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Oil and gas reserves and asset decommissioning are the most significant cash flow indicators of the oil and gas industry. Investors use disclosures by oil and gas firms to estimate future cash flows. Thus, this study examines impacts of oil and gas reserve disclosures and disclosures of decommissioning costs of oil and gas assets on the financial performance and value of listed oil and gas companies in the UK. We survey data from 52 listed firms. We conclude that whilst mandatory and voluntary reserve disclosures negatively impact firms' performance, they positively impact value. Mandatory decommissioning disclosures are positively related to performance and value. Voluntary decommissioning disclosures negatively correlate with firms' value, but positively relate with firms' performance. These findings contribute to the debate around the usefulness and impacts of oil and gas reserves disclosures and disclosures of decommissioning costs of oil and gas assets on companies values and performance. [ABSTRACT FROM AUTHOR]

Over the last few decades, the debate about “Peak Oil” became increasingly common and frustrating to governments, oil companies, and individuals. Also in the last decade or so, some unusual events took place which have raised the concern about the future of energy resources. These events lead policy makers to consider what is known today as “Energy Security.” The UK is one of these countries that fears the unknown future should petroleum resources worldwide become scarce or vanish. After the dwindling of the North Sea production, the UK found itself on the brink of losing its energy self-sufficiency. This article asks the questions: Has the UK’s oil and gas production peaked yet? If so, does the UK have a serious energy security problem, and if so, how may this problem be solved and what are the possible short, medium, and long-term solutions for such a concern? In answering these questions, the article discusses the concerns and challenges to the UK energy security and brings about the government plans for tackling these concerns. It is found that the UK does not experience an energy security problem on the short to medium-term, but it may suffer energy insecurity on the longer-term. [ABSTRACT FROM PUBLISHER]

In addition to conventional taxes, host oil and gas producing countries impose a "crypto tax", including sustainability-related taxes similar to environmental taxes and social sphere development costs. These taxes aim to maximize government taxes which are collected to ensure operational efficiency and sustainable development. In contrast, multinational oil companies look beyond conventional taxes by performing a thorough assessment of "crypto tax" while deciding investment locations. Extractive industry taxation literature is limited in offering a scrupulous index. In particular, how a robust index is constructed and tested for these quasi-taxes. Therefore, the issues surrounding the construction and testing of Crypto Tax Assessment Index (C-TAI) underpins the relevance and motivations of this study. Specifically, this study aims to examine the construction and testing of a C-TAI in guiding policymakers and investors concerning crypto taxes. A properly constructed Index would enable governments to undertake environmental and sustainability assessment, knowing that the index suited their particular petroleum fiscal policy. The Malaysian marginal oil field sector was established to test internal and external validities and model fit indices of the C-TAI through surveying the opinions of experts in this field. Taking these views and opinions into consideration, in constructing an appropriate C-TAI, researchers can use the index address possible questions relating to the effects of crypto taxes on individual oil and gas projects or the overall petroleum sector of a country. For instance, how useful the constructed C-TAI could be in the examination the effect of crypto taxes on the profitability of a mature basin? How does the constructed C-TAI could be used in relation to the effect of crypto taxes on the profitability of marginal oil fields and the investment climate of a frontier petroleum basin? In answering these questions, it is anticipated that a properly constructed and robust C-TAI would help to guide policymakers and investors in understanding the importance of a C-TAI for crypto taxes, including sustainable developments. • In addition to conventional taxes, host countries impose "crypto tax" to maximize tax take, ensure production efficiency and sustainable development. • Multinationals look beyond the glary conventional taxes while deciding investment locations. • However, a robust and valid index for these "crypto tax" is yet to be constructed. • Crypto Tax Assessment Index(C-TAI) is constructed and validated through empirical analyses. • The Index can be utilized by policymakers, oil and gas companies and researchers. [ABSTRACT FROM AUTHOR]