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Using a 'Hybrid' Approach to Model Oil and Gas Supply: A Case Study of the Gulf of Mexico Outer Continental Shelf

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  • Margaret A. Walls

Abstract

"Hybrid" models of oil and gas supply combine an econometric model of exploration activity with a geologic/engineering model of the discovery process. The advantages of such models over either purely econometric or purely geologic/engineering approaches are their recognition of the regularities in the discovery process, their use of historical data to test the implications of the models, and their ability to generate time series forecasts without incorporating ad hoc constraints. A hybrid model of oil and gas supply on the Gulf of Mexico Outer Continental Shelf is developed and used to forecast future supplies to the year 2000.

Suggested Citation

  • Margaret A. Walls, 1994. "Using a 'Hybrid' Approach to Model Oil and Gas Supply: A Case Study of the Gulf of Mexico Outer Continental Shelf," Land Economics, University of Wisconsin Press, vol. 70(1), pages 1-19.
    • Handle: RePEc:uwp:landec:v:70:y:1994:i:1:p:1-19
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    Cited by:

    1. Managi, Shunsuke & Opaluch, James J. & Jin, Di & Grigalunas, Thomas A., 2006. "Stochastic frontier analysis of total factor productivity in the offshore oil and gas industry," Ecological Economics, Elsevier, vol. 60(1), pages 204-215, November.
    2. Navarre, Jeremy T. & Frazier, Jeremy A., 2022. "Econometric analysis of factors influencing commercial helicopter operators’ stock returns in the gulf of Mexico," Journal of Air Transport Management, Elsevier, vol. 99(C).
    3. Chen, Yan, 2021. "Evaluating the influence of energy prices on tight oil supply with implications on the impacts of COVID-19," Resources Policy, Elsevier, vol. 73(C).
    4. Brandt, Adam R., 2010. "Review of mathematical models of future oil supply: Historical overview and synthesizing critique," Energy, Elsevier, vol. 35(9), pages 3958-3974.
    5. Zhao, Xu & Dahl, Carol A. & Luo, Dongkun, 2019. "How OECD countries subsidize oil and natural gas producers and modeling the consequences: A review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 104(C), pages 111-126.
    6. Toman, Michael & Krautkraemer, Jeffrey, 2003. "Fundamental Economics of Depletable Energy Supply," RFF Working Paper Series dp-03-01, Resources for the Future.
    7. Dahl, Carol & Duggan, Thomas E., 1998. "Survey of price elasticities from economic exploration models of US oil and gas supply," Journal of Energy Finance & Development, Elsevier, vol. 3(2), pages 129-169.
    8. Iledare, Omowumi O. & Pulsipher, Allan G., 1999. "Sources of change in petroleum drilling productivity in onshore Louisiana in the US, 1977-1994," Energy Economics, Elsevier, vol. 21(3), pages 261-271, June.
    9. Rao, Raghavendra D., 2000. "An integrated modelling framework for exploration and extraction of petroleum resources," Resources Policy, Elsevier, vol. 26(3), pages 133-143, September.

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