Current chairman of the Indonesian Institute of Energy Economics and former Secretary General of OPEC, Dr. Subroto enjoys a unique perspective on the global oil and gas industry. As Asia begins its transformation into a major player in the petroleum marketplace, the industrialized West and the United States in particular must accommodate themselves to the shifting balance of power.

A Global Perspective of the Oil Industry: Its Future and What This Means for the U.S.-Based Industry. Subroto, Dr., Summer 1996, pp. 1‑9.

Mr. O'Neill, MP and chairman of the U.K.'s Trade and Industry Select Committee, discusses the steps being taken by the British government to establish proper regulations and ensure consumer safeguards in the wake of utility privatization.

The Aftermath of Gas Privatization. O'Neill, Martin, Summer 1996, pp. 10‑16.

The recent round of bidding for exploration rights in Venezuela reinforces the industry's confidence in the opportunities available in this country despite the stringent requirements of the new model production sharing agreement proposed by Petroleos de Venezuela, S.A., the state-owned oil holding company.

"La Apertura": The Opening of the Venezuelan Petroleum Industry. McAllister, Steven Karl, Summer 1996, pp. 17‑44.

Prospects for a relatively stable political environment for the next several years, coupled with privatization and strong economic trends, could attract some much needed investment as the transformation of Russia's political, social, and economic systems proceeds. Central Asia continues to offer tempting tax incentives for foreign investors.

Outlook for Petroleum Investment in Russia and Central Asia. Darnell, Ray, Summer 1996, pp. 45‑56.

Financial analysis of fiscal regimes is part science and part art. Many factors determine the profitability of a given fiscal system—division of revenues, division of profits, cost recovery, access to gross revenues, ring-fencing, crypto taxes—to name only a few. Daniel Johnston helps clarify some of the diverse terminology and simplifies the process of comparing "take" calculations.

State-of-the-Art in Petroleum Fiscal Systems Analysis. Johnston, Daniel, Summer 1996, pp. 57‑72.

In today's global market, most major petroleum companies have to contend with multiple fiscal regimes encompassing a broad range of cultural, political, and economic systems. As a result, audits can become quite complicated; the best way to forestall some of these complexities is exhaustive documentation and early stringent control.

Auditing in International Cost Recovery Markets. Hensley, James, Summer 1996, pp. 73‑80.

When undertaking international oil and gas ventures, U.S. companies must take care to establish the optimum tax structure, one which takes into consideration both the taxation system of the country where the investment is to be made, as well as the tax status of the entity entering into the investment. The complexities are immense, but so are the stakes.

U.S. Tax Considerations in Structuring International Oil and Gas Ventures. Bibb, Kyle, Summer 1996, pp. 81‑132.

The FASB has delayed the effective date for the proposed Statement on closure and removal of long-lived assets. EITF Issue 96-14 addresses the problems associated with modifying computer software for the year 2000. New EDs seek to establish standards for reporting comprehensive income and accounting for derivatives and similar financial instruments and for hedging activities. A new draft from the AICPA SEC Regulations Committee contains recommendations for communicating with the SEC.

Current Developments in Financial Accounting and Reporting. Jennings, Dennis R., Summer 1996, pp. 133‑145.

A report on the activities of the Board of Directors and standing committees of the Council of Petroleum Accountants Societies, featuring an expanded report on the International Committee by chairperson, John McNamara.

COPAS: An Update. Gear, Jon, Summer 1996, pp. 146‑161.

A large spill in January 1996 in the Rhode Island Sound means offshore insurance costs will not be going down any time soon, particularly not for single-hull barge operators. Regional updates includes a successful clean-up fund in Oklahoma and a possible relaxation of clean-up requirements in Texas.

Current Developments in Environmental Issues. Wright, Charlotte, Summer 1996, pp. 162‑164.