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Структура Акционерного Капитала И Степень Эксплуатации Нефтяных Месторождений // Share-Ownership Distribution And Extraction Rate Of Petroleum In Oil Fields

Author

Listed:
  • L. Marsiliani

    (Durham University Business School)

  • X. Liu

    (Durham University Business School)

  • Л. Марсилиани

    (Школа бизнеса Даремского университета)

  • К. Лю

    (Школа бизнеса Даремского университета)

Abstract

We investigate the role of ownership distribution in determining the extraction rates of oil fields. We formulate an empirical equation where the percentage stake of the largest licensee and the percentage share held by the largest shareholder in the dominant company enter as dependent variables. Our sample consists of 44 oil fields in UK Continental Shelf over the period 1997-2001. We employ both fixed-effects and random-effects panel data models. The main results show that the share ownership of the largest licensee and the largest shareholder of its multinational company both have a positive and significant effect on the extraction rate. Moreover, we confirm the role of typical control variables: pay thickness has negative impact on the extraction rate, while remaining reserves are positively correlated with extraction rate. The sensitivity analysis shows that our results are robust to alterative sample selections and model specifications. В работе исследуется роль структуры собственности в определении степени эксплуатации нефтяных месторождений. С этой целью сформулировано эмпирическое уравнение, где процентная доля акций крупнейшего лицензиата и процентная доля крупнейшего акционера в доминирующей компании были введены в качестве зависимых переменных. Наша выборка состоит из 44 месторождений нефти на британском континентальном шельфе за период 1997-2001 гг. Использовано две модели - с фиксированными и случайными эффектами. Основные результаты показывают, что процентная доля акций крупнейшего лицензиата и процентная доля крупнейшего акционера в его многонациональной компании имеют положительное и существенное влияние на степень эксплуатации месторождения. Кроме того, подтвердилась роль типовых контрольных переменных: эффективная мощность пласта оказывает негативное влияние на степень экстракции, в то время как оставшиеся запасы положительно коррелируют со степенью экстракции. Анализ чувствительности показывает, что наши результаты являются устойчивыми в случае применения другой выборки и альтернативной спецификации модели.

Suggested Citation

  • L. Marsiliani & X. Liu & Л. Марсилиани & К. Лю, 2017. "Структура Акционерного Капитала И Степень Эксплуатации Нефтяных Месторождений // Share-Ownership Distribution And Extraction Rate Of Petroleum In Oil Fields," Review of Business and Economics Studies // Review of Business and Economics Studies, Финансовый Университет // Financial University, vol. 5(1), pages 42-53.
    • Handle: RePEc:scn:00rbes:y:2017:i:1:p:42-53
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