Petroleum Business Review

Abstract The purpose of this study is to analyze the most effective basis for assessing the intellectual capital maturity based on the themes of the ambidextrous learning link. In terms of purpose, this research is part of developmental research. Because of the lack of a basis for assessing the intellectual capital maturity under ambidextrous learning in previous research, based on meta-synthesis in the first step, an attempt was made to identify components as the analytical basis of the research and propositions as reference variables. Then, in order to explain the identified components and propositions, in a small part, intuitive fuzzy sets (IFSs) was used to determine the most effective basis for evaluating the intellectual capital maturity based on the themes of the ambidextrous learning link. In this study, the target population consisted of two parts: qualitative and quantitative. In the qualitative section, with the help of 16 management specialists and experts, an attempt was made at the university level to identify research components and propositions in the form of score forms. In the small section, 50 managers, officials and experts at various levels of knowledge-based companies participated. The results showed that the proposition of strategic tendencies in learning is considered as the most influential themes of the ambidextrous learning link in the studied companies, which strengthens the sustainability of knowledge creation as an effective component in the intellectual capital maturity.

Abstract Host countries invite international oil companies (IOCs) to conduct petroleum operations because the industry is naturally high cost, high risk and long term. Most governments don’t wish to risk its own capital and are better off avoiding the significant costs, risks and uncertainties associated with petroleum operations. In business relationships in the oil industry, IOCs enjoy high degree of technologies, skills and enough capitals often not available to the host countries and they are better poisoned to implement operations and take the risks if their policies are great achieved. IOCs follow their own policies and seek to obtain the most commercial and legal advantages such as reserve booking, high percentage of rate of return, assignment of their contractual rights and obligations, independent governing laws and dispute settlement and good governance on the project structure. The main objective of this article is to enumerate the key golden rules which IOCs are looking for in their business with the host countries or the NOCs and we are going to figure out to what extent IOC’s rules are satisfied in Iran's service contracts (buy-back and IPC).

According to our findings, although new Iran’s Petroleum Contract so-called IPC improves the buy-back’s terms and structure, for example, the remuneration for production is now on a per barrel basis, there are numerous weaknesses and other features that put IPC and buy-backs, as the risk service contracts, into the last IOC’s preference among other contractual regimes in the world.

Abstract The agreement of Iran with an integrated bloc like the Shanghai Cooperation Organization or Eurasian Economic Union to boost energy trade is considered an efficient factor in improving the multilateralism and regionalism of the Iranian economy. However, the outbreak of COVID-19 has had caused serious and unprecedented consequences on globalization and regionalization. This research seeks to find out the relationship between COVID-19 and regional energy integration for two cases of South Asia and the Eurasian Economic Union (EEU). The panel data framework based on quarterly data over 2010Q1-2020Q2 is employed to estimate the coefficients of variables. The significant results reveal that the COVID-19 pandemic is a severe challenge for regional energy integration in these two unions. The integration of larger economies that are more developed and have a higher level of trade liberalization is disturbed by this pandemic. A policy implication based on the conclusions is that Iran may try to integrate regional energy with its neighbors and trading partners. However, to reduce the long-run negative impacts of the pandemic, Iran and its energy trade partners should plan to determine the types and magnitudes of adverse effects of the pandemic, regulating monetary and fiscal policies to encounter the negative influences. To the best of the author’s knowledge, despite some earlier researches on the effects of COVID-19 on macroeconomic variables in different countries and regions, there is no existing literature focusing on how the coronavirus affects economic integration. Therefore, this paper tries to fill in this literature gap.

Abstract The global economy is expanding at a drastic pace, and energy is fundamental to nearly all economic activities and modern living standards. Sustaining the oil supply is a profound challenge in the oil and gas industry. One of the ways the industry is now looking to sustain supply is through developing oil rims, which were once considered uncommercial because of technology. Developing oil rim has its opportunities and challenges, on which this study has focused. This study aims to investigate the feasibility and viability of oil rim development, its opportunities and challenges, and the factors affecting its economic viability. The Troll Oilfield on the Norwegian continental shelf is used as a case study because it is an oil rim field. The economic analysis is based on historical production data of the Troll oilfield. A deterministic approach is used, which involves both cash flow and sensitivity analysis. Based on the economic analysis results, oil rim development is marginally economic and viable but on certain conditions: low CAPEX and high oil price. The type of technology used in developing oil rims determines the efficiency and economic feasibility of the development. The outcome of this study shows that technology has made oil rim development possible which was once considered uncommercial in the past, and oil price is the primary determinant of the viability of oil rim development

Abstract Delay is an event that increases the completion time of a part of the project, which is one of the main problems in the executive projects of the country and causes an increase in project costs as well as damages. Project delays pose significant risks to the project that are dangerous for the project to continue. These risks are of particular importance in oil and gas projects. The purpose of this study is to identify and rank the risks related with delays in oil and gas projects. The present study is applied in terms of orientation and quantitative in terms of methodology. The statistical population of the study is managers and experts of risk and delay in oil and gas projects in the country. Among these people,15 people were selected as the sample by judgmental sampling method. For data collection, two questionnaires of expertise and prioritization were used, both of which had validity and reliability. In the first step, the risks associated with project delays were extracted by reviewing project risk and delay articles. In the next step, these risks were screened using the Binominal test.11 risks had a significance coefficient higher than 5% and were excluded from the calculations. The remaining 8 risks were prioritized using the Codas distance technique. According to the data of the relative evaluation matrix and the scores of each risk, the risks of sanctions, inflation, and lawsuits and complaints had the highest priority, respectively. Finally, research proposals were developed based on significant risks.

Abstract The Strait of Hormuz, as one of the world’s most strategic energy chokepoints, plays a vital role in the maritime trade of crude oil and natural gas, and many Asian economies are heavily dependent on it. Following the onset of the 2026 tensions and conflicts, vessel traffic in the strait has sharply declined, with more than 95% of shipping flows disrupted. Daily vessel crossings have dropped from several per day to nearly zero, with only a few limited transits permitted under special authorization. The absence of effective alternative routes—especially for countries reliant on energy exports through this passage—has placed significant pressure on global markets and heightened concerns about the stability of supply. Under such circumstances, Asian markets, the primary destination for oil and gas passing through Hormuz, face the greatest vulnerability. If this situation persists, rising transportation costs and escalating geopolitical risks could seriously challenge the stability of the global energy market. The geopolitical importance of the strait means that any disruption extends far beyond the region, producing immediate consequences for energy and financial markets as well as national economies. For energy exporters, this results in reduced foreign‑exchange revenues, while energy importers face higher costs, inflationary pressures, and slower economic growth. Utilizing an analytical–descriptive approach and a multilayer scenario‑building framework

Abstract The oil and gas industry, as one of the most complex industries with unique characteristics, plays a vital role in the world's energy supply. In order to be present in this field, gain and maintain a competitive advantage, the actors of this industry are condemned to create, develop or acquire innovative technologies. With the change in the approach of companies active in the oil and gas industry compared to the past, intellectual achievements have been considered as a valuable asset and their support has become inevitable. Companies active in the field of oil and gas are well aware of the fact that obtaining maximum profits requires managing and supporting intellectual achievements and defining an intellectual property strategy aligned with the company's business goals. Therefore, each company defines its intellectual property strategy according to its role in the energy supply chain and operates based on it. Investigating the cost and profit of intellectual assets are two important criteria in determining the appropriate strategy of an oil company.

Abstract Having a strong and capable crew is one of the primary desires of any organization. The organization’s prosperity depends on such individuals, and according to the resource-based approach, organizations with talented human resources have a competitive advantage because the possibility of imitating and copying such forces is zero for a competitor. Today the demand for talent is increasing. Organizations compete to obtain such resources and spend much money attracting and hiring them. A successful organization can identify and maintain talent using appropriate human resources systems. Value-based organization models are effective systems of talent management that have entered the talent management literature. This paper aims to review the literature related to the model of value-based organization with an emphasis on talent management in the National Iranian Gas Company. This is descriptive cross-sectional research that is practical in purpose and has a quantitative nature. The data analysis showed that organizational, group, spiritual, psychological, and social ethics should be prioritized to achieve improved talent management, individual values, and professionals. Paying attention to the values of talent and institutionalizing essential values, such as challenging work, continuous learning, maintaining self-esteem, and giving them independence and freedom, should be among the priorities of the National Iranian Gas Company

Abstract As one of the mother industries, the petrochemical industry is one of the essential pillars of development and the driving engine of various sectors of the country’s economy. This industry will achieve several important goals, such as increasing export income, expanding downstream sectors, creating jobs, and increasing GDP. This importance has been emphasized in the country’s upstream documents, such as the general policies of the resistance economy, focusing on developing petroleum refineries to prevent the vulnerability of oil and gas revenues by extending the value chain and increasing the export of these products. The current work aims to investigate the value chain of the petrochemical industry with the new approach of petrochemical refineries, as well as the pathology and evaluation of the current state of the chains mentioned above in the country with the descriptive research method and the library method using policy research. The research results show that the chain of petrochemical products with the approach of creating petrochemical refineries has relatively high advantages compared to focusing on chains with the traditional method.

Abstract Iran’s oil refining industry, which serves as the backbone of the national economy and supplies over 95% of domestic transportation fuel requirements, is situated at the intersection of geopolitical challenges, global energy transition dynamics, and increasing environmental pressures. Adopting a foresight studies approach, this research identifies and analyzes the strategic drivers and uncertainties that will influence the design and development of Iran’s petroleum refineries through 2050. Utilizing a mixed-methods methodology encompassing a systematic literature review, analysis of international reports (OPEC, Shell, IEA), macro-level (PESTEL) and micro-level (Porter’s Five Forces) analyses, semi-structured expert interviews, and MICMAC (Matrix of Cross-Impact Multiplications Applied to a Classification) structural analysis, 34 key factors were extracted and ranked. The findings indicate that foreign policy, domestic governance, demographic trends, global energy transition, emerging technologies in the oil, gas, and petrochemical sectors, environmental policies and regulations, and domestic consumption patterns are the eight principal drivers steering the system. Furthermore, the results demonstrate that the confluence of environmental pressures (decarbonization, stringent environmental regulations), shifting demand patterns toward petrochemical products, and restricted access to advanced technologies owing to sanctions reinforces the strategic imperative to transform conventional refineries into integrated “petro-refinery” complexes. This study provides a dynamic roadmap for policymakers and industry leaders to enhance sectoral resilience, decarbonization, and global competitiveness through integrated petro-refineries, novel technologies, and smart governance while capitalizing on opportunities arising from the eastward shift of global energy gravity.

Abstract The Islamic Republic of Iran has recently introduced the fourth generation of oil buyback contracts, known as the Iran Petroleum Contracts (IPC). The main objective of these new contracts is to attract foreign investment in the Iranian oil and gas sector. While the IPCs address certain risks associated with the Iranian Petroleum Buyback Contracts from the contractor's perspective, there are still additional concerns for contractors. To gain a comprehensive understanding of the risks associated with these contracts, this study takes a multi-faceted approach. Firstly, it provides an overview of upstream contracts in the oil industry. It then to identify and monitor all contractual and non-contractual risks linked to IPC contracts conducts a combination of qualitative methods (library and documentary research and Delphi method) and quantitative methods (interviews and questionnaires with 50 industry experts and companies involved in buyback, using techniques Fuzzy AHP, and Fuzzy TOPSIS). Through the use of these methods, the study aims to provide investors with valuable insights into the potential risks of the IPCs and assist NIOC in effectively responding to and monitoring these risks, thereby encouraging investment in the development of Iran's oil and gas projects.

Abstract This article examines how capital market instruments, particularly Islamic bonds (sukuk), can finance Iran’s petrochemical value chain through a hybrid Rial–foreign-currency model. The study is motivated by post-sanctions capital-market constraints in Iran, notably currency volatility and limited access to foreign funding, and by a gap in research on multi-currency Islamic financing solutions. It proposes a multi-layer financing structure combining Rial and foreign-currency Ijārah sukuk tranches and applies doctrinal legal analysis to the relevant Sharīʿah contracts and Iranian regulatory framework. To make the quantitative claims transparent, a stylised five-year quarterly model of an export-oriented methanol project is used. Under the illustrative assumptions, the annual weighted average cost of sukuk debt falls from 30.24% in an all-Rial structure to 20.07% in a 50/50 hybrid structure, while mean DSCR increases from 1.28x to 1.45x and the share of periods below 1.0x falls from 37.5% to 25.2%. The hybrid structure may broaden the addressable investor base, but actual implementation remains conditional on sanctions compliance, foreign-exchange approvals, transferability of export proceeds, and settlement arrangements.

Abstract This study investigates the nonlinear dependence between the daily logarithmic returns of global WTI crude oil prices and exchange rates in three major Asian oil-importing economies-China (CNY/USD), India (INR/USD), and Japan (JPY/USD) -over the period 2000–2024. A two-stage GARCHCopula framework is employed, in which the marginal distributions are modeled using a GARCH(1,1) model with a skewed Student's t distribution, followed by the estimation of Gaussian, Student's t, Frank, Plackett, Clayton, and Gumbel copulas to characterize the dependence structure. Results indicate that the oil price–exchange rate relationship is nonlinear in all three countries, although its strength and pattern differ substantially across economies.The Gumbel copula provides the best fit for India, indicating asymmetric dependence with pronounced upper-tail dependence, whereas the Student's t copula is selected for both Japan and China, revealing symmetric tail dependence.
However, the dependence in China is considerably weaker than that observed in India and Japan, suggesting a more limited transmission of oil price shocks to its foreign exchange market. Overall, the findings demonstrate that the transmission of oil price shocks is heterogeneous across the three economies, with the observed differences being broadly consistent with country-specific structural characteristics, including energy import dependence and exchange rate regimes.From a policy perspective, the results suggest that India should strengthen oil price risk hedging and exchange rate risk management, while Japan and China should continue to monitor tail risks and maintaining exchange rate stability during periods of market stress. These findings Highlight nonlinear and tail dependence in oil–exchange rate dynamics.

Abstract Oil and gas investment disputes often arise from corporate structures built around special purpose vehicles, joint ventures, project finance, and layered ownership chains. When a host state terminates a concession, revokes a license, alters fiscal terms, or intervenes in regulation, the immediate legal injury is usually suffered by the locally incorporated project company. Yet the same injury is transmitted economically to foreign shareholders through diminished share value and lost dividends. This phenomenon, known as reflective loss, places investor–State arbitration between two legal logics. Methodologically, the study adopts a doctrinal and case-law-based approach, interpreting treaty text and leading arbitral awards together with corporate-law rationales and sector-specific investment structures. Corporate law normally treats the company as the proper claimant for harm to corporate assets, while investment treaty law frequently protects shares as investments and permits shareholders to bring claims in their own name. The resulting tension is especially acute in the hydrocarbon sector, where the same project may generate contractual claims by the operating company, treaty claims by direct and indirect shareholders, and parallel proceedings by consortium participants. This article argues that reflective loss should not be treated as a simple jurisdictional defect. Instead, it should be managed as a system design problem through a structured approach that characterizes the loss, controls procedural multiplicity, and disciplines remedies. The proposed framework seeks to preserve treaty protection while preventing double recovery and incoherent awards in oil and gas arbitration.