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Changing Productivity in U.S. Petroleum Exploration and Development

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  • Bohi, Douglas

Abstract

This study analyzes sources of productivity change in petroleum exploration and development in the United States over the last ten years. There have been several major developments in the industry over the last decade that have led to dramatic reductions in the cost of finding and developing oil and natural gas resources. While some of the cost savings are organizational and institutional in nature, the most important changes are in the application of new technologies used to find and produce oil and gas: 3D seismology, horizontal drilling, and deepwater drilling. Not all the innovation is endogenous to the industry; some rests on outside advances (such as advances in high-speed computing that enabled 3D seismology), as well as learning-by-doing. The increased productivity of mature petroleum provinces like the U.S. helps to maintain competition in the world oil market as well as enhance domestic industry returns.

Suggested Citation

  • Bohi, Douglas, 1998. "Changing Productivity in U.S. Petroleum Exploration and Development," RFF Working Paper Series dp-98-38, Resources for the Future.
    • Handle: RePEc:rff:dpaper:dp-98-38
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    File URL: http://www.rff.org/RFF/documents/RFF-DP-98-38.pdf
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    Cited by:

    1. Managi, Shunsuke & Opaluch, James J. & Jin, Di & Grigalunas, Thomas A., 2004. "Technological change and depletion in offshore oil and gas," Journal of Environmental Economics and Management, Elsevier, vol. 47(2), pages 388-409, March.
    2. Harry Bloch & Jo Voola, 2004. "Strategic Responses to Advances in Seismic Technology in the Petroleum Industry," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 11(1), pages 27-36.
    3. Shunsuke Managi & SJames J. Opaluch & Di Jin & Thomas A. Grigalunas, 2005. "Environmental Regulations and Technological Change in the Offshore Oil and Gas Industry," Land Economics, University of Wisconsin Press, vol. 81(2).
    4. Li, Weiqi & Fu, Feng & Ma, Linwei & Liu, Pei & Li, Zheng & Dai, Yaping, 2013. "A process-based model for estimating the well-to-tank cost of gasoline and diesel in China," Applied Energy, Elsevier, vol. 102(C), pages 718-725.

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