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Oil Sector (oil + sector)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	100%

Selected Abstracts

Improving Auditor Independence Through Selective Mandatory Rotation

INTERNATIONAL JOURNAL OF AUDITING, Issue 2 2002
Miles B. Gietzmann
When an auditor receives significant fee income from one client it has often been suggested that reappointment concerns may dilute auditors incentives to maintain independence from management. A possible response to this issue could be to mandate the rotation of auditors. However this is costly since new auditors must repeatedly invest in learning a new clients accounting system. In this research we build a model to formally analyze this trade-off. We find that the desirability of rotation depends critically upon characteristics of the audit market structure and to what extent an individual client dominates an auditors' client portfolio defined in terms of total fees. We show that although rotation is costly, in audit markets with relatively few large clients (thin markets), the resulting improved incentives for independence outweigh the associated costs. Our research is timely because although historically it may not have been economically desirable to adopt mandatory rotation, currently with increased corporate merger activity taking place, for instance in the oil sector, markets may now have become sufficiently thin to warrant the introduction of rotation. [source]

International briefing 9: Training and development in the United Arab Emirates

INTERNATIONAL JOURNAL OF TRAINING AND DEVELOPMENT, Issue 2 2001
Stephen Wilkins
This article explores the training and development strategies and practices of large business organisations in the United Arab Emirates (UAE). The survey reveals that Emirati companies are very aware of best training and development practice as implemented in their foreign counterparts, and that they generally adopt similar methods and strategies. The article considers the influence of national culture, religion, government policies, education and the economic environment upon the training and development strategies and practices of companies in the UAE. It is argued that despite the negative effects of a dwindling oil sector, the UAE's companies are well placed to maintain their current regional success and that they will soon be playing an increasingly important role in international trade, thus significantly contributing to the continuing economic growth of the country. [source]

A review of upstream development policies in Kuwait

OPEC ENERGY REVIEW, Issue 4 2004
Abdulaziz E. Al-Attar
Since 1993, Kuwait's legislative bodies have been looking closely at the prospect of opening-up the country's upstream oil sector for development and production to international oil companies (IOCs). The country has proposed doing this by means of a mechanism called an "operating service agreement" (OSA). This has generated controversy. One side argues that opening-up the oil sector embodies a pattern of denationalisation and is reminiscent of the country's former concession agreement of 1934. And the other side maintains that the proposed OSA is unquestionably different to the concession agreement, in terms of legal framework, fiscal system and the role of the state. This paper reviews and compares the two types of agreement. It then discusses the impact of improved oil recovery factors on increasing oil reserves and production in the northern and western Kuwaiti oil fields, by transferring technology from industrialised countries. [source]

Oil and macroeconomic fluctuations in Ecuador

OPEC ENERGY REVIEW, Issue 2 2001
François Boye
This paper sets out to test the conventional contention that the Ecuadorian economy has been totally dependent on fluctuations in the international oil market since the 1970s. It does this through the use of univariate statistical techniques in the first part, while it resorts to the econometric structural break test and impulse response analysis respectively in the final two parts. Its findings take issue with intuition and conventional wisdom, in that: first, they do not establish the international oil market as the prime mover of the economy; secondly, they provide no evidence that the real and trade sectors evolve necessarily in accordance with fluctuations in the oil sector; and thirdly, they call for a multicausal view of economic fluctuations in Ecuador. [source]