You can read my insight into Petroleum Pricing here: Chairman's Insight into Petroleum Pricing
Over the last 12-months I have been conducting in-depth research and comparative analysis into the practical steps Petroleum Producing Nations must adopt when they choose to substitute the current orthodoxy of denominating Petroleum in one currency with that of trading in multiple currencies. This step change creates the opportunity to substantially increase revenue and mitigate against risk.
Our determination to press ahead on this issue was fuelled by the knowledge that the current system of denominating Oil and Gas in one universal currency is inherently unstable. For example, it limits the control individual Petroleum Producing Nations have over their own economies as they are continually subjected to the vagaries that the useage of one currency implies. A common set of benefits will accrue to all Petroleum Producing Nations when denominating Petroleum in alternative currencies. However, as all Countries have unique features the total additional advantages would vary from Nation to Nation.