Dr Carole Nakhle

Associate Lecturer in Energy Economics

Qualifications: PhD (Energy Economics, Surrey), MSc, BSc

Email:

Office hours

To be arranged.

Further information

Biography

Dr Nakhle is the Director and founder of Crystol Energy, an advisory, research and training company in London.

She has 20 years’ experience in energy economics, with specialisation in international petroleum contractual arrangements and fiscal regimes; petroleum revenue management and governance; energy policy and investment; global oil and gas market developments.

With expertise spanning the private sector, government and academia, Dr Nakhle has worked with oil and gas companies (NOCs and IOCs), governments and policy makers, international organisations, academic institutions and specialized think tanks. She is a regular contributor to Geopolitical Intelligence Service on energy matters, a program advisor to the Washington based International Tax and Investment Centre, and is active on the Advisory Board of the Natural Resource Governance Institute.

Dr Nakhle also founded the not-for-profit organisation ‘Access for Women in Energy’ in 2007, with the aim of enhancing opportunities and enriching dialogue within the industry.

She is a respected and regular contributor to the global debate on energy matters, with numerous articles in academic journals, newspapers and magazines to her credit,; has reviewed studies, books and reports for leading publishing houses; and is an avid and regular commentator on energy and geopolitics in the international media, in many countries.

She also is the author of two widely acclaimed books: Petroleum Taxation: Sharing the Wealth published in 2008 and re-printed in 2012; and Out of the Energy Labyrinth (2007), co-authored with Lord Howell. She is currently working on a new book: Petroleum Fiscal Regimes and Wealth Management.

Dr Nakhle has worked on projects in more than 40 countries – including locations in the Arctic and North Sea – and is fluent in Arabic, English and French.

Research Interests

  • Petroleum Fiscal Regimes (globally)
  • Upstream Oil and Gas Economics
  • Energy Policy
  • Natural Gas Markets 
  • Gas Monetisation

Research Collaborations

Carnegie Middle East Centre

International Tax and Investment Centre

Lebanese Centre for Policy Studies

Oxford Institute for Energy Studies

Natural Resource Governance Institute

Publications

Books

 

Nakhle, C., Watson A. and Burns, L. (2016) ‘Petroleum Fiscal Regimes and Wealth Management’, forthcoming.

 

Nakhle, C. (2008) ‘Petroleum Taxation: Sharing the Oil Wealth”, Routledge, London.

 

Nakhle, C., Howell, D. (2007) ‘Out of the Energy Labyrinth’, I.B.Tauris, London.

 

Chapters

 

Nakhle, C. (2011) 'Coal, Oil and Natural Gas', in Fred Nadis and Jack Waskey (eds) 'World History Encyclopedia, Era 9: Promises and Paradoxes, 1945-Present', ABC-CLIO.

 

Nakhle, C. (2010) ‘Petroleum Fiscal Regimes: Evolution and Challenges’, in Philip Daniel, Michael Keen and Charles McPherson (eds)¸ The Taxation of Petroleum and Minerals: Principles, Problems and Practice, IMF, Washington.

 

Nakhle, C. (2009) ‘Petroleum Taxation’, in Joanne Evans and Lester C Hunt (eds), International Handbook on the Economics of Energy, Edward Elgar, UK-USA.

 

Reports

 

Nakhle, C. (2016) ‘Comparative Study: Managing the Oil & Gas Sector in Lebanon’, upon the request of the Westminster Foundation for Democracy in Lebanon. The study aims to target Lebanese Parliamentarians and committee staff advisors, forthcoming.

 

Nakhle, C. (2016) 'Iran's Energy Reforms: A Critical Analysis of Iran Petroleum Contract', in collaboration with the International Tax and Investment Centre, ITIC, forthcoming.

 

Nakhle, C. (2016) ‘Petroleum Revenue Management and Sovereign Wealth Funds: Principles and Practices’, upon the request of the Commonwealth Secretariat, forthcoming.

 

Nakhle, C., Hall, R. (2012) 'The Taxation of Upstream Oil - Principles, Practice and Prospects’, Centre for Global Energy Studies.

 

Nakhle, C. (2008) ‘Iraq’s Oil Future: Finding the Right Framework’, Surrey Energy Economics Centre, University of Surrey, UK (study sponsored by the International Tax and Investment Centre, ITIC, Washington).

 

Academic Papers

 

Mansour M. & Nakhle C. (2016) ‘Fiscal Stabilization in Oil and Gas Contracts: Evidence and Implications’, Oxford Institute for Energy Studies, Jan.

 

Nakhle, C. (2015) ‘Licensing and Upstream Petroleum Fiscal Regimes: Assessing Lebanon’s Choices’, Lebanese Centre for Policy Studies. 

 

Nakhle, C. (2014) ‘Energy and Climate Security: Then and Now’, in Global Agenda 2013: Water, Energy, and the Arab Awakening, United Nations University.

 

Nakhle, C. (2014) ‘Lebanon Petroleum Fiscal Regime: Guiding Principles’ As Sadissa, Bassil Fleihan Institute (Lebanon, Ministry of Finance), October Issue, No.5.

 

Nakhle, C. (2012) ‘Iraq’s Fourth Licensing Round: Business as Usual?’, Middle East Economic Survey (MEES), vol. 3, no. 4, pp. 14-21, April.

 

Nakhle, C., Shamsutdinova, I. (2012) 'Arctic Oil and Gas Resources: Evaluating Investment Opportunities', Oil Gas and Energy Law Intelligence, Special Edition 'Arctic Region: Boundaries, Resources and the Promise of Co-Operation', vol. 10, Issue 2.

 

Nakhle, C. (2010) 'Iraq's Oil: Dangers and Rewards', International Energy Law Review, Issue 8, pp. 13-21.

 

Nakhle, C. (2010) 'Oil: Tragedy and Transition', Oil, Gas & Energy Law Intelligence (OGEL), vol. 8, Issue 3.

 

Nakhle, C. (2010) 'The Arctic: The Last Great Oil Frontier or Is It?', International Energy Law Review, Issue 6, pp. 1-5.

 

Nakhle, C. (2008) ‘Petroleum Taxation: Some Guiding Axioms’, ITIC’s 12th Annual Special Report.

 

Nakhle, C. (2008) ‘Can the North Sea still Save Europe?’ OPEC Energy Review, June, pp. 123-138.

 

Nakhle, C. (2007) ‘Do High Oil Prices Justify an Increase in Taxation in a Mature Oil Province? The Case of the UK Continental Shelf’, Energy Policy, vol. 35, pp.4305–4318.

 

Nakhle, C. (2007) ‘Energy and Climate – no Need for Conflict’, IAEE Energy Forum, Third Quarter, International Association for Energy Economists.

 

Nakhle, C. (2005) ‘Taxing a Declining Province’, Petroleum Review, September, Vol.59, n.704.

 

Nakhle, C. (2005) ‘Opinions on the UK North Sea Petroleum Fiscal Regime: Preferences Revealed’, International Energy Law and Taxation Review, May, Issue 5.

 

Nakhle, C. (2005) ‘North Sea Taxation: Has the UK Reached the Tipping Point?’ Oil, Gas & Energy Law (OGEL), March, Vol.3, Issue 1.

 

Articles

 

Nakhle, C. (2016) ‘Saudi Arabia Economic Reforms’, Geopolitical Intelligence Services, June.

 

Nakhle, C. (2016) ‘How Oil Prices Impact Fiscal Regimes’, Lebanese Centre for Policy Studies, June.

 

Nakhle, C. (2016) ‘Australia’s LNG Woes Herald Changes in Global Market’, Geopolitical Intelligence Services, May.

 

Nakhle, C. (2016) ‘Iraqi Oil Dilemma: to Freeze or not to Freeze’, Geopolitical Intelligence Services, Apr.

 

Nakhle, C. (2016) ‘Assessing the Future of North Sea Oil and Gas’, Geopolitical Intelligence Services, Mar.

 

Nakhle, C. (2016) ‘Politics, Economics still Stifle Eastern Mediterranean Gas’, Geopolitical Intelligence Services, Mar.

 

Nakhle, C. (2016) ‘Iran’s Oil Comeback: The Awakening of a Giant?’, Sharq Forum, Feb.

 

Nakhle, C. (2016) ‘After Paris Climate Deal, Major Changes are still a Long Way off’, Geopolitical Intelligence Services, Feb.

 

Nakhle, C. (2016) ‘Assessing the Nuclear Option in the Middle East and North Africa’, Carnegie Middle East Centre, January.

 

Nakhle, C. (2016) ‘Low Oil Prices Today May Not Mean Tighter Supplies Tomorrow’, Geopolitical Intelligence Services, Jan.

 

Nakhle, C. (2015) "ISIL Sells its oil, but who is Buying it?", Al Jazeera English, 6 Dec.

 

Nakhle, C. (2015) ‘The Impact of Lower Oil Prices: Challenges and Opportunities for the Algerian Economy’, Al Jazeera Centre for Studies, 21 Sep (in Arabic).

 

Nakhle, C. (2015) ‘Market Mechanisms will Determine the Future of Arctic Energy Business’, Geopolitical Intelligence Services, Oct.

 

Nakhle, C. (2015) ‘Iran Nuclear Deal: Unlocking Oil and Gas Investment opportunities’, Geopolitical Intelligence Services, Aug.

 

Nakhle, C. (2015) ‘Middle East and North Africa Oil Producers are Facing a New Price Reality’, Geopolitical Intelligence Services, June.

 

Nakhle, C. (2015) ‘Lower Oil Prices: An Opportunity for Oil and Gas Companies’, Geopolitical Intelligence Services, May.

 

Nakhle, C. (2015) ‘Algeria’s Shale Gas Experiment’, Carnegie Middle East Centre, April.

 

Nakhle, C. (2015) ‘India Energy: The world’s Wildest Card’, Geopolitical Intelligence Services, Feb.

 

Nakhle, C. (2015) ‘Lebanon’s Oil & Gas Fiscal Regime Options: Focusing on the Overall Picture’, Lebanese Centre for Policy Studies, February, republished in the Daily Star on 20 Feb.

 

Nakhle, C. (2015) ‘Uganda Oil Sector: A Mixed Picture’, Geopolitical Intelligence Services, Jan.

 

Nakhle, C. (2014) ‘Can Oil and Gas Markets Adjust to a Rising Persia?’, Carnegie Middle East Centre, Oct.

 

Nakhle, C. (2014) ‘Tunisia Treads Cautiously over Energy Reform in Post-Revolution Recovery’, Geopolitical Intelligence Services, Oct.

 

Nakhle, C. (2014) ‘China Energy: Growing Appetite for Gas’, Geopolitical Intelligence Services, Sep.

 

Nakhle, C. (2014) ‘Fresh Approach Needed in Reforming Indonesia’s Energy Sector’, Geopolitical Intelligence Services, Aug.

 

Nakhle, C. (2014) ‘Unprecedented Oil Price Stability – But Markets still Liable to Sudden Change’, Geopolitical Intelligence Services, Jul.

 

Nakhle, C. (2014) ‘America is Right, the UK’s North Sea Tax Regime Needs Reforming’, The Conversation, 16 July.

 

Nakhle, C. (2014) ‘Iran Oil and Gas: The Implications of a Possible Deal’, Geopolitical Intelligence Services, Jul.

 

Nakhle, C. (2014) ‘Diversifying Supplies Can Ensure Europe's Gas Security’, Geopolitical Intelligence Services, May.

 

Nakhle, C. (2014) ‘Shale Gas May Be the Answer to Ukraine Energy Challenges’, Geopolitical Intelligence Services, Apr.

 

Nakhle, C. (2014) ‘Nuclear Power Enters a New Phase’, Geopolitical Intelligence Services, Mar.

 

Nakhle, C. (2014) ‘Managing Expectations and Depoliticizing the Sector’, article published by the Lebanese Centre for Policy Studies (LCPS), the Daily Star (18 March) and in Arabic by Annahar (20 March).

 

Nakhle, C. (2014) ‘Mexico Embarks on an ‘Historic’ Reform of its Oil Industry’, Geopolitical Intelligence Services, Jan.

 

Nakhle, C. (2013) ‘Geothermal: Exploiting the Earth’s Energy’, Geopolitical Intelligence Services, Dec.

 

Nakhle, C. (2013) ‘Libya Oil: Market Coping Despite Bleak Picture’, Geopolitical Intelligence Services, Nov.

 

Nakhle, C. (2013) ‘Shale Gas Revolution - The UK's Experience’, Geopolitical Intelligence Services, Oct.

 

Nakhle, C. (2013) ‘Shale Revolution: Fundamental Changes in the Oil Market’, Geopolitical Intelligence Services, Sep.

 

Nakhle, C. (2013) ‘Lebanon Oil and Gas: What is on Offer?’, Oxford Energy Forum, Issue 93, Aug.

 

Nakhle, C. (2013) ‘The Shale Revolution and its Impact on Gas Markets’, Geopolitical Intelligence Services, Aug.

 

Nakhle, C. (2013) ‘Israel Gas Finds – First Steps to Energy Independence’, Geopolitical Intelligence Services, Jun.

 

Nakhle, C. (2013) ‘Egypt Energy: A Troublesome Transition’, Geopolitical Intelligence Services, May.

 

Nakhle, C. (2013) ‘Kuwait: The Dangers of Oil Dependence’, Geopolitical Intelligence Services, April.

 

Nakhle, C. (2013) ‘Oil Shale and Nuclear Power - Shaping Jordan's Energy Future’, Geopolitical Intelligence Services, April.

 

Nakhle, C. (2013) ‘Cyprus Gas: A Lifeline to The Economy’, Geopolitical Intelligence Services, Mar.

 

Nakhle, C. (2013) ‘Making the Reward Worth the Risk’, The Executive Magazine, March.

 

Nakhle, C. (2013) ‘Offshore Gas Pre-Qualification Process: So Far so Good’, Lebanese Centre for Policy Studies, article also published in Al Akhbar, February.

 

Nakhle, C. (2013) ‘The Effect of In Amenas Attack on Algeria’s Oil and Gas Industry’, Geopolitical Intelligence Services, Feb.

 

Nakhle, C. (2013) ‘Unconventional Oil: OPEC’s New Challenge’, Geopolitical Intelligence Services, Feb.

 

Nakhle, C. (2013) ‘Lebanon Launches Bidding Process for Oil and Gas Exploration’, Geopolitical Intelligence Services, Jan.

 

Nakhle, C. (2013) ‘Gas: Lebanon Needs a Clear and Robust Framework to Address the Challenges Ahead’, Lebanese Centre for Policy Studies, article also published in the Daily Star, January.

 

Nakhle, C. (2012) ‘US Oil Production on The Rise’, Geopolitical Intelligence Services, Dec.

 

Nakhle, C. (2012) ‘Afghanistan Unlocks its Oil and Gas Potential’, Geopolitical Intelligence Services, Dec.

 

Nakhle, C. (2012) ‘Poland Moves to Boost Investment in its Vast Shale Gas Reserves’, Geopolitical Intelligence Services, Nov.

 

Nakhle, C. (2012) ‘Low Market Prices Take the Shine off Arctic Gas’, Geopolitical Intelligence Services, Nov.

 

Nakhle, C. (2012) ‘Shell Takes the Lead in Arctic Oil Exploration’, Geopolitical Intelligence Services, Nov.

 

Nakhle, C. (2012) ‘Turkey’s Energy Ambitions Could Affect Supply and Price In Europe’, Geopolitical Intelligence Services, Sep.

 

Nakhle, C. (2012) ‘Shale Gas in China Could Change The Nation's Energy Structure’, Geopolitical Intelligence Services, Sep.

 

Nakhle, C. (2012) ‘The Conflicting Objectives of Fuel Taxation’, Geopolitical Intelligence Services, Aug.

 

Nakhle, C. (2012) ‘The UK North Sea: Resurgence in Activity’, Geopolitical Intelligence Services, Aug.

 

Nakhle, C. (2012) ‘High Supply and Low Demand Puts Downward Pressure on Oil Price’, Geopolitical Intelligence Services, Jul.

 

Nakhle, C. (2012) ‘OPEC Oil Production Outlook Uncertain’, Geopolitical Intelligence Services, Jul.

 

Nakhle, C. (2012) ‘How The Energy Market Adjusted to The Seismic Events of 2011’, Geopolitical Intelligence Services, Jul.

 

Nakhle, C. (2012) ‘Is Resource Nationalism on the Rise?’, Geopolitical Intelligence Services, Jun.

 

Nakhle, C. (2012) ‘Is Qatar’s Success Sustainable in The Face of Global and Regional Uncertainty?’, Geopolitical Intelligence Services, Jun.

 

Nakhle, C. (2012) ‘Why the United Arab Emirates Wants to Keep Both Iran and The West on Side?’, Geopolitical Intelligence Services, May.

 

Nakhle, C. (2012) ‘Iran’s Oil Industry: Facing a New Crisis’, Geopolitical Intelligence Services, May.

 

Nakhle, C. (2012) ‘Can The Arctic Ease the World's Energy Needs?’, Geopolitical Intelligence Services, Apr.

 

Nakhle, C. (2012) ‘Iraq's Fourth Oil and Gas Licensing Round: What Should Investors Expect?’, Geopolitical Intelligence Services, Apr.

 

Nakhle, C. (2012) ‘Libya’s Oil and Gas: Opportunities and Risks’, Geopolitical Intelligence Services, Apr.

 

Nakhle, C. (2012) ‘The Unfolding Opportunities for Oil and Gas in West Africa’, Geopolitical Intelligence Services, Mar.

 

Nakhle, C. (2012) ‘Mozambique: Unlocking East Africa’s Energy Potential’, Geopolitical Intelligence Services, Mar.

 

Nakhle, C. (2012) ‘The Revival of North Sea Oil and Gas’, Geopolitical Intelligence Services, Mar.

 

Nakhle, C. (2012) ‘Deepwater Discoveries Could Make Brazil an Oil Superpower’, Geopolitical Intelligence Services, Mar.

 

Nakhle, C. (2012) ‘Saudi Arabia Faces Domestic and Global Pressures on its Oil Reserves’, Geopolitical Intelligence Services, Mar.

 

Nakhle, C. (2012) ‘The Future for Transport - With and Without Oil’, Geopolitical Intelligence Services, Feb.

 

Nakhle, C. (2012) ‘Australia Looks to Coal and Gas to Drive Developments in Renewable Energy’, Geopolitical Intelligence Services, Feb.

 

Nakhle, C. (2012) ‘Eastern Mediterranean - an Emerging Oil and Gas Province’, Geopolitical Intelligence Services, Jan.

 

Nakhle, C. (2011) ‘Vulnerability of Energy Supply: The Case of Albania’, Geopolitical Intelligence Services, Dec.

 

Nakhle, C. (2011) ‘OPEC - Meeting Results and Influence on the Oil Market’, Geopolitical Intelligence Services, Dec.

 

Nakhle, C. (2011) ‘Solar Radiation Management - Still a Long Way to Go’, Geopolitical Intelligence Services, Dec.

 

Nakhle, C. (2011) ‘Subsidies - an Inefficient Way to Help the Poor’, Geopolitical Intelligence Services, Dec.

 

Nakhle, C. (2011) ‘What Next for Libya Oil?’, Geopolitical Intelligence Services, Nov.

 

Nakhle, C. (2011) ‘Is The World running out of Oil?’, Geopolitical Intelligence Services, Oct.

 

Nakhle, C. (2011) ‘How will India Cope with its Rising Energy Needs?’, Geopolitical Intelligence Services, Oct.

 

Nakhle, C. (2011) ‘Natural Gas and its Increasing Global Importance’, Geopolitical Intelligence Services, Sep.

 

Nakhle, C. (2011) ‘Can Renewable Energy Quench China's Thirst for Power?’, Geopolitical Intelligence Services, Sep.

 

Nakhle, C. (2011) ‘Global Trends in Nuclear Energy’, Geopolitical Intelligence Services, Sep.

 

Nakhle, C. (2011) ‘Can Oil-Rich Countries Avoid the Resource Curse?’, Geopolitical Intelligence Services, Aug.

 

Nakhle, C. (2011) ‘Iraq's Oil Future - Bright but Challenging’, Geopolitical Intelligence Services, Aug.

 

Nakhle, C. (2011) ‘US Looks to Renewables as an Energy Alternative’, Geopolitical Intelligence Services, Aug.

 

Nakhle, C. (2011) ‘The Slow March to a Renewable-Energy Future’, Geopolitical Intelligence Services, Aug.

 

Nakhle, C. (2011) ‘Fossil Fuels - Can Supply Meet Future Demand?’, Geopolitical Intelligence Services, Jul.

 

Nakhle, C. (2011) ‘Trends in the Global Energy Market’, Geopolitical Intelligence Services, Jul.

 

Nakhle, C. (2010) 'North Africa - A Region with a Difference?', WEG Newsletter, Windsor Energy Group, November Issue.

 

Nakhle, C. (2010) ‘What Have We Learned from the Australian Resource Taxation Experience?’, ITIC Special Edition Bulletin.

 

Nakhle C. (2009) ‘Iraq First Bidding Round - The Greatest Race on Earth or was it?’
- Published in Italian in AGI Energia, July - Published in English in Global Arab Network, August.

 

Nakhle C. (2009) ‘Falling Oil Revenues: Opportunities or Set-back?’ The Review, June-August.

 

Nakhle, C. (2009) ‘The Arctic: The Last Great Oil Frontier?’, International Herald Tribune, 22 March.

 

Nakhle, C., Howell, D. (2006) ‘Fuelling a Climate Breakthrough’, International Herald Tribune, Nov. 15.

 

Nakhle, C. (2006) ‘Liberalisation and Energy Security: Competing or Complementary Objectives?’ IBL Focus, July, No.30.

 

Nakhle, C., Howell, D. (2006) ‘Thanks, Iran, for the Reminder’, International Herald Tribune, Thursday, February 9.

 

Nakhle, C. (2006) ‘Is the Oil Industry still Attracting the Talent it Needs?’, The Way Ahead, Society of Petroleum Engineer (SPE), February, Vol.2, no. 1.

 

Nakhle, C. (2005) ‘Look at the North Sea in a New Way’, Financial Times, Monday, November 28.

 

Nakhle, C. (2005) ‘Black Gold: Still a Man’s World?’ Oil, Gas & Energy Law (OGEL), October, Vol.3, Issue 3.

 

Nakhle, C., Howell, D. (2005) ‘OPEC & the IEA Have to Get it Right this Time’, International Herald Tribune, Friday, September 30.

 

Nakhle, C. (2005) ‘Managing Decline: Getting the North Sea Fiscal Regime Right’, Oil, Gas & Energy Law (OGEL), June, Vol.3, Issue 2.

 

Nakhle, C. (2005) ‘Why Were Arab Women Dismissed from the Oil Industry?’, Published in Arabic in Al-Hayat, Wednesday, June 4.

 

Nakhle, C. (2005) ‘The Impact of Terrorism on Oil Price’, Published in Arabic in Al-Qabas Newspaper, Kuwait, February, 15.

Teaching

Carole coordinates and teaches on the ECOM032 Economics of International Oil and Gas module. [Click here to access the teaching materials]

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