A REGIONAL MODEL OF OIL AND GAS EXPLORATION IN THE UKCS

Alexander Kemp and Sola Kasim

Scottish Journal of Political Economy, 2006, vol. 53, issue 2, 198-221

Abstract: Existing exploration–discovery models are generally characterised by equations describing the behaviour of exploration, success rates, and discoveries. The present paper adds two equations describing the behaviour of finding costs and exploration efficiency. The model was disaggregated along regional lines. Applying the model to UK Continental Shelf data over the period 1964–2002 produced results that supported the new approach. Analysis of the model dynamics and simulation forecast reveals similarities, but also important differences in the responsiveness of activity in the regions to policy multipliers, implying that uniform policy instruments will produce unequal responses in areas with different levels of maturity.

Date: 2006
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https://doi.org/10.1111/j.1467-9485.2006.00376.x

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Persistent link: https://EconPapers.repec.org/RePEc:bla:scotjp:v:53:y:2006:i:2:p:198-221

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