|dc.contributor||Rosendahl, Knut Einar||
|dc.contributor||Aune, Finn Roar||
|dc.identifier.citation||Investment behaviour in the international oil and gas industry : essays in empirical petroleum economics by Klaus Mohn, Stavanger : University of Stavanger, 2008 (PhD thesis UiS, no. 51)||no_NO
|dc.description||PhD thesis in Finance||no_NO
|dc.description||This thesis is based on the overview and 6 articles.
The articles are:
1) Mohn, K. & Osmundsen, P. (2008) Exploration economics in a regulated petroleum province. Energy Economics, 30(2), 303-320.
2) Mohn, K. (2008) Efforts and Efficiency in Oil Exploration: A Vector Error-Correction Approach. The Energy Journal, 29(4), pp. 53-78
3) Mohn, K. and Misund, B. (2009) Investment and uncertainty in the international oil and gas industry. Energy Economics, 31(2), 240-248.
4) Mohn, K. and Misund, B. (2011) Shifting sentiments inoil and gas investment: an application to the oil industry. Applied Financial Economics, 21(7), 469-479.
5) Aune, F.R.; Mohn, K., Osmundsen, P. and Rosendahl, K.E. (2010) Financial market pressure, tacit collusion, and oil price formation. Energy Economics 32(2), 389-398.
6) Mohn, K., Asche, F., Misund. B. and Osmundsen, P. (2006) Valuation of international oil companies. The Energy Journal, 27(3), pp. 49-64||
|dc.description.abstract||High growth and welfare aspirations will require massive energy investment
in the years ahead of us, especially in the non-OECD area. With more than 60
per cent of primary energy supply, oil and natural gas play a dominant role in
today’s global energy market. Even with high ambitions to contain
greenhouse gas emissions and arrest global warming, petroleum is likely to
remain an important source of energy in a 20-year perspective. A good
understanding of the investment process among oil and gas companies is
important to grasp the full picture of oil and gas supply. Insights from oil and
gas investment studies may translate into policies to improve the security of
energy supply, to promote energy efficiency and economic growth, and to pull
people out of poverty through the extension of affordable energy.
In petro-states like Norway, oil and gas investments play an important role for
macroeconomic fluctuations in the short to medium term. A proper
understanding of investment behaviour in the oil and gas industry is therefore
useful for economists, market analysts, policy-makers, and everyone who
takes an interest in economic and financial market fluctuations. Moreover,
strategies for resource management become important for any country rich in
petroleum resources. In this context, the links between exploration, reserve
accumulation, field development and production become important both to
corporate strategists and to policy-makers.
Profit maximisation is the key behavioural assumption for international oil
and gas companies, as for most other industries. However, some features are
specific to oil and gas production. The reserve concept is unique to nonrenewable
resource industries, and so is exploration activity. High capital
intensity, imperfect competition, and extensive political attention are some
other distinguishing characteristics. Industry-specific methods and tailored
analyses are therefore required. Combining industry-specific theories of
investment behaviour with the best statistical methods available, this thesis
adds new empirical insights on issues of capital formation and interaction
between companies and markets in the international oil and gas industry. [...]||no_NO
|dc.publisher||University of Stavanger, Norway||no_NO
|dc.relation.ispartofseries||PhD thesis UiS;51||
|dc.rights||Copyright the author, all right reserved||
|dc.title||Investment behaviour in the international oil and gas industry : essays in empirical petroleum economics||no_NO
|dc.subject.nsi||VDP::Social science: 200::Economics: 210||no_NO