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The Response of Oil Contracts to Extreme Price Movements

Author

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  • Kirsten Bindemann

Abstract

This study examines the response of oil contracts to extreme price movements. The chosen contract form is a Production-Sharing Agreement (PSA) which is the oil industry`s equivalent of sharecropping and one of the most commonly used contractual agreements. We show that only the two significant price increases in the 1970s and only the price falls in the early 1980s and the early 1990s triggered a response in the terms offered by PSAs.

Suggested Citation

  • Kirsten Bindemann, 2000. "The Response of Oil Contracts to Extreme Price Movements," Economics Series Working Papers 29, University of Oxford, Department of Economics.
    • Handle: RePEc:oxf:wpaper:29
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    File URL: https://ora.ox.ac.uk/objects/uuid:06188ed0-ab34-4a6a-b357-83ced6815ab4
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    Cited by:

    1. Feng, Zhuo & Zhang, Shui-Bo & Gao, Ying, 2014. "On oil investment and production: A comparison of production sharing contracts and buyback contracts," Energy Economics, Elsevier, vol. 42(C), pages 395-402.
    2. Kretzschmar, Gavin L. & Kirchner, Axel & Reusch, Hans, 2008. "Risk and return in oilfield asset holdings," Energy Economics, Elsevier, vol. 30(6), pages 3141-3155, November.

    More about this item

    Keywords

    prices; petroleum; contracts;
    All these keywords.

    JEL classification:

    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation
    • L71 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Mining, Extraction, and Refining: Hydrocarbon Fuels
    • Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy

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