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Determinants of the Timing and Incidence of Exploratory Drilling on Offshort Wildcat Tracts

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  • Kenneth Hendricks
  • Robert H. Porter

Abstract

This paper documents exploratory drilling activity on offshore wildcat oil and gas leases in the Gulf of Mexico that were sold between 1954 and 1990, with emphasis on the period before 1980. For each year of the lease, we study the determinants of the decision whether or not to begin exploratory drilling, and the outcome of any drilling activity. Our results indicate that equilibrium predictions of plausible noncooperative models are reasonably accurate, and more descriptive than those of cooperative models of drilling timing. We discuss why noncooperative behavior may occur, and the potential gains from coordination.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4605.

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Date of creation: Dec 1993
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Publication status: published as Hendricks, Kenneth and Robert H. Porter. "The Time And Incidence Of Exploratory Drilling On Offshore Wildcat Tracts," American Economic Review, 1996, v86(3,Jun), 388-407.
Handle: RePEc:nbr:nberwo:4605

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  1. Hendricks, Kenneth & Porter, Robert H, 1988. "An Empirical Study of an Auction with Asymmetric Information," American Economic Review, American Economic Association, American Economic Association, vol. 78(5), pages 865-83, December.
  2. Peter C. Reiss, 1990. "Economic and Financial Determinants of Oil and Gas Exploration Activity," NBER Chapters, in: Asymmetric Information, Corporate Finance, and Investment, pages 181-206 National Bureau of Economic Research, Inc.
  3. Paddock, James L & Siegel, Daniel R & Smith, James L, 1988. "Option Valuation of Claims on Real Assets: The Case of Offshore Petroleum Leases," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 103(3), pages 479-508, August.
  4. Case, Anne C, 1991. "Spatial Patterns in Household Demand," Econometrica, Econometric Society, Econometric Society, vol. 59(4), pages 953-65, July.
  5. Wiggins, Steven N & Libecap, Gary D, 1985. "Oil Field Unitization: Contractual Failure in the Presence of Imperfect Information," American Economic Review, American Economic Association, American Economic Association, vol. 75(3), pages 368-85, June.
  6. Hendricks, Kenneth & Porter, Robert H, 1992. "Joint Bidding in Federal OCS Auctions," American Economic Review, American Economic Association, American Economic Association, vol. 82(2), pages 506-11, May.
  7. Libecap, Gary D & Wiggins, Steven N, 1985. "The Influence of Private Contractual Failure on Regulation: The Case of Oil Field Unitization," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 93(4), pages 690-714, August.
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Cited by:
  1. Lin, C.-Y. Cynthia, 2009. "Estimating strategic interactions in petroleum exploration," Energy Economics, Elsevier, Elsevier, vol. 31(4), pages 586-594, July.

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