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 [...]
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 [...]
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 [...]