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The purpose of this study is to define and develop a new technological development path for latecomer firms in developing countries.

An analytical framework for development based on the technological capability (TC) dimensions is developed and examined in the drilling sector. Since the process of TC accumulation is dynamic, the case study approach is the best method for an exploratory theory-building study. Through a comparative case study of two Iranian drilling contractors, a new path for the technological development of latecomer oil service companies is proposed.

The study of two cases indicates that despite having similar scope and levels of TC, one of them demonstrated superior technical performance. To address this difference, the concept of operational efficiency is introduced which is considered the outcome of increasing the depth of TC.

Although upgrading the level of technological and innovation capability is an important path for technological development, latecomers that suffer from various disadvantages can perform their routine activities with superior performance and develop through their basic operational/production capabilities. Also, specialized indicators designed for assessing the level and depth of TC in the drilling industry have important insights for evaluating the technological and competitive position of oil service companies.

To the best of the author’s knowledge, this study takes the first step in defining and elaborating on the concept of depth of TC as a development path for latecomers. It also introduced a novel approach to the global operational/production efficiency frontier as a target for their catch-up.

This study and its centering device with Archimedes spirals designed on hydrodynamic lubrication aims to reduce the deviation of deep holes because the drill tube is long and easy to deviate in deep hole machining.

The centering device with Archimedes spirals was designed and fixed between the drilling tool and the drill tube. The wall of the deep hole and the novel centering device formed three wedge-shaped oil films. When the workpiece rotated relative to the centering device, pressure was generated in the oil films; therefore, three oil films supported drilling system as oil films support rotating journal in the full-film hydrodynamic bearing.

When the Boring and Trepanning Association (BTA) drilling system was equipped with the centering device, the cutting oil flowed smoothly and carried all the iron chips; the motors run normally; no additional vibration or sound was detected during processing; the surface of the centering device was smooth; and the deviation of the drilled deep hole decreased with a high probability.

To the best of the authors’ knowledge, no one has designed and made the centering device with Archimedes spirals to reduce the deviation of deep holes in deep hole machining. Three oil films formed by the centering device with Archimedes spirals support drilling system and prevent it from deviating, which has never appeared before and is creative.

Oil and gas industries play a major role for the growth of world economy, and drilling operation is considered as most important and hazardous procedure at the same time for oil and gas drilling crew because of the lack of effectual and user-friendly safety and health teaching and learning aids with updated knowledge and training capability. According to the previous studies, there is an urgent industrial need for user interactive technological aid for enhancing the teaching and learning of oil and gas drilling crew and safety officials at onshore and offshore drilling domains to fulfill the requirements of fourth industrial and educational revolutions. Therefore, this proposed virtual reality (VR)-based Hazard Free Operation (HAZFO Expert 2.0) teaching and learning aid to reduce the workplace risk and hazards to enhance the vestibule and experiential learning performance of oil and gas drilling process at Pakistani drilling industries.

In this proposed product based study for interactive teaching and learning application for industry, sequential explanatory research design will be adopted to prevent the accidents according to the modern technologies in this era of IR 4.0. Whereas, for the development of VR-based educational aid for Pakistani oil and gas industries, Autodesk 3ds Max, visual studio and MySQL software’s will be used.

This new concept of VR-based interactive educational aid (HAZFO Expert 2.0) for accident prevention at oil and gas drilling industries will be based on potential hazards and their suitable controlling measures for onshore and offshore drilling sites.

VR-based interactive educational aid for oil and gas workforce will facilitate the health and safety professionals for the elimination of potential hazards associated with oil and gas drilling activities to the next level of identification of hazards which has been identified in HAZFO Expert 1.0 at onshore and offshore drilling sites.

This proposed VR-based interactive educational aid for safe drilling process will be the first visual teaching and e-learning technology which covers all onshore and offshore drilling operations in Pakistani oil and gas industries and provides effective hazard controlling strategies to overcome challenging industrial hazards.

The purpose of this study is to use a sample of oil and gas firms and examine the relationship between environmental disclosure in the USA Form 10-K and the stock market reaction after the BP oil spill.

The study focused on three important time periods associated with the oil spill: the time period beginning with the explosion on April 20, 2010 and ending August 5, 2010, one day after BP permanently sealed the oil leak; the period beginning with the explosion on April 20 and ending with the sinking of the Deepwater Horizon oil rig on April 22; and the period associated with President Obama’s first public comments on the oil spill and his administration’s ban on oil drilling, i.e. April 29-30 and May 3.

The results show a negative relationship between environmental disclosure and stock market reaction.

The findings of a negative association could be the result of higher disclosure by firms with more environmental risk because they indeed are riskier and/or they engage in “window dressing” to legitimize their operations and practices and maintain acceptance by society.

The results in this study run counter to a positive association documented in prior research studying the effects of environmental disasters.

Purpose – Although research has shown that people in developing countries perceive environmental problems and have high levels of concern for the environment, their actions might not always reflect that concern. This study examines how villagers in rural wetland communities in Trinidad and Tobago perceive environmental issues related to oil and gas development that might impact their communities.

Methodology – One hundred and thirty villagers in three communities in and around the Nariva Swamp were interviewed to find out about perceptions of, support for oil and gas drilling policies, or opposition to the development of this resource.

Findings – The study found that respondents living closest to the swamp and those whose livelihoods depended on the wetlands were more likely than other respondents to perceive oil and gas drilling as dangerous and expressed greater opposition to it. Given that direct actions such as protests were not seen among the villagers, an analysis revealed that there are a number of indirect environmental actions that contribute to the protection of the Nariva Swamp. Villagers were seen as having pro-environmental actions such as sustainable farming and fishing practices, carpooling and nongovernmental activity.

Originality/value of paper – This study adds to the body of environmental research in the Caribbean particularly providing an understanding about rural people's perceptions of environmental issues.

Companies in the B2B service sector often sign a series of successive contracts instead of one long contract with their vendors. Economic researchers have shown how the lengths of stand-alone contracts are influenced by economic factors such as asset specificity and economic volatility, but have not researched into contracts that are part of a continuous series. The purpose of this study was to explore if being a part of a series of contracts influences the length of the focal contract and the rental rate.

The authors use data collected from the oil drilling industry to empirically test their hypotheses. The data set consists of 2,621 contracts involving jack-up rig hiring in the Gulf of Mexico region.

The authors empirically show that the series duration affects both the length and rental rate of each constituent contract, even after considering all other plausible economic factors. Specifically, the duration of a series has a positive effect on the length and a negative effect on the rental rate of the constituent contract.

Although contract length is as vital as the rent in B2B service transactions, it is rather unfortunate that marketing scholars have not researched much into this topic. The findings offer a new insight into the forces that shape the B2B service contracts and thus help the B2B managers make a better decision in service contracts.

Using the case of the Deepwater Horizon blowout in the Gulf of Mexico in 2010, I argue that the catastrophe was less an example of a low probability-high catastrophe event than an instance of socially produced risks and insecurities associated with deepwater oil and gas production during the neoliberal period after 1980. The disaster exposes the deadly intersection of the aggressive enclosure of a new technologically risky resource frontier (the deepwater continental shelf) with what I call a frontier of neoliberalized risk, a lethal product of cut-throat corporate cost-cutting, the collapse of government oversight and regulatory authority and the deepening financialization and securitization of the oil market. These two local pockets of socially produced risk and wrecklessness have come to exceed the capabilities of what passes as risk management and energy security. In this sense, the Deepwater Horizon disaster was produced by a set of structural conditions, a sort of rogue capitalism, not unlike those which precipitated the financial meltdown of 2008. The forms of accumulation unleashed in the Gulf of Mexico over three decades rendered a high-risk enterprise yet more risky, all the while accumulating insecurities and radical uncertainties which made the likelihood of a Deepwater Horizon type disaster highly overdetermined.

Annually, hundreds of drilling crew suffer from major injuries during performing oil and gas drilling operation because of the deficiency of an adequate hazard safety management system for real-time decision-making in hazardous conditions. According to previous studies, there is a sheer industrial need for an effective industrial safety management decision support system for accident prevention at oil and gas drilling sites at both drilling domains. Therefore, this paper aims to focus on the design and development of knowledge base decision support system (KBDSS) for the prevention of hazardous activities at Middle Eastern and South Asian origins’ onshore and offshore oil and gas industries during drilling operations.

In this study, data were gathered from safety and health professionals from targeted oil and gas industries in Malaysia, Saudi Arabia and Pakistan through quantitative and qualitative approaches. Based on identified data, KBDSSs (HAZFO Expert 1.0) were systematically developed and designed by adopting Database Development Life Cycle and Waterfall Software Development Life Cycle models. MySQL and Visual Studio 2015 software were used for developing and designing knowledge base and graphical user interface of the system.

KBDSS (HAZFO Expert 1.0) for accident prevention at onshore and offshore oil and gas drilling industries based on identified potential hazards and their suitable controlling measures aligned with international safety standards and regulations. HAZFO Expert 1.0 is a novel KBDSS that covers all onshore and offshore drilling operations with three and nine outputs, respectively, to achieve the current trend of Industry Revolution 4.0 and Industrial IoTs for workforce safety.

This industrial safety management system (HAZFO Expert 1.0) will be efficiently used for the identification and elimination of potential hazards associated with drilling activities at onshore and offshore drilling sites with an appropriate hazard controlling strategy.

Moreover, the developed KBDS system is unique in terms of its architecture and is dynamic in nature because it provides HAZFO Expert 1.0 data management and insertion application for authorized users. This is the first KBDSS which covers both drilling domains in Malaysian, Saudi Arabian and Pakistani industries.

Every year, hundreds of people have died and thousands have been injured because of insufficient management of well control at oil and gas drilling and production sites. Major causes which have been reported in previous studies included uncontrollable blowouts and failure of blowout preventers because of insufficient safety practices. These onshore and offshore blowout disasters not only harm the work force but also critically affect the environment and marine life. In this research paper, a detailed quantitative survey and qualitative risk assessments (RA) have been carried out for assessing the potentially hazardous activities associated with well control along with their appropriate controls and risk reduction factors and mitigating measures in Middle East and south East Asian countries.

The sequential explanatory research design has been adopted in this study. Whereas, descriptive statistical approach has been used for the quantitative data analysis of this study. While, in-depth interview approach has been used for qualitative data collection. Similarly, what-if analysis method has been adopted in this study for the identification of effective safety and health risk mitigating factors because it provides in-depth information from health and safety environment experts.

The cumulative quantitative results based on the response from Saudi Arabian drilling industry have indicated that the well control operation is highly hazardous then Malaysian and Pakistani oil and gas industries. Likewise, findings from what-if analysis approach demonstrate that the drilling crewmembers have repetitively faced life threatening hazards which occur (safety and chemical) during well control onshore and offshore operation because of oil base mud, confined space at site, pinch points and falling during working on blow out preventers. According to the overall result, respondents have highly recommended engineering and administrative hazard controlling factors as most suitable for the elimination of safety and chemical hazards during well control activities.

Besides, the developed methodological framework for the identification of suitable hazard controls can also be effectively used for potential hazards reorganization and identification of suitable hazard controls for other drilling and production industries and regions for accident prevention and safety and health management.

This is a first comparative research study which has been carried out in Malaysian, Saudi Arabian and Pakistani onshore and offshore oil and gas industries for well control health and safety management and reorganization of most effective hazards mitigating factors at drilling sites.

The purpose of this paper is to examine the stock market reaction to the Gulf oil spill and determine if the markets exhibited rational pricing. On April 20, 2010, the US Coast Guard received a report of an explosion and fire aboard Transocean’s Deepwater Horizon offshore drilling rig. The resulting spill exceeded the Exxon Valdez oil spill as the worst in US history. With the total cost of the disaster reaching almost $54 billion for British Petroleum, clearly the spill had far-reaching effects on its market value. However, the more interesting question is what valuation effects might exist for other oil and gas firms, due to an increase in perceived risk for all offshore drilling and/or the likelihood of an increase in the regulation of the industry.

Because the new information was released piecemeal over time and has the potential to affect a number of firms simultaneously, Gibbon’s (1980) multivariate regression model methodology (MVRM) was used to examine share price reactions of firms in the oil and gas industry in the aftermath of the oil spill. This methodology allows one to test whether significant abnormal returns occur on days where new information is released. Further, one is able to test whether the market reaction was the same for each firm or whether the market differentiated between firms.

Evidence of abnormal returns was found for the majority of the information dates in our investigation. Further, the results reject the notion that the market reaction was the same for all oil and gas firms, leading to the conclusion that the market did differentiate between firms.

This research is important because the results support rational pricing of the US stock markets following this unexpected and catastrophic event. The market was examined over the period following the oil spill on multiple dates when important new information is provided. This study contributes to financial and economic research on market efficiency and reactions to major risk events.