Advantages and Disadvantages of Service Contracts and Production Essay

Advantages and Disadvantages of Service Contracts and Production Sharing Contracts - Essay Example In many countries where oil and gas are being produced, made abrupt and unilateral changes in the already executed agreements. This unilateral change at the end of oil and gas producing countries hit hard the investors. This would definitely shake the confidence of the investors who invested a lot of money in oil and gas projects. The governments of Venezuela and Bolivia have gone to the extent of breaking the contracts or termination of licenses at their own sweet will. This move can be branded as â€Å"resource nationalization†. To lessen the negative impact on the profitability of the investing companies, the sovereign governments of Canada, UK and the USA have proposed compensation in terms of further extension of their contracts on soft terms to address this issue1. To safeguard the interest of the investor companies came from abroad, the effective legislation is necessary to mitigate the risks associated with it. However, the legislation in this respect varies from count ry to country. This does not only effectively take care of the interest of the host countries but the interest of the investors those who are in the run. ... On the other hand, the state in return will receive royalty payments, income tax and other liveable taxes on the oil and gas producing companies. Contrary to that as per PSC the government will be the owner of all oils and gas productions, and the IOC will act as technical and financial services provider to take care of oil exploration and the development of oil wells / gas fields. Alternatively production will be shared between IOCs and the State in line with the provisions of PSC3. In the developing dominions, PSC system is an effective tool to access oil and gas exploration as well as development of oil wells. As per Johnston view, this access dependable on the political system of that country. As far as functional and financial considerations, the PSC system is more or less at par with concessionary system. The only difference between the two is the management control and its effective implementation4. Upstream Oil & Gas Agreements Overview Upstream agreements in fact create and establish legal business entity and working relationship between the sovereign government and the individual who owns land of exploration for oil and gas. The agreement is a legal document where rights and obligations of the stakeholders are clearly defined, leaving no ambiguity5. In the developed countries like USA, Canada and the UK where two forms of agreements are in existence. One is for the execution of individual land owner for exploration of oil and gas, the other one between the host government and the investor. The agreement executed between the host country and the investment company is called â€Å"Concession Agreement and the Production Sharing Contract† 6. In other words the

Sheltering the Deep Assignment Example | Topics and Well Written Essays - 500 words

Sheltering the Deep - Assignment Example Jessen emphasizes the need to protect depleting marine ecosystems from pollution and other human interventions. She underscores the need to find new ways to protect these marine environments, and bats for the concept of marine protected areas, that have been successful in other parts of the world. Although she concedes that marine protected areas are not the solution to all the problems; she encourages the reader to take a fresh look at the various species that exist in an ecosystem, and consider the symbiotic relationship they share. Her efforts are directed towards awakening the reader to the rich cultural heritage of the region that preserves early forms of life on earth as well as some unique plant life, and the need to protect it before it is too late. The author’s diction conveys her love of the treasures in the deep. Her choice of words like â€Å"adorn the underwater cliffs† (185) to describe the underwater plants and animals conveys the fact that she considers these jewels of the sea. Jessen conjures up striking word pictures of the beauty of nature’s bounty. Her use of metaphors like â€Å"perched off the southern tip of Vancouver Island† (185) conjures up a picture of a bird, ready to fly away at the merest hint of danger. Jessen’s extensive use of alliteration to describe nature’s beauty gives an almost poetic quality to the piece. When the author describes â€Å"other marine mammals† that â€Å"frequent the waters foraging† (185); or her portrayal of â€Å"soaring walls and spectacular scenery† (187) of the fiords of Baffin, enhances the aesthetic appeal of the essay. Her use of euphony as in â€Å"speckled trout spawn in the shallow bays†, (186) gives a harmonious mellowness to the piece that is both pleasing to the ear as well as conveying the harmonious nature of an ecosystem. Jessen’s use of denotation when she describes the fate of ancient mariners pitted against the â€Å"treacherous waters and well known fury of Lake

Against Abortion Essay Example for Free

Against Abortion Essay How would you feel if someone took away your ability to live? Imagine not having any say in whether or not you want to have a life. Well babies dont have a choice in their mother’s womb. If a woman decides to abort her baby, they cant do anything about their life being taken away from them. Their whole future is demolished. I believe abortion is wrong when committing it for a selfish reason. One reason why I dont support abortion is because it can harm the mother as well. You are highly risking the mothers life and affecting her. Not only does it have an effect on the USA but, it affects other countries as well like Spain. According to psychiatrist and member of the Right to Life Committee, Carmen Gomez-Lavin states that: Sixty five percent of women who abort suffer symptoms of post-traumatic stress syndrome after undergoing the procedure. Many women are regretting that choice. Abortion can also result into not being able to get pregnant in the future, many sickness and even death. Abortion affects both victims in dangerous and physical ways. Another reason is Abortion is Murder! And Ill bet if you asked an unborn baby if he wants to be murdered, it would tell you to at least wait until it was old enough to fight back. My last reason is a baby can feel pain. Even though it may not be fully formed, a baby in the second trimester is still able to feel pain. Why do you think a baby starts kicking its moms stomach whenever the father makes stupid noises at it? I agree with the reasons why they’d find it alright to abort the baby in some ways. The pro-choice believe this due to the fact of not harming the baby from your sickness but another option is adoption! You’ll still be able to let the baby live. For teen pregnancies, there are some religious beliefs as to where you shouldn’t have premarital sex. If you don’t want a child, you shouldn’t have sex at a young age because it’s not always safe. Also, abortions can result into a risk of getting ill, physical damage, stopping you from having a child again or even death. Not only will the baby die, but the mother will as well. One last reason for the side that agrees with abortion is that they believe outlawing it, would be discrimination. Women with a lower income can lead them to into joining in an illegal abortion or a ‘black-market’ abortion. Getting an abortion illegally can cause much more harm to the mother and baby than giving birth. I believe that it is not worth risking the lives of you and your child for a surgery I believe abortion is wrong when used for not good reasons. There are many other things you can do to prevent abortion. There are reasons why I dont support it. You can use adoption as a solution, it can harm the mother as well, and you are a taking an innocent life. Teenagers can rise awareness and either speak or show how strongly they believe about this topic. Abortion should not be legalized.

The Red Room and The Judges House - Typical Nineteenth Century Ghost

The Red Room and The Judge's House - Typical Nineteenth Century Ghost Stories? Nineteenth century ghost stories are typical of the gothic genre. They are referred to as stereotypical, because in the period they were written in, it was the practice to include several distinctive elements which are now exclusively associated with this genre. 'The Red Room' by H. G. Wells (1894) and 'The Judge's House' by Bram Stoker (1891) will be discussed in this essay to assess them as distinctive examples of ghost stories. There are various elements which are distinctive of characteristics of a nineteenth century ghost story. The criteria used to determine 'The Red Room' and 'The Judge's House' are of nineteenth century ghost stories in this essay are, firstly, the setting. This is the background scenery to the story and is, typically of this genre, an isolated place or house. The second element is the inclusion of characters with a variable state of mind throughout the story. This could be a terrifying consuming fear or the complete loss of reason leading to insanity. The incorporation of characters which believe and do not believe in the supernatural is the third element. This allows a wider range of people to read the story and associate with the characters. The fourth criterion is an ancient prophecy or a history of disturbances surrounding the place where the story is set. The fifth element is light. Ghost stories make use of shadows, darkness, night-time, and the diffusive light of a candle to help develop tension and suspense. The final element is imagery used by authors. The images created tend to be appealing to the five human senses of touch, sight, taste, smell and hearing. I will compare 'The Red Room' and 'The Judge's House' base... ...t and inflamed', plus, 'red eyes'. This gives the sense of you being watched. The references to, 'monstrous shadow', 'grotesque custodians', and, 'the human qualities seem to drop from old people insensibly day by day', shows that they aren't like normal human beings and are out of this world. 'The Judge's House' is a perfect example of the three types of characters. Malcolmson obviously being the non-believer, Mrs Witham, Mrs Dempster and Dr. Thornhill are the believers. While the Judge's spirit is the supernatural. Malcolmson is also a rational person like the narrator of 'The Red Room'. He believes in knowledge not fictional stories. 'A man who is reading for the Mathematical Tripos', and, 'disturbed by any of these mysterious somethings'. It doesn't have many references to Malcolmson attitude to the Judge's house. But from this quote, we can see he is not afraid.

Principals-Agents’ Conflict of Interest

Principals (shareholders) – agent (managers) problem represents the conflict of interest between management and owners. For example, if shareholders cannot effectively monitor the managers’ behaviour, then managers may be tempted to use the firm’s assets for their own ends, all at the expenses of shareholders. Discuss the pros and cons of this statement with regard to duties of Board of Directors. Most organisations these days are no more owned by their managers. This separation of ownership and management gives rise to what is called agency relationship. Jensen and Meckling (1976) define the agency relationship as â€Å"a contract under which one party (the principal) engages another party (agent) to perform the some services on their behalf. As part of this, the principal will delegate some decision making authority to the agent â€Å". However, it is important to mention that this relationship is not always peaceful and harmonious; rather, it usually raises some agency problems commonly called conflict of interests between shareholders and managers of the company. These conflicts occur when a person i. . the manager has an obligation not to act in his own personal interest but in another person’s interest i. e. the shareholders. This means that in whatever situation, managers must prioritise shareholders’ benefits. But is this commitment always respected in principals-agents relationships? Hopefully, between these two groups, is the board of directors; directors who are elected by shareholders to act as their representatives by monitoring and controlling managers tasks and ensuring they are in line with shareholders’ expectations. With clear evidence that conflicts of interest are almost unavoidable in any agency relationships, an attempt will be made will be made to get an insight into that issue with regards to board of directors duties. Brennan (1994) states that â€Å" agency problems emanate from the arrangement where the interests of the agents differ substantially from those of the principals because of the impossibility of perfectly contracting for every possible action of the agents whose decisions affect both his welfare and the welfare of the principal â€Å". Therefore, this raises the issue of finding ways to motivate managers to solely act in the best interest of shareholders. However, in a world where the labour market is becoming more and more imperfect and competitive, managers will be more concerned with their personal benefits at the expense of shareholders’ benefits. Since they are the one taking care of the day-to-day activities of the company, they know better than anyone any single details about how the various tasks are being performed and how that affects the company. Therefore, they might be tempted to take advantage of that by consuming some of the organisation’s resources in the form of lavish perquisites such as airplanes. Agency conflicts imply that shareholders wealth maximisation is being subordinated in managers’ goals for the company. Clear evidence of this assumption could be that top level managers are more worried about increasing their salaries, raising their status within the company, creating more opportunities for lower managers or assuring their job security and to achieve all this, their main objective could rather be to enlarge the firm by creating more subsidiaries. Such an action could produce results that do not necessarily maximise the value of the organisation for shareholders, rather, management welfare. We can notice that in conflict of interest, agents are mostly interested in achieving objectives that they feel will be profitable to them, but which are not necessarily or directly for the sake of shareholders. This occurs as a result of the distance created between the shareholders and the management team which prevent the former to effectively monitor and control managers’ behaviour. If agents do things that hurt principals, why don’t they take strong actions against that? In order to remedy to this situation, shareholders rely among others on the board of directors which they elect to look out for their interests and protect them for financial losses due to inadequate managerial actions. Bonazzi L. , Islam (2007) defines the function of the board as a â€Å" collective responsibility to determine the company’s purpose and â€Å"ethics†, to decide the direction, i. e. the strategy; to plan; to monitor and control managers and CEO activities, then to report and make recommendations to shareholders â€Å". To achieve this, they are expected to act in accordance with their four main duties which involve: the fiduciary duty, the duty of loyalty, the duty of confidentiality and the duty of care. In performing their fiduciary duties, directors assumes two roles, the first one as an â€Å"agent† which means acting on behalf of shareholders and the second one as a â€Å"trustee† which means they are in charge of controlling the organisation assets so they have to act â€Å" bona fide â€Å" which means in good faith towards the company; acting only within the scope of their powers and uniquely for the purpose that benefits the business and to avoid being involved in conflict between personal and the company’s interest. First and foremost, the board has as duty to govern the organisation by designing broad policies, and objectives which are intended to provide managers with guidance on how they are expected to run the business, i. e. prioritizing principals’ benefits, and, where they are expected to take the firm to in terms of increasing its value. They must continuously review the performance of the chief executive to ensure that managerial actions are in line with shareholders wishes and given that they are accountable to the former, they have to report to them about the overall organisational performance. Regarding their duty of loyalty, directors must prevent conflict of interest by avoiding transactions which may generate a potential conflict; those transactions according to Professor Bernard S. Black of Standford Law School in an article entitled The principal Fiduciary Duties of Boards of Directors are called â€Å" self-dealing â€Å" transactions. Representing at the same time the boss to one extend and the subordinate to another extend, directors must make sure never to act in ways that will harm either the shareholders or the executives, treat both parties with care and respect and try to make good decisions i. . that will compromise none of the parties, but which will be profitable to the firm. Also, board members have the duty to keep private all dealings, matters and information from the board meeting and the company in order to avoid the disclosure or misuse of information which may lead to a conflict. From the study of board members duties, we can state that companies’ corporate governance rests mostly on their shoulders. So, when effective, it permits the realisation of corporate objectives, risk management, the reduction of agency problems and an increase in the value of the firm. Despite the fact that conflict of interest is quite an obvious issue between shareholders and managers, it is important to keep in mind that the former are the owners of the business and thus, have great powers on the company; for instance through their voting rights at the annual shareholders meeting where they might decide â€Å"to vote with their feet† i. . selling their shares, exposing the organisation to a potential takeover that will lead managers to lose their job. Consequently, managers must at least try to satisfy their principals by aligning their actions and decisions with shareholders expectations; as well as must principals induce their agents to work for their best interest. To achieve this, they must incur some agency costs. In the 1976 Journal of Finance paper by Michael Jensen and William Meckling, it is stated that â€Å"there are three major types of agency costs: (1) expenditures to monitor managerial activities, such as audit costs; (2) expenditure to structure the organisation in a way that will limit undesirable managerial behaviour, such as appointing outside members to the board of directors or restructuring the company’s business units and management hierarchy; and (3) opportunity costs which are incurred when shareholder-imposed restrictions, such as requirements for shareholder votes on specific issues, limit the ability of managers to take actions that advance shareholder wealth†. In a nutshell, conflict of interest is a real fact in every business. Principal-agent relationship can be viewed as complex in terms of how exactly agents are expected to act towards their principals. Obviously, their acts must always be aimed at serving shareholders interest, but this statement seems to imply that either principals’ interests are always morally acceptable or managers might act unethically provided they fulfil shareholders’ expectations. Virtually, all corporate code of ethics addresses conflict of interest because it interferes with the ability of employees to act in the best interest of the firm. The fact is that, the agent is expected to act solely for the benefit of the principal in all matters and situations, yet, the kind of situation or dilemma the agent might be called upon to act in his principal interest are not easily predictable or identified. As optimal solution, it would be advantageous for both parties if they could work in concert prioritising the success of the organisation, and trying to satisfy as much as possible each group’s benefits, because it would help avoiding or at least reducing potential conflict of interest.

Nazi Indoctrination And Adolescence The Nazis Essay

Nazi Indoctrination and Adolescence The Nazis, short for National Socialists, are sometimes considered to be the most infamous people in history. They managed to utilize an immense, young, nationalistic population to carry out their plans through the notions of mass suggestion (O Shaughnessy, 2009). Nazis, who were composed of half World War I veterans and half young adults around college age, used many different tactics to have a strong appeal towards the latter. First, the young person’s brain is not fully developed, and was therefore manipulated in various ways by the Nazis (Pauer-Studer Velleman, 2011). Second, at this stage in life, adolescents’ emerging identities can be compromised by their environment (Feldman, R.S., 2015, p. 281). Finally, most humans, especially adolescents, constantly seek conformity to a group while maintaining some individual differences (Pagaard, 2015). Therefore, the perpetrators of Nazi crimes often aimed many aspects of their campaign towards teenagers and young adults in order to take advantage of their vulnerable positions in society. As the brain is not fully developed until the age of twenty-five, this weakness is used to institute indoctrination among the masses. According to Piaget, this is the Formal operational stage, in which people develop the ability to think abstractly, using logic to consider problems never met before. They are able to divide their attention, discern between different factors, and think hypotheticallyShow MoreRelatedThe s Capacity And Failure1809 Words   |  8 PagesGermany culminated to the rise and fall of belligerence. Reinhard Knolhoff, 92, a resident at Liberty Village Centralia where I work, was born in Hoffman Illinois in 1924. At their pinnacle of sentiment and approaching wedding plans with Bernice, an adolescence sweetheart, there was an unforeseen development. In the Spring of 1942, he was drafted through the Selective Training and Service Act of 1940. He entered Fort Sheridan, close Chicago, for training. His memories of the war as he portrayed a firsthand

Future of Criminology - 1590 Words

The future of Criminology etc. Criminology is, as John Lea (1998) points out, not so much a discipline as a field, its distinctiveness is not its knowledge base but the form of its focus: theories of crime, criminal law and the relation between the two - in this it is a sub-category of the sociology of deviance. It can, and never should be, conceived of as a separate discipline, its categories and processes are social constructs, they have no separate ontological reality. It cannot, therefore, exist separately from social theory as its concerns are inevitably with the nature of social order and disorder. Not only have all of the major social theorists concerned themselves with order, disorder and regulation, but there has been across†¦show more content†¦Described as a rendezvous discipline (Rock and Holdaway 1997), criminology has been endlessly criss crossed by a vast range of often ambiguous, confusing and contradictory theories aimed at explaining the individual, group, structural and now post-structu ral antecedents of crime. Some have even questioned whether criminology actually constitutes a discipline, or whether the study of crime in itself is enough to justify a declaration of independence from, say, sociology (see for instance, Hirst [1975] or Cohen [1988]). Even among those who describe themselves as ‘critical criminologists’ there exists considerable variation in theoretical outlook and prescriptions on how the study of crime and crime control should proceed (Swaaningen 1997). Feminist criminologists rightly balk at the failure of some critical criminologists (and criminology generally) to embrace a gendered perspective (Naffine 1997), while others have bemoaned the lack of attention to ‘power’ and the ‘state’ (Cunneen and White 1996) and the excessive amount of attention given to official definitions of ‘crime’ (Muncie 1998). Stan Cohen amp;emdash; one of the most erudite, levelheaded and perceptive commentators to emerge from the social reaction school of the early 1970s amp;emdash; summed up his reflections on critical criminology (circa 1973) as follows: 1. Faulty analysis: It was wrong to gloss over the significance ofShow MoreRelatedThe Role Of Criminology And The Future Of Criminology1583 Words   |  7 Pagesintegration important for the future of criminology due to the flourishment of crimes in society. 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