PREFACE
One again the editor-in-chief and his team of wide ranging experts are to be warmly congratulated on sifting through the exceptionally large number of papers submitted for inclusion in the 2002-2003 edition of the CEPMLP Annual Review (CAR). This year's CAR was a record breaker in terms of the broad spectrum of topics addressed and the verve and dedication with which they were tackled. These contributions are not only a trial run - a flexing of intellectual muscle, but it is hoped that with further enhancement and topic development, selected papers may eventually graduate to publication in international journals.
The editor-in-chief, Mr. Naser Alam deserves particular commendation for his thorough review of the exceptional number of papers submitted for the current edition of CAR. Of outstanding merit is the painstakingly calibrated method he devised for marking a hugely diverse range of papers in a standardised but fair manner.
Within the publication, energy issues once again occupy a central position in this year's forum. Diverse aspects are tackled. Concern is expressed over the application of mature economy practices to developing country's power programmes especially where marginal cost pricing is prone to cause volatility. Various aspects of Petroleum Economics are reviewed and in one instance dire warnings are issued on the potential curse of the maverick resource boom in the context of a petroleum bonanza in a Central African State . The environmental virtues and economic limitations of LNG again receive further consideration in the current CAR. However in the case of Brunei , severe competition is anticipated when the Country's LNG contracts fall due for renegotiation.
Spot trading in oil and gas is predicted to play an increasing role in the marketing of these products, while in the case of rapidly developing economies, such as that of China , the critical hurdles preventing attainment of maximum utilisation are reviewed. Concern in Venezuela , focused on the failure of the Apertura Petrolera to deliver the predicted benefits is analysed.
This edition of CAR presents a timely reminder of OSPAR's requirements concerning the dismantling of oil rigs in the North Sea and elsewhere, as ageing oilfields drop out of production.
As the development of oil pipeline systems intensifies on the land and the seabed this raises the pertinent issue of developing mutually favourable crossing agreements. Converging and crossing pipelines remind one of the problems facing Turkey which seems saddled with an excessive intake of oil but could perhaps resolve the problem by becoming a distributional hub.
Mining criteria that determine the success of some projects in raising funding, while others are left to struggle, are examined. Fiscal regimes for Chile and Colombia are reviewed in the light of their effectiveness as a stimulant to encourage large scale capital investment in an area characterised by high risk and a long lead time for payback. The Kimberly process is scrutinised and the effectiveness of the legal and regulatory measures in combating the misuse of resources are discussed. Nearer home the range of measures related to environmental taxation in the UK at national and regional levels are discussed. The crucial issue of making water available to the mining industry in Australia is highlighted. Making an adequate supply of water available on an equitable basis in desert areas is critical to the success of such ventures and applicable legislation should be reviewed at the discovery stage in the mining cycle.
Regarding political issues over the Spratley Islands Territorial dispute, China 's diplomatic posturing is analysed, revealing a dichotomy in attitude between the domestic and foreign policy stances.
In international business negotiations the Scandinavian approach is examined and found to be strict but polite and also shorter and less formal than many others. Problem solving is not deemed necessary before hand, the resulting deals may therefore have the advantage of greater flexibility, for example in dispute resolution, than many other agreements.
We strongly recommend that you browse through our publication as we are convinced that the wide variety of topics touched upon will have something of interest for everyone.
Dr Arthur Warden
Co-ordinator for the CAR 2002-2003
