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Information and Bidding Behavior by Major Oil Companies for Outer Continental Shelf Leases: Is the joint Bidding Ban Justified?

Steven W. Millsaps, Mack Ott

Year: 1981
Volume: Volume 2
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol2-No3-6
View Abstract

Abstract:
The Energy Policy and Conservation Act (PL 94-163), signed into law in December 1975, forbade oil companies that produced the equivalent of 1.6 million barrels of oil per day (mbd) worldwide from bidding jointly for outer continental shelf (OCS) leases. The U.S. Department of the Interior adopted regulations to that effect. The Outer Continental Shelf Lands Act Amendment of 1978 (PL 95-372) modified the 1975 law. This amendment gives the Secretary of the Interior the power to conduct periodic reviews of production rates by petroleumproducers and to ban from joint bidding any person or firm that produced, during a prior six-month period specified by the secretary, an average of 1.6 mbd.



Nationalizing Oil in the 1970s

Dean Goodermote and Richard B. Mancke

Year: 1983
Volume: Volume 4
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol4-No4-5
View Abstract

Abstract:
National oil companies emerged during the 1970s as an important force within both oil-exporting and oil-importing countries. By 1980 they were producing and marketing well over half the crude oil available for sale on world markets. These oil companies prospered within oil-exporting countries as events increasingly confirmed that the principal source of economic power in the oil business was sovereign control over oil reserves rather than private control over technical, managerial, and capital resources. During the 1970s, many oil-exporting countries sought to exploit their new-found market strength and exercise greater control over their oil industry either by building up existing government-owned oil companies or by seizing the opportunity to create new ones.





A Natural Resource Theory of Unitary Taxation

James L. Johnston and Alan Reynolds

Year: 1985
Volume: Volume 6
Number: Special Issue
DOI: 10.5547/ISSN0195-6574-EJ-Vol6-NoSI-23
No Abstract



Effects of Taxes and Price Regulation on Offshore Gas

M. A. Adelman

Year: 1985
Volume: Volume 6
Number: Special Issue
DOI: 10.5547/ISSN0195-6574-EJ-Vol6-NoSI-24
No Abstract



OCS Leasing Policy: Its Effects on the Structure of the Petroleum Industry

Mark Kosrno

Year: 1985
Volume: Volume 6
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol6-No1-8
View Abstract

Abstract:
The disposition of offshore lands is one of the decade's most im-portant and controversial natural resource policy issues. Several disputes focus on the economic effects of federal Outer Continental Shelf (OCS) leasing policy. This paper addresses one of these disputes-how will OCSleasing policy affect the structure of the petroleum industry?This paper presents and summarizes an econometric model that evaluates the competitive implications of alternative OCS leasing policies.Specifically, it seeks to explain the differential bidding success of the major, minor, and independent oil companies.1 The following determinantsof OCS access were evaluated.



Oil Products in Latin America: The Politics of Energy Pricing

Thomas Sterner

Year: 1989
Volume: Volume 10
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol10-No2-4
View Abstract

Abstract:
This paper looks at the pricing of petroleum products in Latin America and compares the policies adopted in countries with different endowments and with different traditions as to state involvement in the oil industry. I find that, in contrast to the OECD countries, product prices are used extensively as instruments of policy and that in general the more oil a country has the lower are its domestic prices. They also tend to be lower in the presence of state monopolies.



The Effect of Changes in the Percentage Depletion Allowance on Oil Firm Stock Prices

Andrew B. Lyon

Year: 1989
Volume: Volume 10
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol10-No4-7
View Abstract

Abstract:
In this paper I examine the effect of changes in tax laws on the value of firm stock prices. The behavior of oil firm stock prices in 1969 (at the time of congressional votes to reduce the percentage depletion allowance) is studied to test the hypothesis that this legislation resulted in a decline in the value of oil firms. The empirical results show that statistically significant declines in the average value of oil frm stock prices did occur at the time of House and Senate committee votes. Cross-sectional tests show a significant correlation between the measured declines for individual firms and the expected declines predicted for those firms in the period surrounding one of the two committee votes.



Technology and the Exploratory Success Rate in the U.S. Offshore

Kevin F. Forbes and Ernest M. Zampelli

Year: 2000
Volume: Volume21
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol21-No1-5
View Abstract

Abstract:
Over the last 20 years, the offshore exploratory success rate has more than doubled for a group of large producers which includes Exxon, Shell, Mobil, and Texaco, according to the U.S. Energy Information Administration (EIA). It is tempting to conclude that this increase can be attributed to the many advances in seismic and drilling technologies that have occurred over the same period. However, such a conclusion may be premature given that much of the increase in the success rate occurred in the late 1970s and early 1980s, well before the major advancements in seismic technology. The conclusion may also be premature in that it ignores the relationship between price and the success rate. Increases in the price may positively (negatively) affect the success rate. Given this, and the decline in price over the past decade, one would expect the success rate to have declined (increased) in the absence of technological change. This paper develops an econometric model that attempts to disentangle and quantify the effects of the major factors hypothesized to affect the offshore exploratory success rate. The analysis relies on company level data from the EIA's Financial Reporting System over the period 1978 through 1995.



Efforts and Efficiency in Oil Exploration: A Vector Error-Correction Approach

Klaus Mohn

Year: 2008
Volume: Volume 29
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol29-No4-3
View Abstract

Abstract:
High oil prices and gradual resource depletion have raised global concerns for security of energy supply. Successful exploration activity is a critical factor for future oil production. Based on standard neoclassical producer behavior and modern time series econometrics, this study reveals new insights into the process of oil and gas exploration. I find that reserve additions are enhanced by an increase in the oil price, due to responses both in effort and efficiency of exploration. Moreover, oil companies accept higher exploration risk in response to an oil price increase, implying lower success rates and higher expected discovery size.




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