Abstract Risk is always defined relative to a reward. At the macro-scale, all parties with a role in the petroleum industry have a shared reward - the efficient exploration and development of resources in a safe, environmentally sound manner, to maximize return. That return comes in many forms and benefits all stakeholders - government, industry and communities. In the same way that these stakeholders share in the reward, they also share the responsibility for the risks. It is only through effective partnerships that the right environment can be created to tilt the balance in favour of exploring for the reward over the risks. Governments can reduce risk by providing: Predictability in investment climate and security of investment, Incentives that recognize financial risk and attract investment in a globally competitive marketplace, and Security, laws and stable regulatory processes that promote efficiency of operations. In turn, industry provides: Global experience, best practices and technical experts to recognize the rewards, The best technology and processes to explore for, develop and produce hydrocarbons economically, and Large up-front investments to generate value for all parties in the future. Scenario planning and early stakeholder alignment enables execution risk to be minimized and for exploration operations to progress efficiently. In a perfect world where the above ground risks have been addressed, the only remaining risks in an exploration venture would be technical. We mitigate technical risks by application of rapidly evolving technology and creative minds to define the potential subsurface prize, and employ leading edge drilling technology and processes to test those ideas. Some examples include: Advancements in seismic technology to enable us to image complex subsurface terrains previously unseen, and drilling technology to enable us to drill in harsher conditions and to deeper depths to reach previously inaccessible resources.

Abstract The São Francisco Basin is a Proterozoic basin, located in central Brazil, covering parts of Bahia, Minas Gerais and Goiás States, on the São Francisco craton. The basin embraces an area of about 350.000 km 2 (135.000 square miles), greater than Marcellus formation in US. But differently from the former basin mentioned, São Francisco basin is a new frontier, and its true development started only in 2005, when Brazilian Regulatory Agency promoted the 7 th Round, when an area of about 99.000 km 2 th The purpose of this paper is to present the challenging issues already identified to develop the São Francisco basin, and the initiatives started by companies and government ahead of time to address risks involved and create favorable conditions to foster Exploration and Production (E&P) activities in the region, including proposals for Research and Development (R&D) projects to bring the right technology, alternatives to finance infrastructure development, regulatory and environmental discussions on the way among all stakeholders.

Abstract The landscape for resources companies is changing. The shift to a ‘multi-polar’ world is accelerating as emerging economies assume economic power and geopolitical influence. Simultaneously, the landscape has been compounded by a shift in the expectations of the role of corporations in society. Set against this context, energy poverty is receiving increasing attention as an issue resources companies must play a role in resolving. The UN Sustainable Energy for All initiative was launched to mobilize action and partnerships focused on sustainably meeting the increasing energy requirements of businesses and society. The initiative has set three primary objectives, to be met by 2030: ensuring universal access to modern energy services; doubling the global rate of improvement in energy efficiency; and doubling the share of renewable energy in the global energy mix. This presentation will draw on the findings of this UN initiative, developed in association with Accenture, which outlines priority actions oil and gas companies can take to become more energy efficient, to advance business opportunities in the sustainable energy market - and to improve energy access and affordability. Recommendations: Use more renewable energy sources and emphasize energy efficiency throughout the entire fuels supply chain. Reduce the flaring of gas from operations and identify opportunities to reuse captured gas on-site or provide energy to local communities. Invest in research and development and utilize core competencies to bridge the gap from fundamental research to commercialization of liquid renewable transportation fuels and renewable generation technologies. Promote international trade in sustainable energy products. Use innovative business models and create new products and services to improve energy affordability and to enable access to clean cooking and heating solutions. Resources companies are an important partner when it comes to investment and financing, capability and capacity development, and long-term strategic planning - all critical to helping address energy poverty.

Abstract In overseas E&P projects local content issues become essential quite often. While the company has available resources to finance a new project; it may be faced with local problems of different character slowing or hindering the project. Middle East; South Asia; Latin America and CIS countries have their own particular features and problems. The companies are obliged to use local services and local labor; while at the same time they need to ensure project feasibility and perform in compliance with the best world practices. Fundamentals of Local Content In the last 10 years the concept of Local content has been gaining more ground and attracting increasing attention in the oil and gas industry. What started off as a vague definition of a particular form of regional development is now finding its way into the legislation of a great number of countries. Governments of many resource-rich developing countries are increasingly adopting local content rules aimed at boosting local participation of domestic firms in every stage of resource development. Historically, International oil companies (IOCs) have sought to maximize their economic outcomes, which have included some local spending in areas such as health, education and the environment, but nowadays delivering local benefits in the communities where extractive industries operate is no longer voluntary, in an increasingly big number of cases it is mandated by law. IOCs must now move beyond a philanthropic model. Due to the fact that this concept is not yet fully established there are different definitions of local content. We refer to Local Content as a set of actions aimed at maximizing national value creation along the petroleum value chain through workforce development, value-addition, and the transfer of technology and knowledge. Such actions are designed to develop the industrial infrastructure and skills of the people in countries that host oil and gas projects. The regulatory environment in such countries is being readjusted to increase economic derivatives from the energy sector. In light of this, there have been some changes on the global energy scene. In particular the relations between major resource holders and international oil companies have been changing. Host nations are seeking to maximize the overall economic benefits for their citizens, to create social and commercial benefits that progress economic growth and contribute to sustainable development. Therefore, National oil companies (NOCs) are reevaluating and setting new objectives and partnership roles to define participation in joint ventures and productionsharing agreements in their countries, and in doing so are emerging as relatively new change agents on the global energy scene.

Abstract Renewable energies are energies that come from naturally occurring and theoretically inexhaustible sources of energy which are continually replenished and currently provide less than 14%s hope for renewables to get higher share in energy mix during next decades but in other side we face severe challenges and doubts regarding the possibility of ‘sustainable supply’ of energy by renewable sources. Renewable energies technologies are fastest growing in the world but still not matured, costly and complicated to be developed. Environmental doubts come to minds when we expect renewable energies to resolve environmental concerns while they do not eliminate greenhouse gas emissions and conventional air pollution, as their manufacturing, transporting and operation produce emissions, consume water, disrupt land use and wildlife habitat. An increase in oil prices had positive impact on the return of most of renewable energy projects nevertheless renewable energy sector is still substantially riskier and dependent on oil price fluctuations. As a result, low oil price and continual development of shale gas can speedily turn renewable industry into a quite difficult financial position and even bankruptcy for private investors. Financial worries stay on when we observe for the first time in several years, 2012 saw a decline for global investment in renewable energy because of economic crisis as well as uncertainty over support policies in Europe and the US. Renewables still are quite relying on governmental subsidies to survive. The past progress of renewable projects shows high dependency on government and private support in form of giving subsidies or exemption from tax put on other energy sources (such as carbon tax). So here a valid question is: In case shale gas proves to be plentiful, accessible and cheap, wouldn't it be sensible to put much more money on Carbon Capture and Storage (CCS) as well as energy efficiency projects rather than renewable project; whereas the outcome would decrease the investment risks and also to meet environmental obligations of some western countries? This article seeks to help energy policy makers in governmental agencies or private, set forth for effective and practical approach in securing energy supply as well as preserving the environment by mobilizing their aid from low influential renewable energies toward higher yielding hydrocarbon technologies that change the global energy portfolio into cleaner and environment friendly supply in less time and lower cost. We evaluate the different risks, limiting factors and concerns which are currently inherent in development of renewables and discuss possible solutions, such as more investment in CCS and energy efficiency projects (in which OPEC and other producing countries could also participate to create a new energy dialogue with consuming countries), to minimize the level of risk associated with our future energy supply and toward a sustainable management of energy market.

Abstract Dialogue respecting local supplier and workforce participation in petroleum development has evolved in recent years. Discussion of "win/lose" propositions has been replaced by dialogue and policy reflecting the reality that interests of local communities, governments, NOCs and IOCs are more aligned than different, and in many respects, symbiotic. Effective strategies allow investment to generate broad and sustainable economic development. Undeniable, however, is the growing need to be competitive. Governments and NOCs are focusing on competiveness of workforces, suppliers and taxation regimes. IOCs are seeking efficiency, security of supply and cost reductions in their supply chain and global competitiveness in safety, quality, business conduct and environmental protection. Increasingly, stakeholders recognize short-term thinking and last minute planning will yield sub-optimal results. Countries optimizing for success are focusing on establishing workforce and supplier capacity years in advance and at a realistic and sustainable pace. Further, there is an enhanced understanding that a successful approach in one location may not work in another, even when underlying differences are not discernible. Finally, respecting the need to be competitive, countries on the leading edge of this debate are carefully considering the risks and costs of complex and prescriptive local content policies, taking a more supportive and collaborative position. Russia, Malaysia and Canada have all realized significant successes in supplier and workforce development spurred by their oil and gas sectors; and while there are similarities in their approaches, there are differences. Analysis of their approaches to local content reveals lessons for those about to embark on this journey and those adapting their strategies in response to dynamic shifts in the market as well as the socioeconomic environment. However, the real lesson is that in a fast-paced and highly competitive global economy, stakeholders that embrace "continuous improvement", adapt quickly and understand the value of a collaborative relationship in a competitive environment will reap the rewards and will sustain the supply of energy for years to come.

Abstract Across the world the "new resource" owners are looking for significant investments from joint venture partners in the broader development of their economies. The expectation is evident in the following examples: Brazil – "Contractual commitment of purchasing local goods and services on a competitive basis with the objective of developing local suppliers and technology and increasing employment and income growth." Nigeria – "Nigerian content means the quantum of composite value added to or created in the Nigerian economy by a systematic development of capacity and capabilities through the deliberate utilization of Nigerian human, material resources and services in the Nigerian oil and gas industry." Saudi Arabia - LC is defined as the value added or created in the Saudi economy through the utilization of in- Kingdom human and material resources in the provision of goods and/or services. In bidding for and executing the capital project joint venture partners' seek to fulfil local content expectations through a variety of opportunities. These include the use of local workforce, local suppliers for goods and services, and investments into the social infrastructure e.g. schools, roads, hospitals, railways etc. Based on Accenture's capital project research, experiences and roles in supporting clients in the execution of capital projects, Accenture has developed a Local Content framework which spans strategy definition to implementation. Using this framework Accenture will share with the audience its perspectives on the maturity of local content capability, the value orientation of local content programs and the performance of contractors in meeting local content expectations and hence securing the supply of equipment, materials and local content infrastructure. Accenture will be able to draw examples from the Middle East, Nigeria, Canada, Australia, Brazil and South Africa. This paper is aimed at oil and gas senior executives that are responsible for the defining, implementing and monitoring local content strategies.

Abstract "If you don't get the balance right between the companies' interest and the country's interest, the country ultimately will lose." William Ramsay The concept of this paper comes from the fact that there are multiple standards followed in various regulatory issues throughout the world. Often it is observed that various countries have various practices which lead to either loss of precious energy or the perfect utilization of it. Taking a cue from the above, this paper will try to document the various practices that major countries in energy follows. The documentation will serve as a catalog of what should be implemented and what should be avoided in context of best practice that should be followed in Energy Sector, thus serving the purpose of the paper. Narrowing down the Geo - Political Spectrum the paper will focus on governance, risks and compliance of four oil major countries namely Russia, United States of America, Saudi Arabia and Brazil. The countries selected are from a diverse set of background both economic and geo- political. Further the study will be using PESTLE (Political, Economic, Social, Technological, Legal and Economic) analysis in bringing out the various best practices that is aimed in reducing the loss of precious energy. The paper will be mostly based on secondary research and the research methodology will be majorly qualitative in nature. Finally the paper will come to close in which we will relate the same to how to develop the possible best practices in the given domain, so that all the stake holders related to an energy sector gets into a win-win situation, making the key take way of the paper.

Abstract By 2020, Africa's oil and gas production is expected to rise from 12.2 MMboed to 17.5 MMboed. However, following recent discoveries, such as the giant gas fields off the east coast, governments are under renewed pressure to prevent a resurgence of the resource-curse phenomenon. They must ensure that oil and gas developments create domestic jobs and boost the economies of these petroleum-rich countries. SBC research indicates that, when the industry's entire supply chain is taken into account, the potential for job creation in Africa is much greater than generally thought. By 2020, the continent's oil and gas industry could account for 2.9 million jobs, including those created by oil and gas companies (direct jobs), those created by the broader supply chain (indirect jobs) and those created by economic activities induced by the spending of oil and gas workers (induced jobs). In order to maximize the benefits to local economies of oil and gas developments, governments and local authorities must identify activities likely to generate the highest number of jobs along the supply chain and determine the most efficient ways of supporting those activities. However, the supply of adequate numbers of qualified oil and gas industry workers presents a bigger problem. For now, educational institutions lack the capacity to meet the oil and gas industry's labor needs. For example, the industry will need to train more than 1,600 Petrotechnical Professionals per year between now and 2020, to provide the manpower required for expected growth in production. This article identifies where the biggest potential for job creation lies. It also identifies the activities that require support from local-content policies and examines how these policies should work. It concludes by determining the measures required to make the continent's education systems capable of fulfilling industry needs.

Abstract Colombia is 28th economy in the word, with important resources: 21th crude oil producer in the world with 1004,000 barrels per day, 40th of refined petroleum products: 316,500 million tons, 41th of natural gas: 11,260,000,000 cubic meters, 10th of coal: 85.8 million tons per year. Colombia expects 10 billion dollars in international investment in mining-energy sector in 2013. Colombia nearly doubled crude production during previous seven years. Rising exploration indicators: 131 exploratory wells were drilled in 2012. The goal is increasing reserves/production ratio, today is 7 years, and consequently first challenge is increasing of reoccurring factor. Currently it is about 18–19 percent, so goal is to rise by 10 percent during next 20 years adding more 3 billion barrels of oil reserves by implementation of new technologies such as improved & enhanced oil recovery, which can also be used on recent producing fields, as well as new ways available to redevelop mature fields: new reservoir models, new drilling technologies and surface facilities with investments in old fields, to provide new production and cash flow. To increase transportation capacity will be invest about 5 billion dollars during next years. The bicentenario pipeline will add up 120,000 barrels per day. Currently transportation goes to the Caribbean (Atlantic), project in preliminary stages is a pipeline to the Pacific with 250,000 barrels per day. The second challenge is unconventional oil and gas (shale gas & liquids, tight gas & oil, heavy oil & bitumen, coal bed methane & gas hydrates) exploration and production. Colombia has seven basins of those recourses, the third country after Argentina and Brazil in South America with the highest potential for unconventional reservoirs, presuming the positive investment climate. An analysis of unconventional oil and gas modern trends and future needs in Colombia with projection to 2030was made in this work.

Abstract The last few years can be broadly characterized by a scarcity of public equity financing, combined with corporate

Abstract Hydrogen has been touted as a carbon-free energy source for the so-called hydrogen economy. It has been proposed as a fuel for fuel cell vehicles and as an enabler for carbon capture and sequestration technology for power generation and refineries (large stationary combustion sources). Realization of the hydrogen economy has been delayed due to high costs and performance challenges of fuel cells, on-board hydrogen storage and hydrogen production and distribution infrastructure. Moreover, large volumes of hydrogen are needed to upgrade increasingly heavy and sour hydrocarbon feedstocks to transportation fuels. This session will explore priorities for hydrogen research and development and hydrogen utilization along the energy value chain. Hydrogen "A smart energy carrier" Hydrogen has two significant characteristics as an energy carrier. The first is as a contributor to energy security. Hydrogen can be produced from various primary energies - fossil fuels, biomass, via solar and wind generated electricity etc. That is, hydrogen can contribute to energy security by providing energy source diversification. Hydrogen is an energy carrier and can generate electricity and heat efficiently through use in fuel cells. Hydrogen is a kind of battery which can store electricity. Hydrogen can stabilize unstable renewable electricity. Therefore, hydrogen contributes to energy security as a battery. Fuel cells have a high energy efficiency and that contributes to energy conservation as well. The second significant characteristic is the contribution to CO2 reduction. Hydrogen from renewable energy does not emit CO2. Hydrogen production from fossil fuels emits CO2 during the hydrogen production process. However, total CO2 emissions from production to energy consumption are smaller than the combustion of fossil fuels because of the high efficiency of fuel cells. Moreover, the point is that hydrogen does not emit CO2 while being consumed. Furthermore, the production of CO2 can be mitigated by CCS technology. Therefore, hydrogen utilization can contribute to CO2 reduction even if the hydrogen is produced from fossil fuel.

Abstract The World Bank estimates that over 150 billion cubic meters (bcm) of natural gas associated with crude oil production is being flared and vented annually. This volume represents 5% of the global natural gas production and adds the equivalent of 400 million tons of carbon dioxide (CO2) in annual emissions. It is also a loss of valuable resources which, in many cases, could be used for the benefits of local communities or for export projects. Overall, the loss of revenues through global gas flaring is estimated at approximately US$ 25 billion per year at $5.00 per MMBTU. The Global Gas Flaring Reduction ("GGFR") public-private partnership was launched at the Johannesburg World Summit on Sustainable Development in August 2002 with the objective of facilitating governments and oil companies' efforts, under the World Bank's leadership, to reduce global gas flaring, improve energy efficiency, and mitigate impact on climate change. Progress to date – Satellite estimates for global gas flaring show a decline in global gas flaring volumes from 171 bcm in 2005 to 134 bcm in 2010. – Global awareness and understanding of the gas flaring and venting issues: Major flaring countries have decided to tackle the flaring issue (i.e. Russia, Nigeria, Angola) and many companies' policies do not allow flaring in new oil developments. – Development of tools to monitor and measure the flaring worldwide: Satellite imaging of gas flares worldwide in partnership with NOAA, and Improvement of metering and estimating tools and methodologies – New Regulations on Gas Flaring in several countries: "No flaring" laws in Russia, Angola, Kazakhstan, and Gabon. New laws being progressed in Indonesia, Cameroon, Nigeria. – Gas Flaring Reduction Plans on the way in several countries: Canada, Nigeria, Kazakhstan, Azerbaijan, and Uzbekistan have completed their plans or are in progress to complete them, while Russia (KM), Qatar, Gabon are starting up. – Gas Utilization Projects have been identified in a number of countries: Angola, Nigeria, Kazakhstan, Qatar, Uzbekistan, Gabon, Cameroon, and others. – GGFR and its partners are improving Carbon finance methodologies of to improve the economics of gas flare reduction projects. Public-private partnership aspects GGFR is a public-private partnership led by the World Bank. The Bank is in a unique position to approach and work with governments and companies as a trusted neutral third-party capable of facilitating the much needed collaboration among relevant public and private sector stakeholders. GGFR Partners' experiences are turned into best practices through its networks with partners. A major challenge in addressing gas flaring is that progress depends upon governments' and companies' investments in actual associated gas utilization projects.

Abstract In its 2009 CCS Technology Roadmap the IEA identified the following key issues that needed to be resolved in order to scale up the development and deployment of CCS technologies: – existing legal and regulatory frameworks should be reviewed and adapted for CCS demonstration by 2011 in OECD countries and by 2015 in all countries; – all countries should have a framework suitable for large-scale CCS deployment by 2020; – international legal issues need to be resolved by 2012. Despite the urgent need for legal certainty for project developers and investors, only a very small number of jurisdictions have passed integrated CCS legislation. Australia is one of those countries, with laws passed at both the Federal and State level to facilitate early projects. This paper reviews the Australian experience in reconciling existing laws associated with resource development, planning, transportation, environmental protection, waste and pollution control (among others) and the various regulatory agencies responsible for those laws, in order to deliver an early and expedited permitting framework and an equitable and effective approach to long-term liability for stored carbon dioxide. In the case of the Gorgon project, a bespoke approach taken through the Barrow Island Act 2003 (WA) and the Offshore Petroleum and Greenhouse Gas Storage Act 2006 (C'th) provided the Federal and State Governments, the joint venture participants and the Western Australian community with regulatory certainty through the establishment of clear rights and responsibilities for each step of the CCS project cycle. In particular, it provides a model for long-term liability, with the State and Federal Governments sharing that liability post storage site closure. Without this certainty, many CCS projects will struggle to reach FID stage. Employing a bespoke legal approach, such as that adopted for Gorgon, is one of the most efficient mechanisms to support early commercial CCS projects.

Abstract With increasing fuel efficiency targets and greenhouse gas balance (GHG) targets in many countries, fuel providers face a number of challenges and opportunities in supplying the type of fuel that is demanded by current and future engines and legislators. Due to a number of drivers including GHG targets and domestic economic development, legislation has stipulated that many of these fuels will be based on bio-components and this has created a global biofuels industry. This industry has been largely driven by legislation and it is likely to continue to be so into the future. Legislated demand around the world, such as the mandated level of 10% energy content in all transport fuels by 2020 in the EU and the 36 billion gallons of biofuels by 2022 as part of the RFS2 in the US, indicates the material (volumetrically and financially) impact that this will have on the global fuels industry. Furthermore, despite a number of concerns (water, food vs fuel, sustainability) it is possible (and even likely) that mandated levels will increase beyond these dates. Concurrently, we are seeing the development of a range of technologies to help drive the efficiency of the internal combustion engine. Fuel providers are not only looking at how they can deliver fuels that satisfy biofuel mandates, they are also looking at how these fuels can be used to boost the performance of these engines through elements such as octane and RVP. Our paper looks at the likely range of fuels and compounds that will be available to fuel providers out to 2020 (such as biobutanol, HVO, ETBE, MTBE, UCO, TAME, etc), the challenges and opportunities of using these fuels and what fuel companies can do to manage uncertainty in this area. Within this we will examine: – Technology research including additives, chemicals/catalysts and process/unit technologies – New engine/platform technologies (lean burn gasoline, GDI turbo downsize with boosting, next generation diesel, etc) – Impact on refiners and how they can blend biofuels optimally – Impact on the supply chain and pricing dynamics – How fuel companies can create a commercially successful formula in this market

Abstract In 2010, ConocoPhillips Canada, Nexen Inc., Statoil Canada, Suncor Energy Inc. and Total E&P Canada signed a Charter agreement to launch the Oil Sands Leadership Initiative (OSLI), an initiative committed to achieving significant improvement in their environmental, social and economic performance in developing Canada's world scale oil sands resource. From the onset, OSLI was founded on a common understanding shared among member companies of the need to work together to meet the challenges of responsible development. The pillars that underpin OSLI are Collaboration, Innovation, Stakeholder Engagement and Deployment to the Field. Today, the undertaking is a multimillion dollar endeavor with more than 30 projects aimed at aggressively addressing the challenges posed to the industry. OSLI involves more than 100 staff from the five companies, features the Government of Alberta as an active observer, and convenes advisory panels and critics that provide feedback on the activities. The presentation will cover projects and initiatives as varied as its StartSmart program for primary school children in a remote First Nations community, open innovation sourcing for threatened species, a Faster Forests program to rebuild ecosystems and the design of a Water Technology Development Center directly linked to an operating site designed to accelerate technology development. The presentation will also cover the unique human aspects of taking five of Alberta's key producers with distinct cultures and aligning them to uphold their sustainability commitment. Presenting OSLI at the World Petroleum Congress is aimed at connecting with other sectors of the petroleum industry that may share one or more of our challenges and, where there are shared challenges, at exploring areas of collaboration. Also of interest is identifying parties that have technologies or approaches that could assist OSLI in achieving its objectives.

Abstract It is clear that unconventional hydrocarbon resources will play an increasingly important role in meeting regional and in some cases global energy demand. The Canadian oil sands, with oil in place estimates of 1.7 trillion barrels, are projected to produce about 170 billion barrels of bitumen with current technology making it the second only to Saudi Arabia in both categories. The oil sands were initially exploited using a variety of surface mining and extraction techniques to separate the bitumen from the sand and clay matrices. Surface mining operations, by their nature, disturb large tracts of land that must be reclaimed before the mine is abandoned. In addition, the extraction process requires freshwater and the effluent is stored in tailings ponds sized for sufficient retention time. Water recycled from the tailings ponds provides about half of the water requirements. If mining are the legacy assets in the oil sands region, in situ extraction is the future of the industry as 80% of the resource is too deep to be mined. Steam Assisted Gravity Drainage or SAGD is the first commercial technology to extract bitumen by injecting steam via a horizontal into the reservoir, which heats and mobilizes the oil so that it flows by gravity to a second well and pumped to the surface for processing. Most operators use a treated saline (non-potable) with high recycle rates, so the process uses less water. SAGD has a smaller surface footprint and as the sand and clay particles remain in the reservoir there is no need for tailings ponds. The scale of development is impressive both in terms of capital deployed and production growth but the development of the oilsands is associated with a range of environment and social issues that has attracted the attention of activists and the media. The industry and our regulators within the government of Alberta work hard to identify and mitigate both site specific and cumulative impacts; sophisticated air and aquatic monitoring programs are in place. The operators, both individually and collectively, are working on new technologies and process to improve the rate of reclamation, reduce the amount of water, energy and associated emissions, required to produce a barrel of bitumen. The industry understands that there is an expectation that it has to continually improve and that we need to do a better job of communicating with a broad range of stakeholders on our performance.

Abstract Today, more than ever, governments, companies and consumers are focused on the use of renewable energy. Geothermal energy can often be developed for a life-cycle cost that is competitive with most other (non-renewable and renewable) sources, with fewer environmental impacts. However, the pace of geothermal commercial development is slower than conventional resources. This paper describes the history of global geothermal development, the technologies employed, the factors that are needed for a successful project, and the barriers that must be overcome to enable development. The primary conclusions are that geothermal resources can most easily be developed by companies that have an understanding of the complexities associated with underground resource management, and the technology required to manage projects over long periods of time. Equally important is access to adequate capital and the ability to operate in a safe and environmentally responsible manner. Political and regulatory support are also important, as is the ability of the developer to develop and nurture the long term relationships with host governments and local stakeholders that are needed for success. The recent development of markets for carbon credits has allowed developers to benefit from geothermal energy's low emissions, which can significantly reduce the price of geothermal energy. However, political and regulatory uncertainty have diminished the likelihood that this value will be received.

Abstract EITI, launched in June 2003, is recognized as very successful among various Initiatives (PWYP, EU, G8) for transparency in the resource-rich countries. After considering the negative consequences of huge flows of wealth from natural resources into developing countries - the ‘resource curse’ and ‘Dutch disease’ the international community searched ways of introducing more transparency in the sources, management and use of such wealth. The expected outcomes being a large debate at local and international levels, higher accountability of governments, more effective involvements of civil society, etc. - After 4 years of implementation and immediate support by western governments, pilot developing countries, companies, international financial institutions and NGOs, EITI achieved a rapid institutional and technical development, through a set of recognized principles and criteria, a general framework for implementation (the 'Source Book')and the set up of an International Board in 2006, representing developing and developed countries, companies and NGOs. - Out of 53 potential 'EITI countries'more than 20 rapidly endorsed EITI. At the top of the list, 3 had reached the fourth and final EITI phase - publishing audited and reconciled data. In two other countries, numerous Transparency publications resulted in significant worldwide discussions. At the bottom, some of the 15 countries least performing might be de-'EITIlisted', by the Board, this September. Also, the Board will soon submit listed EITI countries to control by independent professionals, thus responding to many requests for EITI's enhanced ‘brand’ and credibility. - EITI, NGOs and professionals have listed crucial pending issues for the future, among which - involving ‘heavy weight’ extractive emerging countries (China, Brazil, Russia, India) - work closer with other existing Initiatives and norms - implement EITI at sub-national levels develop specific tools for Mining industries - promote supports at technical and financial levels - and provide protection to EITI actors.

Abstract There is broad consensus that climate change is real and that we need to act quickly to reduce greenhouse gas (GHG) emissions to curtail the negative impacts on our environment. In December 2007,180 countries at the United Nations Climate Change Conference in Bali, Indonesia agreed that tackling climate change requires coordinated international action. National governments are looking to replace the Kyoto agreement once it expires in 2012; however, it is unlikely that a truly global policy mechanism will emerge in the foreseeable future. Policy makers accept emission trading schemes as an effective policy tool that offer a lower cost, market-based approach to abatement. Emissions trading schemes that include offset projects in developing markets are considered a key tool for supporting wealth and technology transfers to developing countries - where GHG emissions are rapidly increasing although per capita emissions remaining low, and where governments lack the financial resources to develop comprehensive abatement programs. Driven by sovereign risk considerations, governments are designing national or regional trading schemes that satisfy local policy objectives. It is increasingly likely that, for the foreseeable future, instead of a single global emissions trading scheme, there will be a patchwork of schemes, as a number of mandatory and voluntary schemes are now operating or being developed around the world. Many governments involved in developing emissions trading schemes want to link their scheme with others, to achieve the benefits of a larger market. Companies are at different stages of capability with respect to dealing with emissions markets. Entities in Europe, for example, tend to have more developed capabilities as a result of their experience with the European Emissions Trading Scheme (EU ETS). However dealing with linked schemes will present increased challenges and opportunities for most entities as both strategic and operational implications must be addressed. This paper presents: an overview of emissions trading schemes and the ways in which they can be linked an overview of consequences of linking schemes the implications of linked emissions trading schemes for business