Cookies

We use cookies to ensure that we give you the best experience on our website. By continuing to browse this repository, you give consent for essential cookies to be used. You can read more about our Privacy and Cookie Policy.


Durham Research Online
You are in:

Share-ownership distribution and extraction rate of petrolium in oil fields.

Marsiliani, L. and Liu, X. (2017) 'Share-ownership distribution and extraction rate of petrolium in oil fields.', Review of business and economics studies., 5 (1). pp. 42-53.

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.

Item Type:Article
Full text:(AM) Accepted Manuscript
Download PDF
(314Kb)
Full text:(VoR) Version of Record
Download PDF
(1016Kb)
Status:Peer-reviewed
Publisher Web site:http://www.fa.ru/org/div/edition/rbes/Pages/archive.aspx
Publisher statement:© 2017 Review of Business and Economics Studies. All rights reserved.
Date accepted:14 March 2017
Date deposited:16 March 2017
Date of first online publication:28 March 2017
Date first made open access:No date available

Save or Share this output

Export:
Export
Look up in GoogleScholar