Refining is a capital-intensive industry in a market driven by divergent forces—cleaner fuelsto address local air pollution; greater fuel efficiency against the backdrop of record oil prices; and steadily rising consumption of transportation fuels due to rising income, especially in developing countries. Part 2 of the briefing notes on refining discusses these topics and other [...]
Two years into the implementation of its Country Assistance Strategy (CAS) for Cambodia for 2005-2008, in early October 2007 the World Bank held a series of consultative meetings with the Government, development partners, private sector and civil society representatives to seek their feedback on CAS implementation so far and proposals for the future.
Crude oil is what we extract out of the ground; refined products (such as gasoline and diesel) are what we consume. As of end-2007, there were 657 refineries around the world with a combined crude processing capacity of 85 million barrels per day (bpd). This briefing note provides technical background information on the characteristics of [...]
The flows of oil revenues are quite complex. This note presents the results of two hypothetical simulations — one a progressive production sharing regime and the other regressive – to illustrate qualitatively how they affect the amount and timing of government revenue and investors’ profits. Briefing Notes 7 and 8 [1,2] gave an overview of [...]
Petroleum contracts are long and complex. Production sharing agreements, the type of contracts being signed in Cambodia, are no exception. However, they are important to the country’s future economic and development options and hence it would be helpful if the public had a basic understanding of how these contracts work and, in particular, how government [...]
In virtually every country around the world, petroleum resources in the ground are considered the property of the state. Whether and how the country’s petroleum resources are developed, and how much revenue will flow to the government, depend on the nature of contracts signed between the government and the investor. This briefing note, the first [...]
On Monday, a delegation from Vietnam’s state-owned petroleum company Vietnam Oil met with Deputy Prime Minister and Minister of Council of Ministers to make discussion over oil exploration in Cambodia soil. According to the hand-written statement by the council, Dinh La Thang, president of Vietnam Oil company, led a delegation that met Sok An to [...]
Twenty-seven countries are at various stages of implementing the Extractive Industries Transparency Initiative (EITI). One of the earliest implementers, Nigeria, estimates that EITI helped increase petroleum revenues to the government by US$ 1 billion in 2004 and 2005. This note reviews the EITI implementation and related experience of some countries, focusing primarily on actions taken [...]
Founded on the belief that promoting revenue transparency in resource-rich countries is one of the fundamental building blocks for sustainable economic growth and poverty alleviation, the Extractive Industries Transparency Initiative (EITI) [1] was launched in Johannesburg at the World Summit on Sustainable Development in 2002. EITI aims to improve governance in oil, gas, and minerals-rich [...]