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The effect of oil prices on offshore production: evidence from the Norwegian Continental Shelf

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Abstract

I use detailed field-level data on Norwegian off-shore oil field production and a semi-parametric additive model to control for the production profile of fields to estimate the effect of oil prices on production. I find no significant evidence of a concurrent reaction of field production to oil prices, though a slight lagged effect is found of the magnitude of approximately 2 to 4% for a 10 dollar per barrel increase in the real price of oil. Most of this effect appears to come in the planning phase of a field’s development.

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  • Mauritzen, Johannes, 2014. "The effect of oil prices on offshore production: evidence from the Norwegian Continental Shelf," Discussion Papers 2014/7, Norwegian School of Economics, Department of Business and Management Science.
    • Handle: RePEc:hhs:nhhfms:2014_007
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    File URL: http://hdl.handle.net/11250/194968
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    Cited by:

    1. Luis Mª Abadie & José M. Chamorro, 2017. "Valuation of Real Options in Crude Oil Production," Energies, MDPI, vol. 10(8), pages 1-21, August.

    More about this item

    Keywords

    Oil prices; offshore production;

    JEL classification:

    • Q00 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - General
    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General

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