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Technological progress and the availability of European oil and gas resources

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  • Aguilera, Roberto F.
  • Ripple, Ronald D.

Abstract

This paper estimates supply cost curves for conventional oil and gas in Europe. Oil and gas volumes are distributed across five categories that are based on production costs. The resulting supply figures are intended to be long term representations of how quantities vary with production costs. Both economic and physical measures are used since each provides practical information with respect to the concerns some energy commentators have expressed about oil and gas scarcity in the near future. Supply cost curves incorporating the effect of annual technological advancement (i.e. productivity gains) on production costs to the year 2030 are also estimated. On the quantity side, the curves include volumes from geological provinces not previously assessed. Results indicate that conventional oil and gas in Europe is abundant and can likely be produced at costs below current and projected market oil and gas prices.

Suggested Citation

  • 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.
    • Handle: RePEc:eee:appene:v:96:y:2012:i:c:p:387-392
    DOI: 10.1016/j.apenergy.2012.02.069
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    1. repec:cdl:itsdav:qt46x6h0n0 is not listed on IDEAS
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    3. Tsuboi, Mizuki, 2019. "Resource scarcity, technological progress, and stochastic growth," Economic Modelling, Elsevier, vol. 81(C), pages 73-88.
    4. Aguilera, Roberto F., 2014. "Production costs of global conventional and unconventional petroleum," Energy Policy, Elsevier, vol. 64(C), pages 134-140.
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