Search results

This paper aims to examine the short-term market impact of the beginning of the military conflict between Russia and Ukraine (24 February 2022), the world’s largest oil and gas companies.

The authors examine the world’s 100 largest listed oil and gas companies at and around the beginning of the military conflict between Russia and Ukraine using an event study methodology.

The authors observe a positive and statistically significant stock price reaction at and around the military conflict. These results are consistent with the asset pricing perspective. Conversely, the stock market returns of Russian oil and gas companies, as well as those companies that were “forced” to divest in Russia due to corporate activism, exhibit a negative and statistically significant impact from the conflict. These reactions are reinforced or mitigated by company-specific characteristics such as size, profitability and institutional ownership. Finally, the findings indicate that companies engaged in oil and gas exploration and production report abnormally higher returns compared to firms in the other two subsectors of the industry.

The effect of the war on stock markets has been relatively little examined in the financial theory. This study intends to fill this gap in the literature.

The Kurdistan Region of Iraq (KRI) stands as a significant player in the hydrocarbon landscape of the Middle East, necessitating an in-depth analysis of its role in the exportation process to Turkey and Mediterranean ports, thereby fostering economic and political ties and projecting toward the future. Situated as a semi-autonomous entity in northern Iraq, the Kurdistan Region boasts abundant natural gas resources, attracting interest from Russian firms and Turkish stakeholders. However, Iran’s influence in Iraq and the wider region poses a regional threat to the Kurdistan Region’s natural resources. This chapter meticulously examines the oil and gas blocks within the Kurdistan Region amidst the backdrop of transformative global energy market shifts, including the impacts of the COVID-19 pandemic and the Russian–Ukrainian conflict. Through this lens, it seeks to delineate the Kurdistan Region’s political and economic positioning within the evolving regional order.

Gas flaring is a crucial issue in the energy transition era, as it is a major source of carbon emissions in the gas production chain. The reduction of flaring could potentially contribute to eliminating energy poverty, as the amount of gas currently flared each year could power the entirety of Sub-Saharan Africa. Despite Iran's zero-clearing target, the country ranks third in gas flaring globally, with 12% share. This case study examines the reasons behind gas flaring in Iran within the Sustainable Development Goals framework. The study reveals that while technological and economic difficulties were the primary obstacles in early years, policy malfunctioning has demonstrated the wicked nature of a sustainability problem in recent years. The traditional top-down institutional structure has led to interference from public agencies and Operations and Maintenance (O&M) companies, complicating decision-making. The lack of precise criteria for finding best solutions, as well as the absence of appropriate control and monitoring mechanisms, has further paralyzed efforts to reduce flaring. The intensification of conflict between interest groups has added complexity to the situation. The issue has been further complicated at higher levels due to economic sanctions. This study offers practical solutions for reducing flaring in Iran based on global experiences and policies and programs of some selected countries. These suggestions address the policy, technological, and institutional aspects of the problem and aim to pave the way for sustainable and responsible energy transition. By reducing gas flaring, Iran can contribute to global efforts to mitigate climate change and create a more equitable and sustainable energy future.

The Eastern Mediterranean countries exhibit diversity in religion, culture, politics, and economy, amid rapid and dynamic regional developments shaped by global polarization and the international security landscape, rendering future prognostications challenging. This chapter delves into the realms of oil and natural gas production, the influx of multinational corporations, water boundaries, and renewable energy vis-à-vis fossil fuels in the Eastern Mediterranean, elucidating the realities of cooperation and competition within the region. Analysis of cooperation and competition dynamics is imperative for comprehending the tensions among states. Enhanced cooperation between states may lead to mutual benefits, such as increased oil and gas prices favoring their partnership, while any escalation in competition can swiftly be perceived as a threat, exacerbating tensions. The desirability of such cooperation or competition in the international political economy remains subject to ongoing debate.

Oil and gas sector has more disruptions regarding its logistics management than any other industry. It is critical to understand which external security threats disrupt the oil and gas supply chain (OGSC). Recently, the time interval between these disruptions became frequent. the purpose of this paper is to identify key logistics elements that lead to such disruptions which would greatly benefit the oil and gas industry in developing more effective mitigation measures and resilient practices in the future.

This research develops the theoretical framework through a critical review of all theories related to resilience, logistics disruptions and mitigation methods in the oil and gas industry. Afterward, semi-structured interviews were conducted with executives in the Egyptian oil and gas industry to develop a conceptual framework. Finally, an empirical study was conducted through questionnaires with managers in the Egyptian oil and gas sector to develop the applied framework.

This research revealed that achieving an elevated level of flexibility, redundancy, visibility and collaboration in the Egyptian OGSC will significantly increase the level of resilience in the sector and consequently help in mitigating probable logistics disruptions.

This research contributes to academia by providing a conceptual framework for the most common logistics disruptions in the Egyptian OGSC and providing practitioners with the best resilience practices that are feasible and effective in mitigating logistics disruptions.

Previous research studied disruptions in OGSC from different perspectives: economic, social, political, technical, safety, legal and environmental perspectives, but no research highlighted the logistics perspective in the Egyptian context, to the best of the authors’ knowledge.

Despite some academic recognition that leadership is particularly significant in reshaping the oil and gas industry’s contributions to global economic development and the sustainability of global energy supplies at affordable prices (Sharma et al., 2022), the attendant problem of how the industry’s leadership contributes towards the preservation of global environment and the maintenance of ecosystems’ balance, among other sustainability challenges, remains an academic lag. This calls for the urgent need for oil and gas companies to practice effective sustainable leadership approach at multiple organisational levels to address global environmental, economic and social challenges.

This paper adopts an interpretivist/constructivist philosophical stance, where findings have been extracted from in-depth thick descriptive qualitative research in Bahrain oil and gas industry. Companies operating within Bahrain oil and gas industry were identified as the unit of analysis. Empirical data are gathered through semi-structured interviews from senior management and analysed using thematic analysis. This paper is structured as follows: introduction, contextualisation of the UNSDGs in the oil and gas industry, literature on network leadership, research methods used to gather and analyse data from Bahrain oil and gas industry findings, contributions, limitations and trajectories for further studies.

The study’s participants argued that the emergence of transformational and Sustainable Network Leadership is essential to successfully and sustainably implementing the UN SDGs. In other words, the Sustainable Network Leadership is a contribution to the single, leadership competences approach of previous scholarship (Weber et al., 2022; Kumalo and Scheepers, 2021) partly because it evolves around the notion of positioning different network and change actors based on their capacity to lead, exchange their knowledge, effectively communicate the need to comply with SDGs and the skills to establish high density within a complex network of actors.

This study recognises its limitations in the sense that it is based on the single context of Bahrain oil and gas, and data were collected from senior management and executives only. Gathering data from a broader swathe of employees may have provided greater levels of leadership and organisational member nuances in both single and collective differences of leadership attributes.

Transformational and Sustainable Network Leadership provides a new construct in the perception (the “what”), instrumentalisation (the “how”) and theoretical re-conceptualisation of leadership within organisational change settings needing radical rethink for sustainable and successful change. The practical implications of transformational and Sustainable Network Leadership expose the way a variety of highly challenged organisational change contexts are interconnected to highlight not only their different sets of challenges but also their opportunities and the resolution mechanisms they present for organisational leaders and staff alike.

This paper identified the single, leadership competence approach as the dominant discourse in organisational change, leadership studies and presented an alternative collective set of leaders’ attributes. The less utilised network leadership concept was drawn upon to contribute network leadership attributes as a way of addressing the challenges faced by Bahraini oil and gas company leaders. Therefore, this study contributes to both network leadership, transformational leadership by expanding both domains to include organisational transformation and the leadership-of-risky change. This was done by identifying attributes and characteristics of Sustainable Network Leadership, then showing their significance as an approach to successfully and sustainably implementing the UNSDGs.

Geopolitical risks associated with the return of great power politics and growing nationalism have generated new challenges for foreign investors across industries. Oil and gas companies are well acquainted with such risks and have developed strategies to manage them. This paper reviews five of these strategies: divorcing ownership control from operating control in designing collaborative ventures; proactively managing stakeholder relationships; ensuring transparency and communication; diversifying risks while proactively positioning for emerging opportunities; and deliberately planning for exit should such an eventuality arise. Firms outside of oil and gas can draw on these strategies as they navigate the emerging geopolitical context.

This paper reviews five strategies that oil and gas companies can use to manage geopolitical risk: divorcing ownership control from operating control in designing collaborative ventures; proactively managing stakeholder relationships; ensuring transparency and communication; diversifying risks while proactively positioning for emerging opportunities; and deliberately planning for exit should such an eventuality arise.

This study identifies several strategies that oil and gas companies have used to manage geopolitical risks. These tools will be increasingly important in the shifting global political landscape.

Drawing on the experiences of oil and gas companies, this study has identified several strategies that companies can use to shield themselves from the risks that are currently emanating from geopolitics. While these best practices originate in the experiences of oil and gas firms, the ability to deftly manage geopolitical risks is becoming an important prerequisite for companies across industries.

This paper aims to investigate the safe haven feature of Bitcoin, gold and two gold-backed cryptocurrencies (DGX and PAXG) against energy and agricultural commodities (crude oil, natural gas and wheat) during the COVID-19 pandemic, the Russia–Ukraine conflict and the Silicon Valley Bank (SVB) collapse.

The authors use the threshold GARCH (T-GARCH)-asymmetric dynamic conditional correlation (ADCC) model to evaluate the asymmetric dynamic conditional correlation between the return series and compare the diversifying, hedging and safe-haven ability of Bitcoin, gold and the two gold-backed cryptocurrencies (DGX and PAXG) against financial swings in the commodity market during the COVID-19 outbreak, the Russian–Ukrainian military conflict and SVB collapse. The authors also calculate the hedging ratios (HR) and hedging effectiveness index (HE). The authors finally use the wavelet coherence (WC) approach to check our results’ robustness and further investigate the impact of the three crises on the relationship between Bitcoin, gold gold-backed cryptocurrencies and commodities.

The results show that PAXG serves as a strong hedging instrument while gold, Bitcoin and DGX act as strong diversifiers during normal times. During crises, gold outperforms Bitcoin as a diversifier and a safe haven against commodities. Gold-backed cryptocurrencies also exhibit strong performance as diversifiers and safe havens. HR results indicate that Bitcoin and DGX are more cost-effective for commodities risk mitigation than gold and PAXG. In terms of hedging effectiveness, gold and PAXG emerge as the best hedging instruments for commodities, while DGX is considered the worst one. Bitcoin shows superior hedging against oil compared to wheat and gas risks. Moreover, the results of the WC approach confirm those of the T-GARCH-ADCC results in both the short and long run.

This paper provides a comprehensive analysis of the diversification ability of gold, Bitcoin and gold-backed cryptocurrencies during different crises (the COVID-19 pandemic, the Russia–Ukraine conflict and the SVB collapse). By taking into consideration gold-backed cryptocurrencies, the authors expand the understanding of safe havens beyond conventional assets.