Finders, keepers?

Jaakkola, Niko; Spiro, Daniel; Benthem, Arthur van

doi:10.1016/j.jpubeco.2018.10.007

“…However, governments are typically the ultimate owners of land or reserves and lease them to firms for a limited time. Renegotiations of lease terms as well as expropriations are common (Jaakkola, Spiro, and Van Benthem 2019). The chapter also focuses on production rather than reserves owing to lack of data availability.…”

Section: Elasticities Of Supply and Demandmentioning

confidence: 99%

World Economic Outlook, October 2023

2023

1

0

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The data and analysis appearing in the World Economic Outlook (WEO) are compiled by the IMF staff at the time of publication. Every effort is made to ensure their timeliness, accuracy, and completeness. When errors are discovered, corrections and revisions are incorporated into the digital editions available from the IMF website and on the IMF eLibrary (see below). All substantive changes are listed in the online table of contents.

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“…6 The United Nations General Assembly resolution 1803 (XVII) of 14 December, 1962 (on "Permanent sovereignty over natural resources") grants "The right of peoples and nations to permanent sovereignty over their natural wealth and resources". 7 A related literature models cyclical changes in taxation of the resource sector (Jaakkola et al, 2019), while we focus on more discrete changes in who controls exploration and extraction. The prevalence of a mixture of ownership restrictions, corporate taxes, oil revenue taxes, bonuses, royalty rates, and production sharing arrangements that frequently change, make it difficult to precisely track taxation for our broad group of countries, although Stroebel and Van Benthem (2013) make progress on this topic for 38 non-OPEC countries.…”

Section: Introductionmentioning

confidence: 99%

Pushing one’s luck: Petroleum ownership and discoveries

Brunnschweiler

¹

,

Poelhekke

²

2021

Journal of Environmental Economics and Management

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Does institutional change in the petroleum sector lead to more oil and gas exploration and discoveries? Foreign ownership and investment in the sector has traditionally been unrestricted. We document that this is no longer the case; foreigndomestic partnerships are the norm today. Tracking changes in legislation between 1867 and 2008 for a panel of countries, we show that switching to foreign ownership results in more drilling and more discoveries of petroleum than domestic ownership. Switching to partnership yields even more drilling, but yields fewer discoveries. Discoveries, and the intensity and quality of exploration drilling, are endogenous to industry-specific institutional change.

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“…7 A related literature models cyclical changes in taxation of the resource sector (Jaakkola et al, 2019), while we focus on more discrete changes in who controls exploration and extraction. The prevalence of a mixture of ownership restrictions, corporate taxes, oil revenue taxes, bonuses, royalty rates, and production sharing arrangements that frequently change, make it difficult to precisely track taxation for our broad group of countries, although Stroebel and Van Benthem (2013) make progress on this topic for 38 non-OPEC countries.…”

Section: Introductionmentioning

confidence: 99%

Pushing One's Luck: Petroleum Ownership and Discoveries

Brunnschweiler

¹

,

Poelhekke

²

2021

SSRN Journal

1

0

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Does institutional change in the petroleum sector lead to more oil and gas exploration and discoveries? Foreign ownership and investment in the sector has traditionally been unrestricted. We document that this is no longer the case; foreigndomestic partnerships are the norm today. Tracking changes in legislation between 1867 and 2008 for a panel of countries, we show that switching to foreign ownership results in more drilling and more discoveries of petroleum than domestic ownership. Switching to partnership yields even more drilling, but yields fewer discoveries. Discoveries, and the intensity and quality of exploration drilling, are endogenous to industry-specific institutional change.

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Finders, keepers?

Cited by 6 publications

References 47 publications

World Economic Outlook, October 2023

World Economic Outlook, October 2023

Pushing one’s luck: Petroleum ownership and discoveries

Pushing One's Luck: Petroleum Ownership and Discoveries

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