StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Oil and Petroleum industry in UK - Essay Example

Comments (0) Cite this document
Summary
Oil and petroleum industry in UK Table of contents 1. Introduction 3 2. Oil and Petroleum industry in UK 3 2.1 Current supply and demand conditions 3 2.2 Collusive behaviour in the industry 4 2.3 Price leader(s) 5 2.4 Abnormal profits 5 2.5 Barriers to entry and exit 6 2.6 Competitive behaviour and theoretical models 7 3…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.7% of users find it useful
Oil and Petroleum industry in UK
Read TextPreview

Extract of sample "Oil and Petroleum industry in UK"

Download file to see previous pages However, there are industries, like the oil and petroleum industry, which have managed to keep their competitiveness and remain intact from global market pressures. Current paper focuses on the oil and petroleum industry of the UK. The specific industry is considered as highly profitable, as analysed further below. Still, the industry has been related to anti-competitive behaviour, supporting the development of oligopolies. The characteristics and the competitive behaviour of the above industry are explored in this paper. Emphasis is given on the industry’s potentials to control anti-competitive behaviour and promote the equal development of its members. 2. Oil and Petroleum industry in UK 2.1 Current supply and demand conditions The oil and petroleum industry of UK is highly developed, a fact related to the country’s high efficiency in terms of oil and gas. Indeed, it has been proved that a percentage of 99% of oil and gas produced in UK is extracted from ‘the seabed surrounding the country’ (Oil & Gas UK 2012). The producing fields of the oil and petroleum industry of UK have been estimated to 383 (Oil & Gas 2012). ...
For example, the country’s oil and gas production of 2009 reached high levels, covering ‘the two-thirds of the local energy needs’ (Department of Energy and Climate Change 2012). The particular industry also supports that UK economy; the contribution of the industry in the UK economy has been estimated to ‘an average of ?8 billion annually’ (Department of Energy and Climate Change 2012). In the context of the global market, the performance of the oil and petroleum industry of UK can be characterized as quite satisfactory, leading to the classification of UK as one of the most powerful oil and gas producers worldwide. Indeed, ‘in 2008 UK ranked 14th’ (Department of Energy and Climate Change 2012) in terms of its oil and gas production. It should be noted that the industry’s key firms have been estimated to 30 (see Table 1, Appendix); however, among these only 3 are those that share the key part of the oil and petroleum industry of UK (see those firms highlighted in Table 1, Appendix). 2.2 Collusive behaviour in the industry Collusive behaviour reflects the use of practices that are opposed to market ethics or to the law. In the oil and petroleum industry of UK such practices may have occurred but have not clearly reported or identified. However, there are signs that indicate the existence of such practices. For example, in a report published by the Department of Energy and Climate Change of UK (2012) it is explained that the production of oil in UK has reached up to now ‘the 40 billion barrels even if the potential for 20 more billion barrels existed’ (Department of Energy and Climate Change UK 2012). ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Oil and Petroleum industry in UK Essay Example | Topics and Well Written Essays - 1750 words”, n.d.)
Oil and Petroleum industry in UK Essay Example | Topics and Well Written Essays - 1750 words. Retrieved from https://studentshare.org/macro-microeconomics/1453505-oil-and-petroleum
(Oil and Petroleum Industry in UK Essay Example | Topics and Well Written Essays - 1750 Words)
Oil and Petroleum Industry in UK Essay Example | Topics and Well Written Essays - 1750 Words. https://studentshare.org/macro-microeconomics/1453505-oil-and-petroleum.
“Oil and Petroleum Industry in UK Essay Example | Topics and Well Written Essays - 1750 Words”, n.d. https://studentshare.org/macro-microeconomics/1453505-oil-and-petroleum.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Oil and Petroleum industry in UK

A Short History of Japanese Film Industry

The response generated from other regions is good enough yet questionable. What do these Asian productions have that attracted the international scene? What does the Korean wave really mean? Furthermore, were their productions in the recent years created in the nature that the other regions would appreciate, diverting from the contemporary film style they used to execute locally so that it would sell in the global market?

The transition from traditional to contemporary entertainment in Japan came a few years before the advent of the 20th century with the production of the first Japanese films, Bake Jizo1 and Shinin No Sosei2, both said produced in 1898. The next year, a short production entitled Geisha no Teodora was cr...
9 Pages(2250 words)Case Study

The Growth of the Service Industry

The expansion of the service sector has unquestionably generated economic prosperity, but it has eminently contributed to social injustice and inequality. Consequently, I believe that while the growth of the service industry has great economic intuition, it is eventually socially detrimental and distancing society from achieving paradigms of social equilibrium.
Service, by definition, is the exchange of a commodity that has no tangible form; whereas industry is described as the people or organizations engaged in a particular type of enterprise. The service industry is then simply defined as an aggregation of commercial entities that provide services rather than physical objects. The non-material nature of services can be dist...
9 Pages(2250 words)Case Study

The Trade Union Movement in the UK

Before the ERA 1999, union membership and recognition in the UK were characterized by voluntarism, in which employers and employees could bargain over the terms and conditions of employment without any legal interference. With the statutory system ushered in by the new law, voluntary recognition of unions is no longer allowed and it becomes unlawful for British employers to deny recognition to unions under any circumstances. That conveys the impression that ERA created a radical change in British industrial relations. This paper takes the contrary view, however, and proposes that while the new industrial relations law looks revolutionary in principle, there are no fundamental changes in actuality for the change to qualify as &ldqu...
8 Pages(2000 words)Case Study

Credit Crunch in the UK

To sell more profitable subprime mortgages, mortgage companies bundled the debt into consolidation packages and sold the debt on to other finance companies. In other words, mortgage companies borrowed to be able to lend mortgages. For example, the lending was not financed out of saving accounts (Mortgage Guide).

These mortgage debts were bought by financial intermediaries. The idea was to spread the risk, but, actually, it just spread the problem. Usually, subprime mortgages would have a high-risk assessment rating. But, when the mortgage bundles got passed onto other lenders, rating agencies gave these risky subprime mortgages a low risk rating. Therefore, the financial system denied the extent of risk in their balance...
8 Pages(2000 words)Case Study

Oil Prices by OPEC and Market Fundamentals

Market failure is defined as the inefficient allocation of resources by the market, the free market is considered to optimally prices and resources in the production of goods and services, and this is because the price and quantity produced are determined by market forces which include the demand and the supply. The control of prices by a firm or an organization in the market results in market failure, therefore OPEC leads to market failure due to its nature in the market.

OPEC was formed in 1960 by 5 oil-producing countries which include Venezuela, Saudi Arabia, Kuwait, Iran and Iraq, The aim of this organization was to unify petroleum-producing countries in order to realize fair and stable prices of oil .other oil-pro...
6 Pages(1500 words)Report

The Effects of Financial Crisis on Supplier Selection Criteria of the Oil and Gas Industry Equipment Market

It is a difficult task to find those vendors who not only have the adequate quality and quantity of the needed raw materials but who also have an attitude of efficiency and display commitment to customer service (Sonmat, 2006). Further, organizations also strive to locate and select vendors who can be depended upon for long term relationship.

The number of factors or attributes desired from the vendor is vast, and different organizations and different industries place different importance on the attributes (Sonmat, 2006). Some of the vendor attributes may gain importance owing to the nature of the industry, for example, in the case of consumer perishables suppliers, like fresh vegetables or fruits, the buying firm would...
20 Pages(5000 words)Literature review

Structure of the Educational System in Morocco and Its Capacity for Addressing the Needs of the Hospitality Industry

...Independent Research Study An investigation into the Structure of the Educational System in Morocco and its Capa for Addressing the Needs and Expectations of the Hospitality Industry in the Country Submitted by : Submitted to : Course : Date : September 29, 2009 Word Count : 3,069 words STATEMENT OF AUTHORSHIP “I confirm that no part of this work, except where clearly quoted and referenced, has been copied from material belonging to any person e.g. from a book, handout, another student. I am aware that it is a breach of GIHE regulations to copy the work of another without clear acknowledgement and that attempting to do so render me liable to disciplinary procedures.” ________________ Table of Contents I. Consultant’s Brief 4...
15 Pages(3750 words)Research Proposal

Contrast of Two Explanations of Social Disorder in Contemporary UK Society

As the process of urbanization takes off and more people start residing in major cities, the fissures start to appear within the apparent harmonious co-existence. There are several reasons why disorderly conduct on part of individuals and groups takes place. Sociologists have proposed numerous theories explaining this phenomenon.

Erving Goffman was an astute observer of society, who immersed himself in the social environment which he was studying. He carefully observed and recorded the ways in which people’s behavior and interpersonal interactions are carried out in everyday life. He notes that “people perform their social roles and, as they do so, they produce social order through their actions and the regu...
6 Pages(1500 words)Article

Management Theory and Practice in the Early Childhood Education Industry

...Management Theory and Practice in the early childhood education industry This Report applies management theory into practice in the early childhood industry, especially in the context of women leaders. Management issues play a significant role in the academic sector, because early childhood professionals need higher levels of motivation in order to avoid burnout . As pointed out in a study by Osgood and Halsall (2007) where they carried out research to examine the position of women in leadership or management positions, a “glass ceiling” exists for women in the academic setting, which could significantly impair motivation. Since many of the individuals employed in the early education sector are women, addressing this issue is even more...
6 Pages(1500 words)Coursework

The Key Macro Factors that Have Influenced the UK Grocery Retailing Industry since the Early 1960s

...1. Assess the key macro factors that have influenced the UK grocery retailing industry since the early 1960s. The concept of organisational change is inherently intertwined with external threats and opportunities, which businesses must adapt to as part of strategic planning to continue long term growth. Senior and Fleming argue that the concept of organisational change has many faces, namely “convergent changes and transformational change that is organisation wide and characterised by radical shifts in strategy, mission values and associated changes of structures and systems” (In Thompson & Martin, 2005, p.41). Moreover, Johnson et al highlight that external macro-economic factors intrinsically impact strategy management and without...
13 Pages(3250 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Oil and Petroleum industry in UK for FREE!

Contact Us