Bottom-up modeling of oil production: A review of approaches

Kristofer Jakobsson, Bengt Söderbergh, Simon Snowden and Kjell Aleklett

Energy Policy, 2014, vol. 64, issue C, 113-123

Abstract: Bottom-up models of oil production are continuously being used to guide investments and policymaking. Compared to simpler top-down models, bottom-up models have a number of advantages due to their modularity, flexibility and concreteness. The purposes of this paper is to identify the crucial modeling challenges, compare the different ways in which nine existing models handle them, assess the appropriateness of these models, and point to possibilities of further development. The conclusions are that the high level of detail in bottom-up models is of questionable value for predictive accuracy, but of great value for identifying areas of uncertainty and new research questions. There is a potential for improved qualitative insights through systematic sensitivity analysis. This potential is at present largely unrealized.

Keywords: Oil production; Bottom-up modeling; Methodology (search for similar items in EconPapers)
Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0301421513009671
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:enepol:v:64:y:2014:i:c:p:113-123

DOI: 10.1016/j.enpol.2013.09.043

Access Statistics for this article

Energy Policy is currently edited by N. France

More articles in Energy Policy from Elsevier
Bibliographic data for series maintained by Catherine Liu ().