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Scheduling and Taxation of Resource Deposits

Sjur D. Fldm and Trond E. Olsen

Year: 1985
Volume: Volume 6
Number: Special Issue
DOI: 10.5547/ISSN0195-6574-EJ-Vol6-NoSI-11
No Abstract





Capital Tax Distortions in the Petroleum Industry

Robert Crum Fry, Jr.

Year: 1985
Volume: Volume 6
Number: Special Issue
DOI: 10.5547/ISSN0195-6574-EJ-Vol6-NoSI-13
No Abstract



The Reserve-Production Ratio

Ferdinand E. Banks

Year: 1987
Volume: Volume 8
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol8-No2-11
View Abstract

Abstract:
A good concise examination of the significance of the reserve production (R/P) ratio for the future availability of oil can be found in a short paper by Edward W. Erickson in the Energy Journal (1985). He notes that the worldwide R/P ratio is 35, but this ratio is not uniform across the world. For the three core countries of the Gulf (Saudi Arabia, Kuwait, and the United Arab Emirates) it is 100. For the rest of the world it is 25, although according to my calculations, for the world outside OPEC and the communist areas it may be close to 18. Furthermore, with the fall in OPEC production that has taken place over the past few years and the rise in production outside of OPEC, about half of the world oil output is now generated in areas where the aggregate R/P ratio is less than 20.



Optimum Depletion of Oil Resources in a Developing Country

Ali M. Parhizgari

Year: 1987
Volume: Volume 8
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol8-No3-2
View Abstract

Abstract:
The majority of resource-based developing countries finance a high percentage of their development efforts through extraction and export of nonrenewable natural resources. Though the extraction and export policies of these countries might be subject to noneconomic international causes and effects (i.e., those that do not easily yield to empirical analysis (Mikdashi, 1976)), the need for each country to plan and implement an optimal and consistent policy in this regard is already well established (Meier 1984; Kemp and Long 1984; Neary and Wijnbergen 1986).



On the Economics of Improved Oil Recovery: The Optimal Recovery Factor from Oil and Gas Reservoirs

Arild N. Nystad

Year: 1988
Volume: Volume 9
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol9-No4-4
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Abstract:
This paper investigates an oil company's optimal depletion of oil and gas reservoirs, taking into account that the depletion policy itself influences the recoverable reserves, i.e. determines the recovery factor. The emphasis is on the role of up-front capital costs. The depletion policy is derived from the amount of investment in production and associated injection projects, represented in a stylized fashion. I make a comparative static study of how various economic factors influence the company's choice of an optimal depletion policy and, thus, implicitly of an optimal recovery factor.



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
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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.



Forecasting Ultimate Oil Recovery and Its Rate of Production: Incorporating Economic Forces into the Models of M. King Hubbert

Cutter J. Cleveland and Robert K. Kaufmann

Year: 1991
Volume: Volume 12
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol12-No2-3
View Abstract

Abstract:
Dwindling production of oil from domestic fields and rising consumption have increased U.S. dependence on imported oil to an all-time high. Concern about the effect of this dependence on economic and national security has focused attention on the domestic resource base: how much oil awaits discovery and at what rate can it be produced? We analyze the adequacy of domestic resources by updating and modifying in important new ways the models of discovery and production developed by M. King Hubbert. Hubbert's models have been a lightning rod for debate about the future of oil resources because they have been the most accurate on record. When we include real oil prices and the annual rate of drilling effort in Hubbert's model of oil discovery, there is no evidence for claims that the secular decline in discoveries per foot of well drilled has been arrested or reversed in the lower forty-eight states. Our results indicate that there is little oil waiting to be found in unexplored sedimentary formations in the lower forty-eight states using conventional exploration techniques. Furthermore, we show that the declining quality of the resource base has offset the positive stimuli of price increases and changes in government policy towards a free market. Having passed through a period in which production in the lower forty-eight states fell 20 percent while real oil prices tripled there seems little that the U.S. government can do to alter the bottom line for domestic operators so that U.S. production can displace imports to a significant degree. We conclude that the conventional supply side offers little room to manoeuvre around increased dependence on imported oil.



The Hotelling Principle: Autobahn or Cul de Sac?

G. C. Watkins

Year: 1992
Volume: Volume 13
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol13-No1-1
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Abstract:
The economics of relations between prices and resource stocks has been dominated by the Hotelling Principle. But seemingly little attention has been given to the Principle by the oil and gas industry itself. In this paper the Principle is appraised, some new empirical results based on the value of oil and gas reserves sales are introduced, models which relax more of the Hotelling assumptions are reviewed, and the industry milieu in the context of a Hotelling Style framework is discussed. The Principle is seen as affording fundamental theoretical insights, but is not found to cope well with industry realities.



IAEE Convention Speech: Energy, Exhaustion, Environmentalism, and Etatism

Richard L. Gordon

Year: 1994
Volume: Volume15
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol15-No1-1
View Abstract

Abstract:
Editor's Note: The author, Dr. Richard L. Gordon, won the IAEE's Outstanding Contributions Award for 1992. The following article is based on his acceptance speech given at the 16th international conference of the IAEE held in Bali, Indonesia, from July 27-29, 1993. The Association awards a prize annually for outstanding contributions to the profession of energy economics and to its literature.




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