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| 1 |
ID:
111413
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| Publication |
2012.
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| Summary/Abstract |
We model the dynamically optimal oil production on Iran's offshore Soroosh and Nowrooz fields, which have been developed by Shell Exploration through a buy-back service contract. In particular, we examine the National Iranian Oil Company's (NIOC) actual and contractual oil production behavior and compare it to the production profile that would have been optimal under the conditions of the contract. We find that the contract's production profile is different from optimal production profile for most discount rates, and that the NIOC's actual behavior is inefficient-its production rates have not maximized profits. Because the NIOC's objective is purported to be maximizing cumulative production instead of the present discounted value of the entire stream of profits, we also compare the NIOC's behavior to the production profile that would maximize cumulative production. We find that even though what the contract dictates comes close to maximizing cumulative production, the NIOC has not been achieving its own objective of maximizing cumulative production.
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| 2 |
ID:
104956
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2011.
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| Summary/Abstract |
This paper estimates the social rate of return to research and development (R&D) in the energy manufacturing industry. Our model tries to quantify the positive contribution that lagged R&D has on total factor productivity (TFP) growth in the manufacturing of coal, petroleum products and nuclear fuel for a number of OECD countries. Using a panel of data from the OECD STAN database we are able to obtain results suggesting that R&D has a positive and significant rate of return that varies for each country.
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| 3 |
ID:
111381
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| Publication |
2012.
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| Summary/Abstract |
We model the economically optimal dynamic oil production decisions for seven production units (fields) on Alaska's North Slope. We use adjustment cost and discount rate to calibrate the model against historical production data, and use the calibrated model to simulate the impact of tax policy on production rate. We construct field-specific cost functions from average cost data and an estimated inverse production function, which incorporates engineering aspects of oil production into our economic modeling. Producers appear to have approximated dynamic optimality. Consistent with prior research, we find that changing the tax rate alone does not change the economically optimal oil production path, except for marginal fields that may cease production. Contrary to prior research, we find that the structure of tax policy can be designed to affect the economically optimal production path, but at a cost in net social benefit.
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