CIME Petroleum Seminar Series - Invitation (25 March 2011)
Mar 17, 2011
CIME Petroleum Seminar Series
Date: Friday 25 March 2011
Time: 7:00 – 8:45 am
Cost: FREE with complimentary light breakfast
Venue:
Woodside Auditorium (Basement 2), 240 St George’s Terrace,
Perth
RSVP: Fran Cornell by COB Wednesday, 23 March on 9266 9263 or
F.Cornell@curtin.edu.au
Introduction by Phil Byrne, President of NSW ALNG
“Natural gas and crude oil hedgers and their effect on
prices and speculators”
Professor Ronald D Ripple, Director, Centre for Research in Energy
and Minerals Economics (CREME), Curtin Business School
The role of futures markets in the crude oil and natural gas
commodities has expanded in the recent past. There is
considerable debate regarding the relative roles of hedgers and
speculators within these derivatives markets and their relative
impacts on the prices of these critical commodities. This
presentation aims to lay a foundation for understanding this
complex and not well understood market activity. Arguments
suggesting that futures trading vastly dwarfs the real, physical
market are shown to be a combination of a misunderstanding and
miscalculation of observations.
Professor Ripple joined Curtin University in August 2008 following
six years with the Department of Economics at Macquarie University
in Sydney, including one year as Head of Department. He began
his foray into energy markets in 1981 when joining the Office of
the Governor of the State of Alaska as an energy economist.
During the intervening twenty-nine years, Ron has studied the
economics of energy markets and the financial derivatives markets
that play such an important role in this vital sector of the
economy. These endeavours have provided him gainful
employment from Alaska to Oregon, Hawaii, Perth (twice), Sydney
(twice), and Hong Kong. Professor Ripple has published
numerous academic papers, trade press articles, energy industry
reports, and book chapters.
"New Risks and a New Era of Regulation"
Dr Jennifer Westaway, Lecturer, School of Business Law and
Taxation
The recent Gulf of Mexico disaster has reingnited the discussion of
the concept of catastrophic risk. Legal obligations to meet
the requirements of such risks will doubtless be reassessed as will
issues such as organisational culture and risk management
practices. The history of catastrophic risk within the energy
sector has revealed a litany of errors and complacency.
Reassessing the concept of catastrohpic risk and the means of
regulating the management of that risk are crucial for
organisations seeking to limit their legal exposure.
Dr Jennifer Westaway is an academic in the School of Business Law
and Taxation at Curtin University. Jennifer has an expertise in
risk management assessment within the energy and mining sectors,
occupational health and safety and international financial
markets. She has published internationally in these fields
and has consulted to various companies on compliance and risk
management practices.
All Welcome
