Petroleum Exploration and Production Rights : Allocation Strategies and Design Issues
Petroleum has become an integral part of today's global economy and a key component of many national economies. Hence, the presence of petroleum in meaningful quantities can have important economic, developmental, and strategic consequences fo...
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| Language: | English |
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World Bank
2012
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| Online Access: | http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333038_20100218232459 http://hdl.handle.net/10986/2701 http://hdl.handle.net/10986/5954 |
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okr-10986-5954 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ACCESS TO INFORMATION ACCOUNTING AFFILIATED ORGANIZATIONS AMORTIZATION AUCTION AUCTIONS BARGAINING BARGAINING POWER BID BIDDERS BIDS BONDS BORROWING BUYBACKS CAPITAL ALLOCATION CAPITAL INVESTMENT CASH FLOWS CASH OUTFLOW CASH PAYMENT CLIMATE CHANGE COLLUSION COMPETITIVE BIDDING COMPETITIVENESS CONCESSION CONSUMPTION RATES CONTRACT RENEGOTIATION CORPORATE INCOME TAX CORPORATE INCOME TAXES CORPORATE TAX RATE CREDIBILITY CRUDE OIL DEBT DEPOSITS DEVELOPING COUNTRIES DEVELOPMENT POLICY DISCOUNT RATE DOMESTIC MARKET DRILLING DUTCH AUCTION ECONOMIC CONDITIONS ECONOMIC EFFICIENCY ECONOMIC GROWTH ECONOMIC RENT ECONOMIC RENTS ECONOMIC RISKS ECONOMICS ENERGY INFORMATION ADMINISTRATION ENVIRONMENTAL PROTECTION EQUIPMENT EXCHANGE COMMISSION EXCHANGE RATE EXCLUSIVE RIGHTS EXPECTED VALUE EXPENDITURE EXPENDITURES EXPLORATION DRILLING EXPLORATORY WELL EXTERNALITIES EXTRACTION FINANCIAL RISKS FISCAL ARRANGEMENTS FISCAL INCENTIVES FISCAL REGIME FISCAL SYSTEM FISCAL TERMS FOREIGN EXCHANGE GAS COMPANY GAS EXPLORATION GAS FIELD GAS FLARING GAS FLARING REDUCTION GAS PRICE GAS PRICES GAS RESERVES GAS RESOURCES GEOLOGICAL SURVEYS GEOPHYSICAL DATA GLOBAL ECONOMY GLOBAL MARKET GOVERNMENT REVENUE GOVERNMENT REVENUES GOVERNMENT · SUPPORTS HOST COUNTRY HOST GOVERNMENT HOST GOVERNMENTS HYDROCARBON EXPLORATION HYDROCARBON LAW HYDROCARBONS IMAGING TECHNOLOGY IMPERFECT INFORMATION INCOME TAX INCOME TAXES INEFFICIENCY INFORMATION ASYMMETRIES INFORMATION ASYMMETRY INFRASTRUCTURE INVESTMENTS INTANGIBLE INTERNATIONAL BANK INTERNATIONAL MARKET INVESTING INVESTMENT AGREEMENTS INVESTMENT ALLOWANCES INVESTMENT DECISIONS INVESTMENT ENVIRONMENT JOB CREATION JOINT VENTURES LACK OF TRANSPARENCY LANDOWNER LEVEL OF RISK LIQUID PETROLEUM LIQUID PETROLEUM GAS LNG LOCAL INFRASTRUCTURE MACROECONOMIC EFFECTS MACROECONOMIC POLICIES MACROECONOMIC STABILITY MARKET CONDITIONS MARKET MECHANISMS MARKET PARTICIPANTS MARKET PRICES MARKET SEGMENTATION MARKET STRUCTURE MATURITIES MATURITY MINERAL MINISTRY OF PETROLEUM MONETARY FUND NATIONAL ECONOMIES NATIONAL OIL NATURAL GAS NATURAL RESOURCES NPV OIL OIL AND GAS OIL COMPANIES OIL COMPANY OIL INDUSTRY OIL PRICE OIL PRICE CHANGES OIL RECOVERY PETROLEUM PETROLEUM COMPANY PETROLEUM DEVELOPMENT PETROLEUM EXPLORATION PETROLEUM GEOLOGISTS PETROLEUM GEOLOGY PETROLEUM PRODUCING PETROLEUM PRODUCING COUNTRIES PETROLEUM RESERVES PETROLEUM RESOURCES PETROLEUM SECTOR PETROLEUM SHARING AGREEMENT PETROLEUM SHARING CONTRACT POLITICAL RISKS PORTFOLIO POTENTIAL INVESTORS PRICE CHANGES PRIVATE INVESTORS PRODUCTION COSTS PRODUCTION SHARING CONTRACTS PROFIT SHARING PROFITABILITY RATE OF RETURN RATES OF RETURN REFINERIES REFINERY REGULATORY REFORM RENTS RESERVE RESERVES RESERVOIR RESERVOIR CHARACTERISTICS RESERVOIRS RESOURCE ALLOCATION RETURN ON INVESTMENT RETURNS RISK AVERSE RISK MANAGEMENT RISK PREMIUM RISK PROFILE RISKY BUSINESS ROYALTY ROYALTY RATES SECONDARY MARKETS SHAREHOLDERS SOCIAL BENEFITS SURPLUS VALUE TAX TAX PAYMENTS TAX REGIME TAX REVENUE TAXABLE INCOME TAXATION TENDERS TIME VALUE OF MONEY TRANSPARENCY VALUATION WEALTH |
| spellingShingle |
ACCESS TO INFORMATION ACCOUNTING AFFILIATED ORGANIZATIONS AMORTIZATION AUCTION AUCTIONS BARGAINING BARGAINING POWER BID BIDDERS BIDS BONDS BORROWING BUYBACKS CAPITAL ALLOCATION CAPITAL INVESTMENT CASH FLOWS CASH OUTFLOW CASH PAYMENT CLIMATE CHANGE COLLUSION COMPETITIVE BIDDING COMPETITIVENESS CONCESSION CONSUMPTION RATES CONTRACT RENEGOTIATION CORPORATE INCOME TAX CORPORATE INCOME TAXES CORPORATE TAX RATE CREDIBILITY CRUDE OIL DEBT DEPOSITS DEVELOPING COUNTRIES DEVELOPMENT POLICY DISCOUNT RATE DOMESTIC MARKET DRILLING DUTCH AUCTION ECONOMIC CONDITIONS ECONOMIC EFFICIENCY ECONOMIC GROWTH ECONOMIC RENT ECONOMIC RENTS ECONOMIC RISKS ECONOMICS ENERGY INFORMATION ADMINISTRATION ENVIRONMENTAL PROTECTION EQUIPMENT EXCHANGE COMMISSION EXCHANGE RATE EXCLUSIVE RIGHTS EXPECTED VALUE EXPENDITURE EXPENDITURES EXPLORATION DRILLING EXPLORATORY WELL EXTERNALITIES EXTRACTION FINANCIAL RISKS FISCAL ARRANGEMENTS FISCAL INCENTIVES FISCAL REGIME FISCAL SYSTEM FISCAL TERMS FOREIGN EXCHANGE GAS COMPANY GAS EXPLORATION GAS FIELD GAS FLARING GAS FLARING REDUCTION GAS PRICE GAS PRICES GAS RESERVES GAS RESOURCES GEOLOGICAL SURVEYS GEOPHYSICAL DATA GLOBAL ECONOMY GLOBAL MARKET GOVERNMENT REVENUE GOVERNMENT REVENUES GOVERNMENT · SUPPORTS HOST COUNTRY HOST GOVERNMENT HOST GOVERNMENTS HYDROCARBON EXPLORATION HYDROCARBON LAW HYDROCARBONS IMAGING TECHNOLOGY IMPERFECT INFORMATION INCOME TAX INCOME TAXES INEFFICIENCY INFORMATION ASYMMETRIES INFORMATION ASYMMETRY INFRASTRUCTURE INVESTMENTS INTANGIBLE INTERNATIONAL BANK INTERNATIONAL MARKET INVESTING INVESTMENT AGREEMENTS INVESTMENT ALLOWANCES INVESTMENT DECISIONS INVESTMENT ENVIRONMENT JOB CREATION JOINT VENTURES LACK OF TRANSPARENCY LANDOWNER LEVEL OF RISK LIQUID PETROLEUM LIQUID PETROLEUM GAS LNG LOCAL INFRASTRUCTURE MACROECONOMIC EFFECTS MACROECONOMIC POLICIES MACROECONOMIC STABILITY MARKET CONDITIONS MARKET MECHANISMS MARKET PARTICIPANTS MARKET PRICES MARKET SEGMENTATION MARKET STRUCTURE MATURITIES MATURITY MINERAL MINISTRY OF PETROLEUM MONETARY FUND NATIONAL ECONOMIES NATIONAL OIL NATURAL GAS NATURAL RESOURCES NPV OIL OIL AND GAS OIL COMPANIES OIL COMPANY OIL INDUSTRY OIL PRICE OIL PRICE CHANGES OIL RECOVERY PETROLEUM PETROLEUM COMPANY PETROLEUM DEVELOPMENT PETROLEUM EXPLORATION PETROLEUM GEOLOGISTS PETROLEUM GEOLOGY PETROLEUM PRODUCING PETROLEUM PRODUCING COUNTRIES PETROLEUM RESERVES PETROLEUM RESOURCES PETROLEUM SECTOR PETROLEUM SHARING AGREEMENT PETROLEUM SHARING CONTRACT POLITICAL RISKS PORTFOLIO POTENTIAL INVESTORS PRICE CHANGES PRIVATE INVESTORS PRODUCTION COSTS PRODUCTION SHARING CONTRACTS PROFIT SHARING PROFITABILITY RATE OF RETURN RATES OF RETURN REFINERIES REFINERY REGULATORY REFORM RENTS RESERVE RESERVES RESERVOIR RESERVOIR CHARACTERISTICS RESERVOIRS RESOURCE ALLOCATION RETURN ON INVESTMENT RETURNS RISK AVERSE RISK MANAGEMENT RISK PREMIUM RISK PROFILE RISKY BUSINESS ROYALTY ROYALTY RATES SECONDARY MARKETS SHAREHOLDERS SOCIAL BENEFITS SURPLUS VALUE TAX TAX PAYMENTS TAX REGIME TAX REVENUE TAXABLE INCOME TAXATION TENDERS TIME VALUE OF MONEY TRANSPARENCY VALUATION WEALTH Tordo, Silvana Johnston, David Johnston, Daniel Petroleum Exploration and Production Rights : Allocation Strategies and Design Issues |
| geographic_facet |
The World Region Australia United States United Kingdom Brazil Mexico Yemen, Republic of |
| relation |
World Bank Working Paper ; no. 179 |
| description |
Petroleum has become an integral part of
today's global economy and a key component of many
national economies. Hence, the presence of petroleum in
meaningful quantities can have important economic,
developmental, and strategic consequences for a country.
While a country's petroleum resource base is a gift of
nature, translating this resource into saleable crude oil
requires investment and effort. Whether governments choose
to invest directly or allow private investors to do so,
their primary concern should be to maximize the social
benefits derived from the exploitation of the resource base.
In practice, however, defining what constitutes maximum
social welfare is essentially a political question, which
helps explain the variety of objectives pursued by
governments over time. In order to exploit their natural
resources efficiently, many governments rely on private oil
companies. Governments have a challenging task in deciding
which companies should be awarded the exclusive rights to
explore, develop, and produce their resources, and on what
conditions such rights should be awarded. There is little
empirical documentation on the design and relative
effectiveness of alternative systems for the allocation of
petroleum exploration, development, and production (E&P)
rights and their policy implications. This paper analyzes
the available evidence on the advantages and disadvantages
of various practices used by petroleum producing countries
to allocate petroleum E&P rights, and draws conclusions
about the optimal design of E&P allocation systems. |
| format |
Publications & Research :: Publication |
| author |
Tordo, Silvana Johnston, David Johnston, Daniel |
| author_facet |
Tordo, Silvana Johnston, David Johnston, Daniel |
| author_sort |
Tordo, Silvana |
| title |
Petroleum Exploration and Production
Rights : Allocation Strategies and Design Issues |
| title_short |
Petroleum Exploration and Production
Rights : Allocation Strategies and Design Issues |
| title_full |
Petroleum Exploration and Production
Rights : Allocation Strategies and Design Issues |
| title_fullStr |
Petroleum Exploration and Production
Rights : Allocation Strategies and Design Issues |
| title_full_unstemmed |
Petroleum Exploration and Production
Rights : Allocation Strategies and Design Issues |
| title_sort |
petroleum exploration and production
rights : allocation strategies and design issues |
| publisher |
World Bank |
| publishDate |
2012 |
| url |
http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333038_20100218232459 http://hdl.handle.net/10986/2701 http://hdl.handle.net/10986/5954 |
| _version_ |
1764396912526491648 |
| spelling |
okr-10986-59542021-04-23T14:02:24Z Petroleum Exploration and Production Rights : Allocation Strategies and Design Issues Tordo, Silvana Johnston, David Johnston, Daniel ACCESS TO INFORMATION ACCOUNTING AFFILIATED ORGANIZATIONS AMORTIZATION AUCTION AUCTIONS BARGAINING BARGAINING POWER BID BIDDERS BIDS BONDS BORROWING BUYBACKS CAPITAL ALLOCATION CAPITAL INVESTMENT CASH FLOWS CASH OUTFLOW CASH PAYMENT CLIMATE CHANGE COLLUSION COMPETITIVE BIDDING COMPETITIVENESS CONCESSION CONSUMPTION RATES CONTRACT RENEGOTIATION CORPORATE INCOME TAX CORPORATE INCOME TAXES CORPORATE TAX RATE CREDIBILITY CRUDE OIL DEBT DEPOSITS DEVELOPING COUNTRIES DEVELOPMENT POLICY DISCOUNT RATE DOMESTIC MARKET DRILLING DUTCH AUCTION ECONOMIC CONDITIONS ECONOMIC EFFICIENCY ECONOMIC GROWTH ECONOMIC RENT ECONOMIC RENTS ECONOMIC RISKS ECONOMICS ENERGY INFORMATION ADMINISTRATION ENVIRONMENTAL PROTECTION EQUIPMENT EXCHANGE COMMISSION EXCHANGE RATE EXCLUSIVE RIGHTS EXPECTED VALUE EXPENDITURE EXPENDITURES EXPLORATION DRILLING EXPLORATORY WELL EXTERNALITIES EXTRACTION FINANCIAL RISKS FISCAL ARRANGEMENTS FISCAL INCENTIVES FISCAL REGIME FISCAL SYSTEM FISCAL TERMS FOREIGN EXCHANGE GAS COMPANY GAS EXPLORATION GAS FIELD GAS FLARING GAS FLARING REDUCTION GAS PRICE GAS PRICES GAS RESERVES GAS RESOURCES GEOLOGICAL SURVEYS GEOPHYSICAL DATA GLOBAL ECONOMY GLOBAL MARKET GOVERNMENT REVENUE GOVERNMENT REVENUES GOVERNMENT · SUPPORTS HOST COUNTRY HOST GOVERNMENT HOST GOVERNMENTS HYDROCARBON EXPLORATION HYDROCARBON LAW HYDROCARBONS IMAGING TECHNOLOGY IMPERFECT INFORMATION INCOME TAX INCOME TAXES INEFFICIENCY INFORMATION ASYMMETRIES INFORMATION ASYMMETRY INFRASTRUCTURE INVESTMENTS INTANGIBLE INTERNATIONAL BANK INTERNATIONAL MARKET INVESTING INVESTMENT AGREEMENTS INVESTMENT ALLOWANCES INVESTMENT DECISIONS INVESTMENT ENVIRONMENT JOB CREATION JOINT VENTURES LACK OF TRANSPARENCY LANDOWNER LEVEL OF RISK LIQUID PETROLEUM LIQUID PETROLEUM GAS LNG LOCAL INFRASTRUCTURE MACROECONOMIC EFFECTS MACROECONOMIC POLICIES MACROECONOMIC STABILITY MARKET CONDITIONS MARKET MECHANISMS MARKET PARTICIPANTS MARKET PRICES MARKET SEGMENTATION MARKET STRUCTURE MATURITIES MATURITY MINERAL MINISTRY OF PETROLEUM MONETARY FUND NATIONAL ECONOMIES NATIONAL OIL NATURAL GAS NATURAL RESOURCES NPV OIL OIL AND GAS OIL COMPANIES OIL COMPANY OIL INDUSTRY OIL PRICE OIL PRICE CHANGES OIL RECOVERY PETROLEUM PETROLEUM COMPANY PETROLEUM DEVELOPMENT PETROLEUM EXPLORATION PETROLEUM GEOLOGISTS PETROLEUM GEOLOGY PETROLEUM PRODUCING PETROLEUM PRODUCING COUNTRIES PETROLEUM RESERVES PETROLEUM RESOURCES PETROLEUM SECTOR PETROLEUM SHARING AGREEMENT PETROLEUM SHARING CONTRACT POLITICAL RISKS PORTFOLIO POTENTIAL INVESTORS PRICE CHANGES PRIVATE INVESTORS PRODUCTION COSTS PRODUCTION SHARING CONTRACTS PROFIT SHARING PROFITABILITY RATE OF RETURN RATES OF RETURN REFINERIES REFINERY REGULATORY REFORM RENTS RESERVE RESERVES RESERVOIR RESERVOIR CHARACTERISTICS RESERVOIRS RESOURCE ALLOCATION RETURN ON INVESTMENT RETURNS RISK AVERSE RISK MANAGEMENT RISK PREMIUM RISK PROFILE RISKY BUSINESS ROYALTY ROYALTY RATES SECONDARY MARKETS SHAREHOLDERS SOCIAL BENEFITS SURPLUS VALUE TAX TAX PAYMENTS TAX REGIME TAX REVENUE TAXABLE INCOME TAXATION TENDERS TIME VALUE OF MONEY TRANSPARENCY VALUATION WEALTH Petroleum has become an integral part of today's global economy and a key component of many national economies. Hence, the presence of petroleum in meaningful quantities can have important economic, developmental, and strategic consequences for a country. While a country's petroleum resource base is a gift of nature, translating this resource into saleable crude oil requires investment and effort. Whether governments choose to invest directly or allow private investors to do so, their primary concern should be to maximize the social benefits derived from the exploitation of the resource base. In practice, however, defining what constitutes maximum social welfare is essentially a political question, which helps explain the variety of objectives pursued by governments over time. In order to exploit their natural resources efficiently, many governments rely on private oil companies. Governments have a challenging task in deciding which companies should be awarded the exclusive rights to explore, develop, and produce their resources, and on what conditions such rights should be awarded. There is little empirical documentation on the design and relative effectiveness of alternative systems for the allocation of petroleum exploration, development, and production (E&P) rights and their policy implications. This paper analyzes the available evidence on the advantages and disadvantages of various practices used by petroleum producing countries to allocate petroleum E&P rights, and draws conclusions about the optimal design of E&P allocation systems. 2012-03-19T10:05:09Z 2012-04-04T07:44:02Z 2012-03-19T10:05:09Z 2012-04-04T07:44:02Z 2009-11-01 http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333038_20100218232459 978-0-8213-8167-0 http://hdl.handle.net/10986/2701 http://hdl.handle.net/10986/5954 English World Bank Working Paper ; no. 179 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank Publications & Research :: Publication Publications & Research :: Publication The World Region Australia United States United Kingdom Brazil Mexico Yemen, Republic of |