This paper develops an econometric framework for the analysis of exploration and production policies of "price-taking" suppliers, and derives theoretically-consistent exploration and output equations for oil which explicitly take account of the oil discovery process and the intertemporal nature of exploration and production decisions. The framework is then applied to an empirical analysis of oi...

We present a new dataset that tracks changes in legal ownership regimes the petroleum sector between 1867 and 2008 for panel of countries. document foreign has been taken over by partnerships as leading regime, while domestic is on rise again recent years. use this to examine whether institutional change leads more oil gas exploration discoveries. On average, switching majority related up quart...

Distinguishing productive zones of a drilled oil well plays a very important role for petroleum engineers to decide where to perforate to produce oil. Conventionally, net pay zones are determined by applying a set of cut-offs on perophysical logs. As a result, the conventional method finds productive intervals crisply. In this investigation, a net index value is proposed, then; diffusivity equa...

Petroleum exploration is an economical activity where many billions of dollars are invested every year. Despite these enormous investments, it is still considered a classical example of decision making under uncertainty. In this paper, a new hybrid fuzzy-probabilistic methodology is proposed and the implementation of a software tool for assessing the risk of petroleum prospects is described. Th...

The oil producing country needs a real view of its oil reserves and the forecasts of production, to cover its annual expenditures. The most influence is on their market value which mostly depends on their reserves. Oil companies can build better investment portfolios or divest in particular fields. Finally, the investors and global bankers seek to use better data for comparing investment opport...

The US shale exploration and production (E&P) industry has grown since 2007 due to the development of new techniques such as hydraulic fracturing and horizontal drilling. As a result, the share of shale gas in the US natural gas production is almost 50%, and the share of tight oil in the US crude oil production is almost 52%. Even though oil and gas prices decreased sharply in 2014, the product...