SRPN: Oil (Topic)最新文献

{"title":"Where in the World are Canadian Oil and Gas Companies? An Introduction to the Project","authors":"Niloo Hojjati, Kai Horsfield, Shantel Jordison","doi":"10.11575/SPPP.V10I0.42629","DOIUrl":"https://doi.org/10.11575/SPPP.V10I0.42629","url":null,"abstract":"In April 2013, The School of Public Policy formally launched the Extractive Resource Governance Program, a platform to harness Canadian and international research and technical expertise to assist resource-rich jurisdictions in establishing sustainable and mutually beneficial policies for governance of the extractive sector. The program delivers applied policy research, technical assistance and executive training programs to countries with emerging or established extractive resources, working in collaboration with governments, regulatory bodies, academia, civil society, and industry. Begun in 2011 as an internal research tool for the development of the Extractive Resource Governance Program, this project was conceived as a means to identify jurisdictions where Canadian companies had ongoing projects and activities around the world. This paper introduces the methodology used to answer the question: Where in the world are Canadian oil and gas companies? To answer this question, firm-level data from publicly traded Canadian companies were collected and analyzed culminating in the development of an online tool for public use. This paper accompanies an interactive website launched by The School’s Extractive Resource Governance Program and describes the data available online as well as in the annual reports released by The school. The website and annual reports allow interested users to geographically locate jurisdictions around the world where publicly traded Canadian oil and gas companies have activities, over time. The website is available at http://www.policyschool.ca/research-teaching/teachingtraining/extractive-resource-governance/ergp-map/. While Canada is a well-recognized oil and gas jurisdiction within its own borders, the extent of activity that Canadian companies undertake in the international arena is less well known. For instance, while Natural Resources Canada collects and publishes regular data on Canadian mining assets and activities abroad, it does not do so for the oil and gas sector. Statistics Canada collects information about Canadian direct investment abroad (CDIA)1 in the energy sector, but for the purpose of answering the question posed in this paper, these numbers can be somewhat misleading, as CDIA data solely tracks the first destination of Canadian investment rather than the final destination of investment (which can often be different).2 Frequently, oil and gas companies (like others) use international financial centres to conduct their business operations as part of their global value chain. This can prove problematic when seeking to identify sector-specific data on the final destination of investment. For instance, one of the challenges in using CDIA statistics is the existence of so-called tax-haven countries such as Barbados and the Cayman Islands. Tax-haven countries are low-tax jurisdictions that serve as conduits to the global economy.3 While the capital investment of a Canadian company can initially arrive in a tax","PeriodicalId":343955,"journal":{"name":"SRPN: Oil (Topic)","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122350400","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"On the Dynamics of the Oil Resource Curse in Nigeria: Theory and Implications","authors":"P. Gbahabo, Emmanuel Oduro-Afriyie","doi":"10.2139/ssrn.2968893","DOIUrl":"https://doi.org/10.2139/ssrn.2968893","url":null,"abstract":"The paper provides conceptual insights and in-depth analysis of the dynamics of the oil resource curse on the political economy of Nigeria. Using a combination of the resource curse and structural transformation theories, we highlight the perverse connections between oil dependence and weak institutional framework as well as low human development and its concomitant effect on conflict and political instability in Nigeria. We employ cross-sectional data across selected countries in Sub-Saharan Africa and within Nigeria at various intervals under different groupings between the periods 2005 to 2016 to benchmark Nigeria’s performance in terms of development indicators such as gross fixed capital formation; quality of governance and institutional capacity; level of inclusive human development; infrastructure performance and spread of the tax base. The study found that Nigeria compares abysmally in terms of the development indicators analyzed and therefore lag behind many countries in the region. We conclude in line with extant literature that to some extent, the low development performance of Nigeria is symptomatic of the oil curse and common to many other mineral exporting countries in many developing regions of the world. The policy implications of this paper imply an urgent need for structural transformation of the economy from low productive subsistence agriculture, non-tradable services and low net employment mining to sectors with both high productivity and employment such as industrial agriculture and manufacturing in order to stimulate the creation of better and productive jobs for the bulging population. The study also recommends an urgent need for institutional reforms that will strengthen the governance and administrative capacity of the country in order to foster a paradigm shift from a rentier economy to a more inclusive and sustainable economy.","PeriodicalId":343955,"journal":{"name":"SRPN: Oil (Topic)","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123775934","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Сравнительный Анализ Налоговых Режимов в Нефтяном Секторе (Comparative Analysis of Tax Regimes in the Oil Sector)","authors":"Yu. Bobylev, O. Rasenko","doi":"10.2139/SSRN.2959247","DOIUrl":"https://doi.org/10.2139/SSRN.2959247","url":null,"abstract":"The paper considers the main approaches to the construction of tax regimes for the oil sector of the economy. A comparative analysis of various tax regimes that can be used to improve the efficiency of the tax system in the oil sector of the Russian economy is carried out. This work formulates recommendations on the state tax policy in relation to the oil sector aimed at ensuring the revenues of the state budget and creating the necessary conditions for investment.","PeriodicalId":343955,"journal":{"name":"SRPN: Oil (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122046169","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Consortiums in the Upstream Oil Sector – How to Deem the Existence of a Permanent Establishment From Offshore Oil Activities?","authors":"Roberto Ramos","doi":"10.2139/ssrn.3720510","DOIUrl":"https://doi.org/10.2139/ssrn.3720510","url":null,"abstract":"Due to their complex contractual arrangements and diverse activities in the upstream sector, partners in an oil consortium may constitute multiple Permanente establishments (PE) in a Source State. Therefore, States might have to set aside the basic rules on a physical permanent establishment and deem the existence of a PE with the help of specific provisions in DTTs and domestic legislation This paper studies how different jurisdictions approach on the existence of a PE for consortiums in the upstream oil sector.","PeriodicalId":343955,"journal":{"name":"SRPN: Oil (Topic)","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115544568","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Currency-Plus-Commodity Basket: A Proposal for Exchange Rates in Oil-Exporting Countries to Accommodate Trade Shocks Automatically","authors":"J. Frankel","doi":"10.2139/ssrn.3024910","DOIUrl":"https://doi.org/10.2139/ssrn.3024910","url":null,"abstract":"The paper proposes an exchange rate regime for oil-exporting countries. The goal is to achieve the best of both flexible and fixed exchange rates. The arrangement is designed to deliver monetary policy that counteracts rather than exacerbates the effects of swings in the oil market, while yet offering the day-to-day transparency and predictability of a currency peg. The proposal is to peg the national currency to a basket, but a basket that includes not only the currencies of major trading partners (in particular, the dollar and the euro), but also the export commodity (oil). The plan is called Currency-plus-Commodity Basket (CCB). The paper begins by fleshing out the need for an innovative arrangement that allows accommodation to trade shocks. The analysis provides evidence from six Gulf countries that periods when their currencies were “undervalued”, in the sense that the actual foreign exchange value lay below what it would have been under the CCB proposal, were periods of overheating as reflected in high inflation and of external imbalance as reflected in high balance of payments surpluses. Conversely, periods when the currencies were “overvalued,” in the sense that their foreign exchange value lay above what it would have been under CCB, featured unusually low inflation and low balance of payments. These results are suggestive of the implication that the economy would have been more stable under CCB. The last section of the paper offers a practical blueprint for detailed implementation of the proposal.","PeriodicalId":343955,"journal":{"name":"SRPN: Oil (Topic)","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116449572","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Variation in OPEC and Non-OPEC Crude Oil Production: 1973 to 2010","authors":"Bruce D. Grundy, R. Heaney","doi":"10.2139/ssrn.2912652","DOIUrl":"https://doi.org/10.2139/ssrn.2912652","url":null,"abstract":"The impact of the OPEC cartel on crude oil prices is the subject of considerable discussion in the literature but there is little analysis of what crude oil producing nations actually do. Regime shift tests, using U. S. Energy Information Administration monthly crude oil production data from 1973 to 2010, show evidence of structural change in the time series nature of world production. In particular, there is evidence of increased volatility in monthly production over the periods from 1973 to 1990 and from 1997 to 2003. OPEC production volatility differs considerably from non-OPEC production volatility over the period of this study. Indeed, cluster analysis of individual country production identifies variation in clusters over the study period. While there are a number of country production clusters in the period from 1973 to 1990, which appears to drive results for full period analysis as well, the post 1990 period sees a movement toward one large production cluster including both OPEC and non-OPEC nations. It appears the marked dichotomy between OPEC and non-OPEC producers is no longer relevant to modelling world oil and gas production.","PeriodicalId":343955,"journal":{"name":"SRPN: Oil (Topic)","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133078091","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Fracking, Drilling, and Asset Pricing: Estimating the Economic Benefits of the Shale Revolution","authors":"E. Gilje, Robert Ready, N. Roussanov","doi":"10.2139/ssrn.2876864","DOIUrl":"https://doi.org/10.2139/ssrn.2876864","url":null,"abstract":"We quantify the effect of a significant technological innovation, shale oil development, on asset prices. Using stock returns on major news announcement days allows us to link aggregate stock price fluctuations to shale technology innovations. We exploit cross-sectional variation in industry portfolio returns on days of major shale oil-related news announcements to construct a shale mimicking portfolio. This portfolio can explain a significant amount of variation in aggregate stock market returns, but only during the time period of shale oil development, which begins in 2012. Our estimates imply that $3.5 trillion of the increase in aggregate U.S. equity market capitalization since 2012 can be explained by this mimicking portfolio. Similar portfolios based on major monetary policy announcements do not explain the positive market returns over this period. We also show that exposure to shale oil technology has significant explanatory power for the cross-section of employment growth rates of U.S. industries over this period.","PeriodicalId":343955,"journal":{"name":"SRPN: Oil (Topic)","volume":"90 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124753732","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Effects of Oil Price on Regional Trade in the United States","authors":"Wojciech W. Szewerniak, Yilan Xu, S. Dall’erba","doi":"10.2139/ssrn.2863943","DOIUrl":"https://doi.org/10.2139/ssrn.2863943","url":null,"abstract":"This paper studies the effect of the diesel price on trade flows across space within the United States. Using a structural gravity model with spatially autocorrelated flows applied to the inter-state trade, we find that an increase in diesel price reduces the volume of trade and that this effect increases with the distance between trade partners. Furthermore, such price shock increases trade within a state and with nearby partners. Finally, the social welfare effects of a 10% increase in diesel price vary by states, with the median corresponding to a 0.69% loss in the real GDP or $82 billion nationwide.","PeriodicalId":343955,"journal":{"name":"SRPN: Oil (Topic)","volume":"109 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131072504","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Empirical Study on Time Varying Relationships between Oil Prices, Exchange Market and Stock Market in Kazakhstan Economy","authors":"Do-hyun Kim, S. Chung, Ainur Sundetova","doi":"10.16980/jitc.12.5.201610.49","DOIUrl":"https://doi.org/10.16980/jitc.12.5.201610.49","url":null,"abstract":"In this study, a vector autoregression model with time-varying parameters is considered. The time varying parameter VAR model with stochastic volatility enables us to capture possible changes in underlying structure of the economy in a flexible and robust manner. The Markov chain Monte Carlo method is employed for the estimation. As an empirical application, the time varying parameter VAR model with stochastic volatility is estimated using the transformed data of oil price, stock index and seven different versions of exchange rates in Kazakhstan Tinge with significant structural changes in the dynamic relationship between the macroeconomic variables. The findings are in order. One is that the Kazakhstan economy shows significantly different macroeconomic performance, thus implying the possibility of important structural changes in the economy over time. The other one is that the time-varying impulse responses show remarkable changes in the relations between the macroeconomic variables compared with those estimated by a constant parameter VAR.","PeriodicalId":343955,"journal":{"name":"SRPN: Oil (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129993254","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Understanding the Oil Price Movement: Short versus Long Run Using the Leap Frog Model","authors":"Yosef Bonaparte","doi":"10.2139/ssrn.2841916","DOIUrl":"https://doi.org/10.2139/ssrn.2841916","url":null,"abstract":"This paper studies the oil price movement accounting for time horizon. Historical data demonstrates that the price of oil jumps from one state (condition) to another, remains stable stays for some time, and then jumps again to a new state, a phenomenon that is similar to 'leap frog'. Motivated by this phenomena, we present a model named 'leap frog' to estimate the probability, price, and duration for each price state to predict future oil prices. We find that analyzing the oil price for different time horizons (weekly, monthly, and quarterly) conveys different inferences: the shorter the time horizon, the greater the number of states that the price (frog) may jump (leap) to and the shorter duration in each state. Motivated by these findings, we also study the co-movement between the real economic activity and oil price and find it varies by time horizons, which has implications for measuring economic significance for shocks on oil prices. Finally, we exploit the leap frog model to employ an out of sample approach for trading strategy and yield an 0.035% average monthly excess return over the oil price growth. Collectively, oil price movement should be analyzed based on the time horizon of interest.","PeriodicalId":343955,"journal":{"name":"SRPN: Oil (Topic)","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133276624","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}