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Accounting for Natural Capital in Productivity of the Mining and Oil and Gas Sector

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  • Wang, Weimin
  • Adams, Patrick

Abstract

This paper presents a growth accounting framework in which subsoil mineral and energy resources are recognized as natural capital input into the production process. It is the first study of its kind in Canada. Firstly, the income attributable to subsoil resources, or resource rent, is estimated as a surplus value after all extraction costs and normal returns on produced capital have been accounted for. The value of a resource reserve is then estimated as the present value of the future resource rents generated from the efficient extraction of the reserve. Lastly, with extraction as the observed service flows of natural capital, multifactor productivity (MFP) growth and the other sources of economic growth can be reassessed by updating the income shares of all inputs, and then, by estimating the contribution to growth coming from changes in the value of natural capital input. This framework is then applied to the Canadian oil and gas extraction sector.

Suggested Citation

  • Wang, Weimin & Adams, Patrick, 2015. "Accounting for Natural Capital in Productivity of the Mining and Oil and Gas Sector," Analytical Studies Branch Research Paper Series 2015372e, Statistics Canada, Analytical Studies Branch.
    • Handle: RePEc:stc:stcp3e:2015372e
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    File URL: https://www150.statcan.gc.ca/n1/en/catalogue/11F0019M2015372
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    Cited by:

    1. Wulong Gu, 2018. "Accounting for Slower Productivity Growth in the Canadian Business Sector after 2000: The Role of Capital Measurement Issues," International Productivity Monitor, Centre for the Study of Living Standards, vol. 34, pages 21-39, Spring.

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    Keywords

    Crude oil and natural gas; Economic accounts; Energy; Productivity accounts;
    All these keywords.

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