EnergyRN: Petroleum (Topic)最新文献

{"title":"Multilayer Network Analysis of Oil Linkages","authors":"R. Casarin, Enrique ter Horst, Germán Molina, R. Espinasa, C. Sucre, R. Rigobón","doi":"10.2139/ssrn.3263535","DOIUrl":"https://doi.org/10.2139/ssrn.3263535","url":null,"abstract":"\u0000 This manuscript proposes a new approach for unveiling existing linkages within the international oil market across multiple driving factors beyond production. A multilayer, multicountry network is extracted through a novel Bayesian graphical vector autoregressive model, which allows for a more comprehensive, dynamic representation of the network linkages than do traditional or static pairwise Granger-causal inference approaches. Building on previous work, the layers of the network include country- and region-specific oil production levels and rigs, both through simultaneous and lagged temporal dependences among key factors, while controlling for oil prices and a world economic activity index. The proposed approach extracts relationships across all variables through a dynamic, cross-regional network. This approach is highly scalable and adjusts for time-evolving linkages. The model outcome is a set of time-varying graphical networks that unveil both static representations of world oil linkages and variations in microeconomic relationships both within and between oil producers. An example is provided, illustrating the evolution of intra- and inter-regional relationships for two major interconnected oil producers: the United States, with a regional decomposition of its production and rig deployment, and the Arabian Peninsula and key Middle Eastern producers, with a country-based decomposition of production and rig deployment, while controlling for oil prices and global economic indices. Production is less affected by concurrent changes in oil prices and the overall economy than rigs. However, production is a lagged driver for prices, rather than rigs, which indicates that the linkage between rigs and production may not be fully accounted for in the markets.","PeriodicalId":438237,"journal":{"name":"EnergyRN: Petroleum (Topic)","volume":"177 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123000766","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":"Learning to Coordinate: A Study in Retail Gasoline","authors":"David P. Byrne, Nicolas de Roos","doi":"10.2139/ssrn.2570637","DOIUrl":"https://doi.org/10.2139/ssrn.2570637","url":null,"abstract":"This paper studies equilibrium selection in the retail gasoline industry. We exploit a unique dataset that contains the universe of station-level prices for an urban market for 15 years, and that encompasses a coordinated equilibrium transition mid-sample. We uncover a gradual, three-year equilibrium transition, whereby dominant firms use price leadership and price experiments to create focal points that coordinate market prices, soften price competition, and enhance retail margins. Our results inform the theory of collusion, with particular relevance to the initiation of collusion and equilibrium selection. We also highlight new insights into merger policy and collusion detection strategies. (JEL G34, L12, L13, L71, L81, Q35)","PeriodicalId":438237,"journal":{"name":"EnergyRN: Petroleum (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128138424","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":"All's Well that Ends Well: Addressing End-of-Life Liabilities for Oil and Gas Wells","authors":"Benjamin Dachis, Blake Shaffer, Vincent Thivierge","doi":"10.2139/SSRN.3044449","DOIUrl":"https://doi.org/10.2139/SSRN.3044449","url":null,"abstract":"The recent downturn in energy prices has shone a spotlight on the issue of cleaning up inactive oil and gas wells. In Alberta, mounting insolvencies have caused the number of “orphaned” wells – i.e., without a financially accountable owner – to balloon from fewer than 100 to 3,200 in the past five years. With low energy prices, that list of wells risks growing longer. Of the roughly 450,000 wells registered in the province, approximately 155,000 are no longer producing but not yet fully remediated. These wells impose potential risks and costs not borne by those who benefited during the productive phase. These include the opportunity cost of taking up land that can’t be used for other purposes, risks to households from released gas and explosions, risks to the local environment from water and soil contamination, and broader risks due to leaking greenhouse gases. Moreover, the cost to clean up wells from no-longer-viable owners has the potential to spill over to surviving firms in the industry and, ultimately, citizens. In a stress test, we estimate the potential social cost of well liabilities to be as high as $8 billion. Alberta, along with other energy producing provinces in Canada, has a system in place to manage the risk of end-of-life well liability. However, a system that worked in the past is now strained under the weight of low prices. In addition, a recent court decision placing financial creditors in higher priority than environmental liabilities has further degraded the efficacy of current policies. This speaks to the need for reform. To its credit, the Alberta government is in the midst of consultations on reforming the province’s well liability policies. In this Commentary, we propose a two-part solution of partial bonding and mandated insurance for existing and new wells. First, we recommend the province introduce an upfront bonding requirement. However, this bonding requirement should be less than the full expected liability cost. This recognizes that society should accept some risk in exchange for greater economic activity, as well as aligning with the time profile of a well’s net asset value. Second, once a well enters the inactive phase, the province should require companies to hold insurance to cover the cost of cleaning up the well. In comparison to a strict time limit on inactive wells, an insurance requirement would allow firms to weigh the increased cost of holding unproductive wells against the potential value of returning them to production. We hope our recommendations are considered by the current Alberta review of end-of-life well policies, due to report by the end of 2017.","PeriodicalId":438237,"journal":{"name":"EnergyRN: Petroleum (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134021299","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":"BP: Beyond Petroleum","authors":"Gerry Yemen, M. Lenox, Jared D. Harris","doi":"10.1108/CASE.DARDEN.2016.000048","DOIUrl":"https://doi.org/10.1108/CASE.DARDEN.2016.000048","url":null,"abstract":"Suitable for MBA, EMBA, and executive education programs, this case uses the complexities of the oil industry to set the stage to unfold a stakeholder analysis on BP's growth and opportunity in the renewable energy sector. This public sourced case offers a discussion about the firm's overall strategy, post Gulf Oil spill, moving forward. The case describes how within a single decade, BP had emerged as one of the largest energy companies in the world. Within that scope, BP had an odd achievement: It had been building an alternative energy business and had gained a reputation as being an oil company with a regard for the environment. Then a series of preventable accidents, in the United States in particular, started to chip away at the firm's status. In a matter of five years, BP went from celebrating its most profitable period to finding itself selling assets while industry watchers wondered whether the company would survive after being responsible for the largest oil spill in the United States. Shortly following the Gulf oil spill, Robert Dudley, a legacy Amoco executive, was appointed to replace Tony Hayward, the beleaguered BP group chief executive and director. Besides the oil spill and ongoing cleanup, Dudley had slumping revenues (even before the Deepwater tragedy) and a huge rebuilding task ahead of him. Not only did he have a multinational energy company to run, but Robert Dudley had to rehabilitate the Gulf of Mexico ecosystem, compensate all who suffered loss as a result of the damage, and repair the firm's shabby reputation. Dudley needed to implement a sound long-term strategy. How would his former division—renewable energy and alternative activities—fit into his plans?","PeriodicalId":438237,"journal":{"name":"EnergyRN: Petroleum (Topic)","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125617274","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":"Chain of Cointegration in the Refined Products Market: From Crude Oil Spot to Gasoline Futures","authors":"Hamed Ghoddusi","doi":"10.2139/ssrn.2820227","DOIUrl":"https://doi.org/10.2139/ssrn.2820227","url":null,"abstract":"Using multiple econometrics methods, this paper examines the cointegration and causality relationships between the futures prices of gasoline and the spot prices of two major types of crude oil (i.e. WTI and Brent). The existence of cointegration between prices in adjacent markets, crude oil spot and gasoline spot as well as gasoline spot and gasoline futures, has been shown by the previous research. Our research extends the literature by scrutinizing the transitivity property of cointegration in the chain of crude oil spot, gasoline spot, and gasoline futures markets. Among other results, we observe a bi-directional short-term causality between crude oil and gasoline prices. However, we only find a uni-directional long-run causality from gasoline futures contracts to crude oil spot prices (and not vice versa). Consistent with the latter, the impulse responses of gasoline futures prices to crude oil spot shocks are decaying; whereas, the response of spot prices to shocks to all gasoline futures prices is persistent. We also report some distinctions between the estimated cointegration vectors for WTI and Brent crude oil types.","PeriodicalId":438237,"journal":{"name":"EnergyRN: Petroleum (Topic)","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134549042","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":"Развитие Нефтяного Сектора Экономики России: Основные Тенденции и Государственная Политика (The Development of the Oil Sector of the Russian Economy: Main Trends and Public Policy)","authors":"Yu. Bobylev, O. Rasenko","doi":"10.2139/SSRN.2806960","DOIUrl":"https://doi.org/10.2139/SSRN.2806960","url":null,"abstract":"Russian Abstract: Нефтяной сектор относится к числу базовых в экономике России и играет ведущую роль в формировании государственных доходов и торгового баланса страны. В работе проанализированы основные тенденции развития российского нефтяного сектора, включая добычу и переработку нефти, нефтяной экспорт, внутреннее потребление нефти, цены на нефть и нефтепродукты, государственное регулирование. Предложены меры государственной политики, обеспечивающие дальнейшее развитие нефтяного сектора экономики России.English Abstract: The oil sector is one of the base in the Russian economy and plays a leading role in the formation of government revenues and the country's trade balance. This paper analyzes the main trends in the Russian oil sector, including the production and processing of crude oil, petroleum exports, domestic consumption of oil, the price of oil and petroleum products, government regulation. Proposed public policy measures to ensure the further development of the oil sector of the Russian economy.","PeriodicalId":438237,"journal":{"name":"EnergyRN: Petroleum (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127454856","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":"Legal Issues in Oil and Gas","authors":"Nathan Tsormetsri","doi":"10.2139/SSRN.2596343","DOIUrl":"https://doi.org/10.2139/SSRN.2596343","url":null,"abstract":"A critical discussion of the major elements and trends in production sharing agreements over the period since 1955, and with the emphasis on modern and contemporary issues in Nigeria.","PeriodicalId":438237,"journal":{"name":"EnergyRN: Petroleum (Topic)","volume":"2367 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130409975","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":"Indonesia’s Gasoline Subsidy Cut, Road Availability and Their Impact on Micro and Small Industry Productivity","authors":"Fadil Wirawan, Anggoro Budi Nugroho","doi":"10.2139/ssrn.3732498","DOIUrl":"https://doi.org/10.2139/ssrn.3732498","url":null,"abstract":"Gasoline subsidy is part of the energy subsidies program that has contributed a significant fiscal burden on the government of Indonesia. A radical gasoline subsidy reform was initially announced on 31 December 2014 and implemented as of January 2015. The reform was designed to restrict fossil-fuel subsidies becoming a liability in future budgets by entirely removing the subsidy on Premium (RON 88) gasoline. Although energy subsidy is perceived as a form of social assistance, many of Indonesia’s energy subsidies are found benefiting higher income groups excessively, because of a lack of distribution strategy. Up to now, no detailed studies had yet been published about the impact of the June 2013 price reforms for gasoline on micro-small industries. Therefore the likely impact of January 2015 entire subsidy removal on Premium gasoline and followed by infrastructure development remains unknown. In this study, panel data observation was conducted to study combinations of time-series data (2010-2013) and cross-sectional data (23 subsectors industry). Therefore, the research outcomes are expected to give more informative data, more variability, less collinearity among variables, more degrees of freedom and more efficiency. According to observation, 17 out of 23 micro-small industry’s subsectors would still positively grow their production indices during reduction gasoline subsidy and less rapid new road development. There are three recommendations that would like to be proposed to the government based on the outcome of the observation. First, the Indonesian government should reallocate a proportion of the gasoline subsidy funds for the development of infrastructure such as roads especially in rural areas where the majority of micro-small industries are located and marketing their products. Second, the government has to provide technical as well as financial assistance for improving energy efficiency and modernizing production systems. Third, the government must support feasible micro-small industries by increasing accessibility to bank financing. Two recommendations are suggested to micro-small industries players. Firstly, immediate action to minimize impact subsidy removal. Secondly, observe a long term anticipation of higher energy prices by actively consulting to the government related organizations, universities, larger enterprises, and non-governmental organizations. As final points, recommendations to society are buying micro-small industries’ products or services, transferring knowledge of technologies to micro-small industries and conducting researches related to micro-small sectors.","PeriodicalId":438237,"journal":{"name":"EnergyRN: Petroleum (Topic)","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115050200","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":"Crude Oil Discovery and Exploitation: The Bane of Manufacturing Sector Development in an Oil‐Rich Country, Nigeria","authors":"S. Edo","doi":"10.1111/opec.12005","DOIUrl":"https://doi.org/10.1111/opec.12005","url":null,"abstract":"This paper investigates the impact of crude oil boom on the economy of Nigeria particularly the manufacturing sector. In the study, a descriptive analysis of the three major sectors of the economy is undertaken followed by the formulation of a vector autoregression model depicting the relationship existing among the sectors - resource, manufacturing and service. The model was subsequently estimated using appropriate techniques such as unit root test, cointegration test, causality test, variance decomposition and parametric estimation. The unit root and cointegration tests reveal that the data series employed are reliable and the three sectors are most likely to converge in the long run, which augurs well for policy making. The causality test, variance decomposition and parametric estimation reveal that the oil boom led to significant stagnation in the manufacturing sector and a marginal decline in the service sector. The growth of manufacturing sector of Nigeria has thus been severely impaired by the oil boom. In light of this, adequate policy measures need to be taken to resuscitate the manufacturing sector. These measures may include attracting more foreign investment, reducing operating cost in the sector, developing local sources of raw materials, and allocation of more funds from the crude oil revenue to assist the sector. These policy measures may not only resuscitate the manufacturing sector, they would also accelerate growth of the economy as a whole.","PeriodicalId":438237,"journal":{"name":"EnergyRN: Petroleum (Topic)","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124869750","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":"Sustaining Competitive Advantage in the Global Petrochemical Industry: A Saudi Arabian Perspective","authors":"Salem M. Al-Ghamdi, M. S. Sohail","doi":"10.1504/JIBED.2006.011948","DOIUrl":"https://doi.org/10.1504/JIBED.2006.011948","url":null,"abstract":"This paper analyses the competitive advantages of Saudi Arabia in the global petrochemical industry. Porter's model is used for this purpose. Saudi Arabia, a leading producer of oil, is also the largest worldwide producer of a number of petrochemical products. Competitiveness in the global market demands an examination of comparative advantages and is the reason why Saudi Arabia is yet to succeed in the global market. This paper is an attempt to analyse the industry and to provide strategic alternatives.","PeriodicalId":438237,"journal":{"name":"EnergyRN: Petroleum (Topic)","volume":"332 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114002499","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}