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Costs of Aggregate Hydrocarbon Reserve Additions

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  • M.A. Adelman and G. Campbell Watkins

Abstract

`Oil Equivalence' is widely used to measure total hydrocarbon activity. Natural gas is converted to oil using a fixed factor, usually based on thermal measurement. In turn, expenditures on oil and gas are divided by such `oil equivalence' volumes to define unit costs, especially of reserve additions. This approach lacks economic content. We show its implicit assumptions and constraints, and develop an alternative aggregation method using index numbers, with an example.

Suggested Citation

  • M.A. Adelman and G. Campbell Watkins, 2004. "Costs of Aggregate Hydrocarbon Reserve Additions," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3), pages 37-52.
  • Handle: RePEc:aen:journl:2004v25-03-a03
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    Cited by:

    1. Bridgman, Benjamin & Gomes, Victor & Teixeira, Arilton, 2011. "Threatening to Increase Productivity: Evidence from Brazil's Oil Industry," World Development, Elsevier, vol. 39(8), pages 1372-1385, August.
    2. James L. Smith, 2015. "Valuing Barrels of Oil Equivalent," The Energy Journal, International Association for Energy Economics, vol. 0(Adelman S).

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    JEL classification:

    • F0 - International Economics - - General

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