Professor Laura Marsiliani laura.marsiliani@durham.ac.uk
Professor
Share-Ownership Distribution and Extraction Rate of Petrolium in Oil Fields
Marsiliani, L.; Liu, X.
Authors
X. Liu
Abstract
We investigate the role of ownership distribution in determining the extraction rates of oil fields. We formulate an empirical equation where the percentage stake of the largest licensee and the percentage share held by the largest shareholder in the dominant company enter as dependent variables. Our sample consists of 44 oil fields in UK Continental Shelf over the period 1997–2001. We employ both fixed-effects and random-effects panel data models. The main results show that the share ownership of the largest licensee and the largest shareholder of its multinational company both have a positive and significant effect on the extraction rate. Moreover, we confirm the role of typical control variables: pay thickness has negative impact on the extraction rate, while remaining reserves are positively correlated with extraction rate. The sensitivity analysis shows that our results are robust to alterative sample selections and model specifications.
Citation
Marsiliani, L., & Liu, X. (2017). Share-Ownership Distribution and Extraction Rate of Petrolium in Oil Fields. Review of business and economics studies, 5(1), 42-53
Journal Article Type | Article |
---|---|
Acceptance Date | Mar 14, 2017 |
Online Publication Date | Mar 28, 2017 |
Publication Date | Mar 28, 2017 |
Deposit Date | Mar 15, 2017 |
Publicly Available Date | Mar 29, 2024 |
Journal | Nadiinist' Instumentu ta Optymizatsiya Tekhnolohichnykh System |
Print ISSN | 2308-944X |
Electronic ISSN | 2311-0279 |
Publisher | Financial University under the Government of Russian Federation |
Peer Reviewed | Peer Reviewed |
Volume | 5 |
Issue | 1 |
Pages | 42-53 |
Keywords | Non-renewable natural resources; share-holder distribution; oil field. |
Public URL | https://durham-repository.worktribe.com/output/1382937 |
Publisher URL | http://www.fa.ru/org/div/edition/rbes/Pages/archive.aspx |
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