The sale and purchase of a commodity at a price, quantity and quality agreed in advance for delivery on a specified future date. Or, formal exchange that trades contracts for delivery of a specific type of oil in future months. Only a very small volume results in actual delivery, and in some markets there is …
Disposing of waste gas by burning. Gas associated with oil extraction is burnt off into the atmosphere. Flaring of produced gas – the process of burning-off surplus combustible vapors from a well, either as a means of disposal or as a safety measure to relieve well pressure – is the most significant source of air …
Dividends are paid only after all other categories of equity shares have received fixed rates of dividend
Known and assumed, naturally occuring, exhaustible energy resources that are either already of economic value or whose economic value may be assumed to be realised within the forseeable future.
Firm capacity is the amount of energy available for production or transmission which can be (and in many cases must be) guaranteed to be available at a given time. Firm energy refers to the actual energy guaranteed to be available. For instance in the transmission of natural gas a pipeline company would provide its customers …
The open season method and the first come first served method provide the winner of the tender to establish an LNG gasification facility a more or less secure picture of the situation regarding the amount of capacity ordered from the facility. The open season method enables all those who are interested to submit proposals simultaneously
A method of valuing the cost of oil sold based on selling first the oldest oil bought whilst the remaining sales stem from current oil production. This can cause accountancy losses if oil is purchased at a higher price and prices consequently fall and is the system in use for instance at the Ashdod Refinery
