With the increase in energy demand and the international drive to reduce carbon emission from fossil fuel, there has been a drive in many oil-rich countries to diversify their energy portfolio and resources. Libya is currently interested in utilising its renewable energy resources in order to reduce the financial and energy dependency on oil reserves. This paper investigates the current utilisation and the future of renewable energy in Libya. Interviews have been conducted with managers, consultants and decision makers from different government organisations including energy policy makers, energy generation companies and major energy consumers. The results indicate that Libya is rich in renewable energy resources but in urgent need for a more comprehensive energy strategy and detailed implementation including reasonable financial and educational investment in the renewable energy sector.
Renewable energy in Middle East and North Africa (MENA) region, particular solar energy, can be connected to Europe to provide the Northern neighbouring countries with electricity.To achieve this long term objective, it is necessary to understand the local domestic consumption of electricity in the MENA region as the main consumer of energy. The understanding of current and future trends could help to provide a complete picture of the energy situation in MENA region and the feasibility of exporting energy to Europe. For this reason, this paper investigates the domestic energy use and occupants' energy behaviour in Libya. The aim of this study is to evaluate the effect of domestic energy consumption and householders' awareness, attitudes and behaviour on the overall energy consumption in Libya and how this could affect the peak demand, capacity, future trends and government energy budget. The paper also investigates the sustainability aspect of consumer products and the awareness and attitude of consumers towards consumption and demand. A comprehensive survey has been conducted to evaluate several aspects of domestic energy demand and characteristics in Libya. The findings have indicated that there is a significant increase in energy demands in the household sector in Libya and it is significant to have a clear strategy to reduce carbon emission and energy use by improving occupants behaviour as well as utilising other sustainable measures. Minor adjustment in householders' energy consumption behaviour and the technology used to generate energy could provide significant financial 2 savings and contribute significantly to the reduction in carbon emission and energy consumption. This will allow significant benefit to the local economy and the energy sector in Libya but at the same time could provide sustainable energy resources for Europe on the long term.
Accounting for extractive industries has historically been practiced by one of a number of methods: successful efforts, full costing, area of interest, appropriation and reserve recognition accounting. The choice of method adopted leads to different accounting figures. The difference in the treatment of the costs leads to different accounting figures being reported in the financial statements of extractive companies. This means that the ‘tell it like it is’ criteria of accounting functions differently, so that stakeholders find like‐with‐like comparisons for decision‐making purposes difficult. These difficulties have culminated in the release of IFRS 6 Exploration for and Evaluation of Mineral Resources, to help harmonise accounting practice. This paper, through content analysis of annual reports of 122 upstream oil and gas companies from around the world, investigates the role of IFRS 6 in harmonising extractive industries’ accounting practices. Our analysis identifies seven types of company, which differ in their compliance with IFRS 6. Hence, we conclude that IFRS 6 has had some success in harmonising accounting treatments of exploration and evaluation expense but that this success is limited and more needs to be done to achieve wider harmonisation for the extractive industries.
This study examines the extent of compliance with accounting disclosure requirements relating to provisions for decommissioning costs by oil and gas companies. We also investigate the views of stakeholders on the reporting practices of these companies. Using a content analysis approach, our findings reveal that compliance is substantially high, but companies tend to take a tick-box approach providing only minimum disclosure requirements. In semi-structured interviews, we find that disclosure decisions were driven by concerns about the credibility of information due to complexities in the accounting processes, regulatory requirements, lack of information demand and proprietary costs. These findings have policy implications.
Abstract-This paper presents an empirical investigation into environmental disclosure practices of oil and gas companies operating in Libya. It aims at exploring key motives for oil and gas companies operating in Libya for disclosing environmental information in their annual report. Hence, the paper seeks to answer the following questions: What motivate companies in Libya to disclose and pursue environmental information? In answering this question and meeting the aims of the research questionnaire method was used to collect data. Key factors were proposed based on previous studies namely: reputation, legal requirements, meeting society expectations, society pressures and economic factors. A total of 115 questionnaires were collected from 43 local and foreign companies operating in the Libyan oil and gas sector. The results indicate that foreign companies considered issues such as Reputation, Expectations of society, Legal requirements, Pressures of society and Economic factors as motives that encourage them to disclose environmental information. On the other hand the investigation refuel that local companies accept just Reputation and society Pressures of as motives that encourage them to disclose environmental information.
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