This presentation discusses the evolution and performance of the institutional framework underlying oil activities in the GOM region. It characterises the two systems that have defined the rules for offering and assigning GOM acreage: Tract Nomination (TN) from 1953 to 1982 inclusive,and Area Wide Leasing (AWL) from 1983 to the present. Finally, it discussesthe effects […]
This paper was presented at the OPEC International Seminar, Vienna on 17th September 2004, by Adrian Lajous, Chairman of the Oxford Institute for Energy Studies.
After a long period of cost cutting, the oil companies were left with little choice but to embark on a wave of mergers to rekindle growth aspirations. If these efforts founder, what should the oil companies do next? Should they accept fashionable arguments in favour of deconstruction and break up into focused entities, and would this actually […]
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