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Risk-Bearing and the Choice of Contract Forms for Oil Exploration and Development

Charles R. Blitzer, Donald R. Lessard, and James L. Paddock

Year: 1984
Volume: Volume 5
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol5-No1-1
View Abstract

Abstract:
The structure of taxes and fiscal contracts between host countries and foreign companies has major implications for the success of oil development projects. This is because of several key characteristics of such projects: large investment outlays, long lead times to project completion, and long periods of project output and payout. These characteristics usually are coupled with an incomplete sharing of information and technology, and significant differences in the ability of the various parties to bear the risks involved. These characteristics often lead to unstable contracts and, in many cases, to the failure to develop projects that are economically attractive in aggregate terms but unattractive to one or both parties because of uncertainties over sharing project risks and returns.



Notes - Sense and Nonsense About World Oil

M. A. Adelman

Year: 1984
Volume: Volume 5
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol5-No1-13
No Abstract



Notes - A Comparison of the Costs and the Results in the On/Offshore Search for Oil and Gas

Jon A. Rasmussen and Michael J. Piette

Year: 1984
Volume: Volume 5
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol5-No1-11
No Abstract



Notes - Public Willingness to Invest in Household Weatherization

Marvin E. Olsen and Christopher Cluett

Year: 1984
Volume: Volume 5
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol5-No1-12
No Abstract







A Note on Petroleum Industry Exploration Efficiency

E. D. Attanasi

Year: 1984
Volume: Volume 5
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol5-No3-9
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Abstract:
The concern over natural resource adequacy has led to the development of new theoretical models designed to predict behavior of firms exploring for and exploiting nonrenewable natural resources. However, advances in the theory of the mining firm have generally outpaced our ability to describe the exploration and discovery process empirically. An important topic is the industry's technical exploration efficiency-that is, how much exploration effort is needed to identify the fields with lowest unit production costs, so that extraction can proceed from the lowest to higher-cost resources.



Exploration Risks and Mineral Taxation: How Fiscal Regimes Affect Exploration Incentives

T. R. Stauffer and John C. Gault

Year: 1985
Volume: Volume 6
Number: Special Issue
DOI: 10.5547/ISSN0195-6574-EJ-Vol6-NoSI-10
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
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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.



The Cost of OCS Bid Rejection

Paul R. Kobrin

Year: 1986
Volume: Volume 7
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol7-No1-6
View Abstract

Abstract:
The U.S. Interior Department periodically offers Outer Continental Shelf (OCS) tracts for lease at seated bid auction. The bid variable typically is the bonus, a sum paid by the lessee at commencement of the lease. A tract is awarded only to the high bidder. However, the seller often deems even the high bid insufficient, rejecting it and withholding the tract for possible laterauction.



A Risk Analysis of Oil Development in the Arctic National Wildlife Refuge

Stephen G. Powell

Year: 1991
Volume: Volume 12
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol12-No3-5
View Abstract

Abstract:
The Arctic National Wildlife Refuge (ANWR) in Alaska is simultaneously the most promising onshore area for oil exploration and one of the wildest areas remaining in the USA. The conflict between the need to develop energy resources and the desire to preserve wild areas has led to a prolonged debate over the merits of programs to lease the region for oil exploration and development.



Effects of an Increasing Role for Independents on Petroleum Resource Development in the Gulf of Mexico OCS Region

Omowumi O. Iledare, Allan G. Pulsipher and Robert H. Baumann

Year: 1995
Volume: Volume16
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol16-No2-3
View Abstract

Abstract:
Major oil and gas companies are shifting their exploration and production (E&P) investment from the United States to foreign countries. As they do so, smaller companies, "independents," are expected to play a more prominent role in domestic E&P. Within both industry and government circles the apprehension is widespread that such a shift from the majors to the independents will cause domestic oil and gas resources to be developed less aggressively and less efficiently. This paper attempts to discern and quantify differences infirm behavior and success among firms of different sizes (majors, large and small independents) operating on the Gulf of Mexico OCS region. Contrary to conventional thinking, descriptive analysis of data on drilling effort and outcomes on the Gulf of Mexico indicates independents have been both more aggressive and successful than the majors in exploration while the majors have been only moderately more successful than independents in development drilling.



Resource Depletion and Technical Change: Effects on U.S. Crude Oil Finding Costs from 1977 to 1994

Marie N. Fagan

Year: 1997
Volume: Volume18
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol18-No4-4
View Abstract

Abstract:
A dramatic decline in U.S. crude oil finding costs has provoked intense interest in the extent to which technical progress has mitigated the effects of resource depletion. Analysis of depletion and technical change using data for 27 large U.S. oil producers from 1977-1994 is conducted using a translog cost function. The translog provides a flexible representation of the underlying production function, and controls for changing factor prices. The model also controls for the effect of prospect highgrading. Results show that an accelerating rate of technical change reduced average finding cost 15 percent (onshore) and 18 percent (offshore) per year by 1994. Resource depletion increased cost at an average annual rate of 7 percent onshore and 12 percent offshore. Technical change was relatively labor-using bothonshore and offshore.



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.




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