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The uncertainty that surrounds oil and gas exploration environments call for an examination at different angles. In terms of robustness, the purpose of this paper is to focus on three performance measurements: the amount of exploration investments, the growth rate of exploration investments, and the value at risk (VaR) of exploration investments.

The study utilizes the properties of discriminant analysis for deriving Z-score models that can be used for monitoring firms’ performance. A cointegration analysis is utilized as well in order to examine the level of cointegration between predictors of each performance measure. The sample includes annual data for 41 firms (local and multinational) working in the oil and gas industry in Egypt for the period 2009-2014.

The results show that amount and growth of exploration investment are quite robust performance measures in the oil and gas industry; VaR of exploration investment is sporadic as it firm-specific; and GDP, capital expenditure and operating expenditure are quite relevant for managing and monitoring growth of exploration investments.

The study offers robust evidence that amount and growth of exploration investment are quiet relevant for measuring firm performance in the oil and gas industry.

The aim of the article is to explore the central risks, benefits and impacts of oil and gas exploration on human communities’ health and environment worldwide. It suggests a new model of governance to a more effective and coherent environmental management framework.

The article uses a case-based approach, utilizing a review of past literature as a vehicle to discuss possible new approaches and paths for the development of an innovative model of environmental governance relating to oil and gas industry.

The article demonstrates the necessity of improving the current governance patterns, economic theory and current models of development trying to align them with innovative effective mechanisms of risk management on sectoral industry dealing with highly risky resources exploration at a global platform.

The article provides a fresh illustration of the challenges of the oil and gas industry and environmental management by trying to point out the health impacts at the same time that suggests a profound reflection on new patterns of integrative and realigned governance.

The examine of the balance of risks and benefits associated with unarticulated and unaligned models of development, or sometimes the absolute lack of these models.

The article is original in its development of a new framework of governance aligned to revisited management systems, processes and infrastructure needed for a more efficient exploration of resources base of our economic system.

This paper aims to deepen our understanding on circumpolar current dynamics relating to oil and gas exploitation and the role of nations in the polar development process. Additionally, it is fundamental to raise the debate about the energy development in the Arctic and the fact that the exploration of oil and gas resources in the Arctic cannot be performed with the current governance regime, policies and legal framework. Arctic-specific natural ecosystems, the presence of indigenous communities and the commercial interest in the region will require an innovative model of development based on the highest level of responsible exploitation, diplomacy, regulation and policy-making.

This is an unexplored subject but the paper uses a review of past and recent literature, outcomes of recent “petit comités” with some of the involved parties, as a vehicle to discuss possible new approaches and paths for the future development of an innovative model of environmental governance relating to energy development in the Arctic region.

This paper demonstrates the necessity of improving the current governance patterns, as the author believes that energy development will have both positive and negative impacts on micro and macro levels. The first relevant contribution of these operations in the Arctic, undoubtedly, is the benefit for energy security levels at a global platform; however, the framework built up in terms of new legal cooperation agreements, policy-making and technological innovation in different areas will define the new Arctic citizenship as well as the Arctic’s geopolitics, and, consequently, the region’s destiny.

This is an unexplored subject, as it is an unexplored region. New literature about the region dynamics is being developed, as new licensing process is ongoing, and there are more questions than answers about open space for reflection and decision-making. Important data have not been published or shared in “petit comités” due to strategic interests and confidentiality reasons.

The major drivers of change could be described as energy security, climate change and transportation that will have a huge direct impact in the region under social, economic and environmental perspectives. The core practical implication of this reflection is the energy development model for the Arctic region.

How the Arctic’s energy resources will contribute to the global energy mix in the decades to come and the impacts of the governance regime to Arctic and non-Arctic societies is the first relevant question. Another fundamental aspect with huge social implications is how the climate changes will impact the Arctic environment and societies. These are themes that deserve more study and deeper analysis.

The paper provides a deep reflection of the challenges and future trends involving the new frontiers of the world energy exploration. Multidisciplinary dialogue and research on all aspects of offshore oil and gas development will require a shift in the current conceptual view of the Arctic as well as in the multilateral efforts to negotiate and design an efficient Arctic governance regime that goes beyond the setting of new standards of spill prevention, preparedness and safety, but a regime that congregates the Arctic and Non-Arctic nations’ experience, workforce and leadership.

This chapter examines the oil and gas industry and the efficacy of vertical integration strategies. Using multiple theoretical lenses ranging from the resource-based view, transactions costs, and parenting perspective, the chapter considers different arguments associated with vertical integration. The 2011 breakup of ConocoPhillips and its global value chain helps address the question of which strategy is best – integrated or nonintegrated. We provide several conclusions about the structure of integration and value chains within the oil and gas industry. First, vertical integration based on the physical transfer of products between value chain activities will generate little firm advantage in the form of classical integration benefits, such as control over input quality or speed to market. Second, competing across the industry value chain as a hedge or strategy against industry cyclicality is not theoretically defensible. Third, pure play industry specialists can create value through management focus, agility, and, transparency for investors. Fourth, firms that compete across a wide range of industry value chain activities can create value-adding corporate strategies if they are able to leverage knowledge and assets across different industry sectors.

The purpose of this paper is to explore firm–stakeholder environmental accountability relationship in the Nigerian oil and gas industry.

The paper develops, from the interdisciplinary literature, a normative framework that links the dominant environmentalism paradigm to the business-firm-causality environmental philosophy. The link is underpinned by the theory of stakeholder identification and salience to enable the identification and evaluation of the importance placed on each environmental stakeholder group by oil and gas companies in the Nigerian oil and gas sector.

This paper submits that three factors, originating from how these companies identify and classify green stakeholders, lead to little and unimpressive efforts to effectively discharge environmental accountability. These factors include weak, legal powers of regulatory environmental stakeholders; non-recognition of the host communities as powerful environmental stakeholders; and non-recognition of the Nigerian public as legitimate environmental stakeholders.

Underestimating the importance of some key, environmental stakeholders and the weak powers of regulatory environmental stakeholders leads to limited commitments to environmental accountability by oil and gas companies operating in Nigeria. Inevitably, this results in persistent conflict, violence, destruction of the oil companies’ properties and other various forms of unrest common in the Niger Delta.

The paper develops a unique normative framework from the relevant literature in environmental ethics, environmental management and environmental accounting that are used to evaluate firms-stakeholder environmental accountability relationship.

When the Accounting Standards Steering Committee (ASSC) began the task of setting Accounting standards for the UK in 1969 there were many issues which needed their attention. The more fundamental issues applicable to almost all company accounts were naturally a high priority. Early standards therefore were not industry‐specific. This series of generally applicable standards continued up until 1981 when Exposure Draft 28, “Accounting for Petroleum Revenue Tax”, was issued with reference to the accounts of one industry alone. In this respect the ASSC and its successor the Accounting Standards Committee (ASC) were following a similar pattern to that of development of Accounting standards in the United States where a run of widely applicable standards beginning in 1973 was broken by the issue in 1975 of FAS 9 “Accounting for Income Taxes ‐ Oil and Gas Producing Companies”.

In countries with large or potentially large oil and gas deposits, the resource and its extraction tend to become vital cornerstones of the economy. However, uncertainties involved in finding commercial quantities of oil and gas and the intensive capital required for undertaking exploration and production result in significant business risks. The petroleum fiscal systems in many developing countries are now opting for production‐sharing contracts (PSC) as a new model of agreement for the exploration and production of oil and gas resources. This paper extends the principal‐agent theory to foster understanding of partnership between the host government and its foreign contractor in the realm of PSC. The theory highlights the importance of moral hazard and adverse‐selection problems. To avoid these uncertainties and asymmetric information, the principal (national oil company) needs to design an incentive contract that induces the agent (international oil company (IOC)) to undertake actions that will maximise the principal's welfare. Under a PSC, the state has to offer contract terms that are attractive enough for the IOC to enter into an agreement. At the same time, the terms must allow the state to receive maximum economic returns from the venture.

This paper aims to explore the international response to the discovery and development of gas fields in the East Mediterranean basin.

The study applies key concepts into a framework and explores the strategies used by nations for developing their influence in the region.

The key nation states (the USA and Russia) and the supranational EU are notable in their divergent approaches to obtaining access to and influence regarding the gas fields.

The development of the strategies used by the international rivals for access to the resources available from the offshore oil fields is set to be an area for further study.

This paper offers insight into a developing rivalry over energy security, which will a platform for further investigation throughout the exploitation of the “New Gulf” gas fields.