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Production costs of global conventional and unconventional petroleum

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  • Aguilera, Roberto F.
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    Abstract

    Concerns about the costs of developing oil and gas from conventional and unconventional formations have led many commentators to assume that increasing prices are in the offing and may be a limiting factor for economic growth. Historically, production costs have fluctuated as influenced by the cost-increasing effects of depletion versus the cost-reducing effects of technological progress. This paper aims to review several methods for assessing current and long-term costs. Despite the uncertainty of such estimation, evidence shows that production costs in the foreseeable future might not increase dramatically and actually could decrease as petroleum development methods improve and additional supplies come online. Recent examples include the commercially viable production of unconventional oil and gas resources that has kept energy prices contained.

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    Bibliographic Info

    Article provided by Elsevier in its journal Energy Policy.

    Volume (Year): 64 (2014)
    Issue (Month): C ()
    Pages: 134-140

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    Handle: RePEc:eee:enepol:v:64:y:2014:i:c:p:134-140

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    Web page: http://www.elsevier.com/locate/enpol

    Related research

    Keywords: Conventional and unconventional petroleum; Production costs; Cumulative availability curves;

    References

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    1. Nico Bauer & Ottmar Edenhofer & Socrates Kypreos, 2008. "Linking energy system and macroeconomic growth models," Computational Management Science, Springer, vol. 5(1), pages 95-117, February.
    2. Yeh, Sonia & Rubin, Edward S., 2012. "A review of uncertainties in technology experience curves," Energy Economics, Elsevier, vol. 34(3), pages 762-771.
    3. Roberto F. Aguilera, 2012. "The economics of oil and gas supply in the Former Soviet Union," International Journal of Global Energy Issues, Inderscience Enterprises Ltd, vol. 35(6), pages 480-493.
    4. Roberto F. Aguilera & Roderick G. Eggert & Gustavo Lagos C.C. & John E. Tilton, 2009. "Depletion and the Future Availability of Petroleum Resources," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 141-174.
    5. William D. Nordhaus, 2009. "The Perils of the Learning Model For Modeling Endogenous Technological Change," NBER Working Papers 14638, National Bureau of Economic Research, Inc.
    6. Aguilera, Roberto F. & Ripple, Ronald D., 2012. "Technological progress and the availability of European oil and gas resources," Applied Energy, Elsevier, vol. 96(C), pages 387-392.
    7. Rubin, Edward S. & Yeh, Sonia & Antes, Matt & Berkenpas, Michael & Davison, John, 2007. "Use of experience curves to estimate the future cost of power plants with CO2 capture," Institute of Transportation Studies, Working Paper Series qt46x6h0n0, Institute of Transportation Studies, UC Davis.
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