An Econometric Analysis of Exploration & Extraction of Oil on the UK Continental Shelf
Modelling of oil exploration and extraction is a formidable undertaking and involves important economic, geological, and political considerations. The modelling task is further complicated by the largely non-quantifiable uncertainties that generally surround the future movements of oil prices and discovery of new oilfields. As a result there are very few serious econo-metric studies of oil supplies, especially outside OPEC.
Categories:
Country and Regional Studies , Energy Economics , Finance , Oil
Tags:
Discovery Decline Phenomenon , Econometric Analysis , Economic Optimisation , Exploration , Intertemporal Model , Oil Production , Reserves , UKCS