Pushing one's luck: Petroleum ownership and discoveries

Brunnschweiler, Christa and Poelhekke, Steven (2021) Pushing one's luck: Petroleum ownership and discoveries. Journal of Environmental Economics and Management, 109. ISSN 0095-0696

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Abstract

We present a new dataset that tracks changes in legal ownership regimes in the petroleum sector between 1867 and 2008 for a panel of countries. We document that foreign ownership has been taken over by partnerships as the leading ownership regime, while domestic ownership is on the rise again in recent years. We use this dataset to examine whether institutional change in the petroleum sector leads to more oil and gas exploration and discoveries. On average, switching to majority foreign ownership is related to up to a quarter of a standard deviation more discoveries than under majority domestic ownership. Switching to partnership is positively related to drilling activity, but is less likely to be linked to many more discoveries. Petroleum exploration and discoveries may thus be endogenous to industry-specific institutional change.

Item Type: Article
Uncontrolled Keywords: discoveries,institutions,natural resources,oil and gas,economics and econometrics,management, monitoring, policy and law ,/dk/atira/pure/subjectarea/asjc/2000/2002
Faculty \ School: Faculty of Social Sciences > School of Economics
Related URLs:
Depositing User: LivePure Connector
Date Deposited: 03 Jul 2021 00:12
Last Modified: 21 Jul 2021 01:49
URI: https://ueaeprints.uea.ac.uk/id/eprint/80390
DOI: 10.1016/j.jeem.2021.102506

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