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Petroleum Review - February 2013

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Perspective
New frontiers, new future
James Smith, Energy Institute, Past President and Chair, Carbon
Trust

FINANCE – UPSTREAM
Financing upstream oil and gas investments

John Martin, Managing Director, Standard Chartered Bank, outlines some of the structural changes being seen in the oil and gas industry, with a focus on upstream, and discusses how these will impact future financing.

FINANCE – GLOBAL
Global investment

Looking back over 2012, the pace of development in global energy projects was steady, with project numbers and potential investments remaining buoyant. Across the oil and gas, power and renewables sectors, figures from EIC Monitor show that a total of 1,843 new projects were added to the EICDataStream database in 2012, with a total potential investment value of almost $1.27tn.

FINANCE – UK
Revamping the tax regime
The new UK tax regime on controlled foreign companies (CFCs) began on 1 January 2013. The government is aiming to create the most competitive corporate tax regime in the G20 and to attract multinationals to the UK to bolster the economic recovery. Junior natural resource companies are likely beneficiaries of the revamped tax system, writes Priscilla Ross.

FINANCE – LEGAL
The new rules of resource nationalism
No one could ever say the oil business was boring. From weather patterns to price swings to social unrest, not a day goes by without a new risk to be assessed and managed by operators in the extractive industries. Unfortunately, however, one of the biggest risks to the oil sector is showing no signs of dissipating – resource nationalism, writes Robert Amsterdam, International Lawyer at Amsterdam & Partners.

FINANCE – OIL & GAS
Capital firmly on the agenda
Capital costs and financial risks are increasing as reserves are developed in challenging or remote regions and for large-scale developments such as deepwater oil and gas, LNG and infrastructure projects. Creative financing techniques and new sources of finance will be needed to facilitate the allocation of risks. This will involve mechanisms such as insurance, private equity, contracts, local and international banks and international capital markets, to make certain that adequate funding is provided to finance new oil and gas developments, writes Andy Brogan, Ernst & Young’s Global Oil and Gas Transactions Advisory Leader.

US – GOVERNMENT
Future US energy policies
With the re-election of US President Barack Obama and preservation of the status quo in Congress in the 2012 elections, it will remain challenging for federal policymakers to advance major energy legislation to enactment over the next four years, write John LaMaster and Charlie Johnson, Partners, Akin Gump Strauss Hauer & Feld.

ENERGY INSTITUTE – TECHNICAL
Expanding the EI’s Technical Programme
Here, EI Knowledge Director Martin Maeso gives an overview of the importance of the Energy Institute’s (EI) Technical Programme, and describes some of the new initiatives on the table for 2013, both in terms of work areas and developing knowledge provision.

CCS – UK
UK primes the CCS pump

The UK government is creating a unique regime of energy price incentives to spur commercialisation of carbon capture and storage (CCS) systems, yet significant barriers remain to unlocking the billions of pounds needed to build a CCS industry of sufficient mass in the UK able to create economies of scale for investors, writes Robert Stokes.

CCS – US & CANADA
Temperatures rising

Global warming is a serious threat and mankind is running out of time to find a solution, writes Gordon Cope.

CCS –  GLOBAL
Taking action
The realisation that climate change affects everyone equally is sinking in, galvanising action across the globe, reports Gordon Cope.

IP WEEK – INTERVIEW
Investor outlook
Petroleum Review recently asked Lord Browne of Madingley HonFEI (right), Partner, Riverstone Holdings, about the current risks and opportunites for investors in the energy sector. Lord Browne will be addressing these issues in more detail during the IP Week 2013 conference entitled ‘Energy security in Asia’ on 19 February 2013.

CLIMATE CHANGE – EMISSIONS
Dealing with climate change
The Kyoto Protocol was extended late last year and all eyes are now set on 2015 for a new global climate change deal, write Eric Lyman in Doha and Keith Nuthall.

PIPELINES – RISK MANAGEMENT
Reducing pipeline risk
Accenture’s Shelley Hurley, David Williams, Yumiko Shinoda and Julie Adams explain how pipeline operators can look to reduce risk in the oil and gas sector.

PIPELINES – RUSSIA
Setting sights on Siberian gas
Russia is looking to expand its Siberian gas pipeline network, reports Mark Rowe.

AUTO FUELS – SPECIFICATIONS
Cetane Number and Cetane Index
It is a requirement of the European Specification for Automotive Diesel Fuel BS EN 590 that both the Cetane Number (CN) and Cetane Index (CI) are determined and reported. This article, which summarises the findings of an Energy Institute (EI) sponsored Technical Development Project carried out by Cliff Lilley, outlines a review of the suitability of the current CI equation used in IP 380 Calculation of Cetane Index of middle distillates by the four-variable equation (EN ISO 4264) (ASTM D 4737 procedure A**) for calculating CI, to predict CN as measured by IP 41 Determination of the ignition quality of diesel fuels – Cetane engine method (ASTM D 613).

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