Abstract
The petroleum supply process takes place in stages. Decisions at any stage are based on information obtained at the preceding stage. The present paper develops an econometric model incorporating the feedback structure of the process. The model framework consists of a system of simultaneous equations. Using UKCS data the model was estimated, tested for stability and predictive power, and used to conduct a structural analysis, investigating the effects of market conditions on activity levels in a mature hydrocarbon province. The results provide useful insights into the feedback nature of the petroleum supply process and the importance of market conditions to continued activity levels in a mature province.
| Original language | English |
|---|---|
| Pages (from-to) | 113-141 |
| Number of pages | 29 |
| Journal | The Energy Journal |
| Volume | 24 |
| Issue number | 2 |
| Publication status | Published - Apr 2003 |
Keywords
- lower 48-states
- natural-gas
- investment
- price
Cite this
An Econometric Model of Oil and Gas Exploration Development and Production in the UK Continental Shelf : A Systems Approach. / Kasim, Sola Abass; Kemp, Alexander George.
In: The Energy Journal, Vol. 24, No. 2, 04.2003, p. 113-141.Research output: Contribution to journal › Article
}
TY - JOUR
T1 - An Econometric Model of Oil and Gas Exploration Development and Production in the UK Continental Shelf
T2 - A Systems Approach
AU - Kasim, Sola Abass
AU - Kemp, Alexander George
PY - 2003/4
Y1 - 2003/4
N2 - The petroleum supply process takes place in stages. Decisions at any stage are based on information obtained at the preceding stage. The present paper develops an econometric model incorporating the feedback structure of the process. The model framework consists of a system of simultaneous equations. Using UKCS data the model was estimated, tested for stability and predictive power, and used to conduct a structural analysis, investigating the effects of market conditions on activity levels in a mature hydrocarbon province. The results provide useful insights into the feedback nature of the petroleum supply process and the importance of market conditions to continued activity levels in a mature province.
AB - The petroleum supply process takes place in stages. Decisions at any stage are based on information obtained at the preceding stage. The present paper develops an econometric model incorporating the feedback structure of the process. The model framework consists of a system of simultaneous equations. Using UKCS data the model was estimated, tested for stability and predictive power, and used to conduct a structural analysis, investigating the effects of market conditions on activity levels in a mature hydrocarbon province. The results provide useful insights into the feedback nature of the petroleum supply process and the importance of market conditions to continued activity levels in a mature province.
KW - lower 48-states
KW - natural-gas
KW - investment
KW - price
M3 - Article
VL - 24
SP - 113
EP - 141
JO - The Energy Journal
JF - The Energy Journal
SN - 0195-6574
IS - 2
ER -