Modeling oil production and its peak by means of a stochastic diffusion process based on the Hubbert curve

Luz-Sant’Ana, Istoni, Patricia Román-Román and Francisco Torres-Ruiz

Energy, 2017, vol. 133, issue C, 455-470

Abstract: The present paper introduces a new diffusion process for the purpose of modeling a Hubbert-type behavior pattern. The main features of the process will be analyzed and the maximum likelihood estimation of the parameters will be carried out through discrete sampling. To this end, a complex system of equations must be solved through numerical procedures, requiring the search for an appropriate initial solution. To this end, we propose three search procedures.

Keywords: Hubbert curve; Oil production model; Hubbert diffusion process; First-passage-time (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:energy:v:133:y:2017:i:c:p:455-470

DOI: 10.1016/j.energy.2017.05.125

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