Friday, May 19, 2017
Issue Number: 506
Licensing Policy for Upstream and Downstream Oil-and-Gas Business Activities Simplified
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Overview The oil-and-gas sector has become highly volatile over the course of the past five years due to the ongoing instability in global oil prices. In mid-2008, prices hit USD 145 per barrel, however this high then collapsed by over 70% to eventually slump to only USD 40 per barrel by the end of the year following the global financial crisis. A ray of hope returned a number of years later as the sector was buoyed up by emerging-market confidence, boosting crude-oil prices to an average of approximately USD 94 - USD 98 per barrel (West Texas Intermediate – WTI) between 2011 and 2014....

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