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.

By: M. Hashem Pesaran