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A Regional Model Of Oil And Gas Exploration In The Ukcs

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  • Alexander Kemp
  • Sola Kasim

Abstract

Existing exploration–discovery models are generally characterised by equations describing the behaviour of exploration, success rates, and discoveries. The present paper adds two equations describing the behaviour of finding costs and exploration efficiency. The model was disaggregated along regional lines. Applying the model to UK Continental Shelf data over the period 1964–2002 produced results that supported the new approach. Analysis of the model dynamics and simulation forecast reveals similarities, but also important differences in the responsiveness of activity in the regions to policy multipliers, implying that uniform policy instruments will produce unequal responses in areas with different levels of maturity.

Suggested Citation

  • Alexander Kemp & Sola Kasim, 2006. "A Regional Model Of Oil And Gas Exploration In The Ukcs," Scottish Journal of Political Economy, Scottish Economic Society, vol. 53(2), pages 198-221, May.
    • Handle: RePEc:bla:scotjp:v:53:y:2006:i:2:p:198-221
    DOI: 10.1111/j.1467-9485.2006.00376.x
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    Cited by:

    1. Osmundsen, Petter & Roll, Kristin Helen & Tveterås, Ragnar, 2010. "Faster Drilling with Expercience?," UiS Working Papers in Economics and Finance 2010/7, University of Stavanger.
    2. Osmundsen, Petter & Roll, Kristin Helen, 2013. "Concave Drilling Curves," UiS Working Papers in Economics and Finance 2013/1, University of Stavanger.
    3. Mohn, Klaus & Osmundsen, Petter, 2008. "Exploration economics in a regulated petroleum province: The case of the Norwegian Continental Shelf," Energy Economics, Elsevier, vol. 30(2), pages 303-320, March.
    4. Pernille Parmer & Steinar Strøm & Helge Sandvig Thorsen & Inger Ubbe & Bjørnar Andreas Kvinge, 2018. "Investments on the Norwegian Continental Shelf - An Empirical Analysis," CESifo Working Paper Series 7370, CESifo.
    5. Jakobsson, Kristofer & Söderbergh, Bengt & Snowden, Simon & Li, Chuan-Zhong & Aleklett, Kjell, 2012. "Oil exploration and perceptions of scarcity: The fallacy of early success," Energy Economics, Elsevier, vol. 34(4), pages 1226-1233.
    6. Lars Lindholt, 2013. "The tug-of-war between resource depletion and technological change in the global oil industry 1981 - 2009," Discussion Papers 732, Statistics Norway, Research Department.
    7. Osmundsen, Petter & Roll, Kristin Helen & Tveteras, Ragnar, 2012. "Drilling speed—the relevance of experience," Energy Economics, Elsevier, vol. 34(3), pages 786-794.
    8. Lindholt, Lars, 2015. "The tug-of-war between resource depletion and technological change in the global oil industry 1981–2009," Energy, Elsevier, vol. 93(P2), pages 1607-1616.

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