Determinants of investment in oil exploration. An empirical contribution in the light of the rise in crude oil prices for the period 2003-2008

Given the notorious phenomenon of the rise in crude oil prices during the years 2003-2008 along with a fall in the useful life of the world's proven reserves of this mineral, in this paper it is verified as the main explanation of the observed phenomenon a tendency to drop in the investment in...

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Detalles Bibliográficos
Autor principal: Segura, Jimena
Formato: Artículo publishedVersion
Lenguaje:Español
Publicado: CIMBAGE - IADCOM - Facultad de Ciencias Económicas - Universidad de Buenos Aires 2023
Materias:
RECURSOS NO RENOVABLES
PRECIO DEL PETRÓLEO
OFERTA DE RECURSOS
ECONOMETRÁA
NON-RENEWABLE RESOURCES
OIL PRICE
RESOURCES SUPPLY
ECONOMETRICS
Acceso en línea:https://ojs.economicas.uba.ar/CIMBAGE/article/view/2684
https://repositoriouba.sisbi.uba.ar/gsdl/cgi-bin/library.cgi?a=d&c=cimbage&d=2684_oai
Aporte de:
Repositorio Digital de la Universidad de Buenos Aires (UBA) de Universidad de Buenos Aires
id I28-R145-2684_oai
record_format dspace
institution Universidad de Buenos Aires
institution_str I-28
repository_str R-145
collection Repositorio Digital de la Universidad de Buenos Aires (UBA)
language Español
orig_language_str_mv spa
topic RECURSOS NO RENOVABLES
PRECIO DEL PETRÓLEO
OFERTA DE RECURSOS
ECONOMETRÁA
NON-RENEWABLE RESOURCES
OIL PRICE
RESOURCES SUPPLY
ECONOMETRICS
spellingShingle RECURSOS NO RENOVABLES
PRECIO DEL PETRÓLEO
OFERTA DE RECURSOS
ECONOMETRÁA
NON-RENEWABLE RESOURCES
OIL PRICE
RESOURCES SUPPLY
ECONOMETRICS
Segura, Jimena
Determinants of investment in oil exploration. An empirical contribution in the light of the rise in crude oil prices for the period 2003-2008
topic_facet RECURSOS NO RENOVABLES
PRECIO DEL PETRÓLEO
OFERTA DE RECURSOS
ECONOMETRÁA
NON-RENEWABLE RESOURCES
OIL PRICE
RESOURCES SUPPLY
ECONOMETRICS
description Given the notorious phenomenon of the rise in crude oil prices during the years 2003-2008 along with a fall in the useful life of the world's proven reserves of this mineral, in this paper it is verified as the main explanation of the observed phenomenon a tendency to drop in the investment in exploration/total investment (exploration and exploitation) ratio in previous years, and a dissimilar behavior of this component of investment with respect to the oil price (WTI) since the 1990s. Likewise, it is shown that this question reflects the relevance of the investment reaction with respect to the macroeconomic dynamics, which includes not only economic growth rates but also the behavior of investments in post-crisis periods. From this, we conclude that the models designed for this type of market in the future need to incorporate explanatory variables that account for factors associated with the preference of investing in more liquid and less risky assets in certain periods of the economic cycle, which contradicts the indications of the main oil organizations that address the non-renewable nature of these resources as an essential explanatory factor of this transformation in the market. By addressing scarcity from a market situation point of view and not from a physical-geological perspective, this article attempts to propose an alternative to the explanatory and predictive limitations of conventional theory for this industry.
format Artículo
publishedVersion
author Segura, Jimena
author_facet Segura, Jimena
author_sort Segura, Jimena
title Determinants of investment in oil exploration. An empirical contribution in the light of the rise in crude oil prices for the period 2003-2008
title_short Determinants of investment in oil exploration. An empirical contribution in the light of the rise in crude oil prices for the period 2003-2008
title_full Determinants of investment in oil exploration. An empirical contribution in the light of the rise in crude oil prices for the period 2003-2008
title_fullStr Determinants of investment in oil exploration. An empirical contribution in the light of the rise in crude oil prices for the period 2003-2008
title_full_unstemmed Determinants of investment in oil exploration. An empirical contribution in the light of the rise in crude oil prices for the period 2003-2008
title_sort determinants of investment in oil exploration. an empirical contribution in the light of the rise in crude oil prices for the period 2003-2008
publisher CIMBAGE - IADCOM - Facultad de Ciencias Económicas - Universidad de Buenos Aires
publishDate 2023
url https://ojs.economicas.uba.ar/CIMBAGE/article/view/2684
https://repositoriouba.sisbi.uba.ar/gsdl/cgi-bin/library.cgi?a=d&c=cimbage&d=2684_oai
work_keys_str_mv AT segurajimena determinantsofinvestmentinoilexplorationanempiricalcontributioninthelightoftheriseincrudeoilpricesfortheperiod20032008
AT segurajimena determinantesdelainversionenexploracionpetroleraunaporteempiricoalaluzdelasubadepreciosdelpetroleocrudoenelperiodo20032008
_version_ 1825551042127855616
spelling I28-R145-2684_oai2025-02-11 Segura, Jimena 2023-05-17 Given the notorious phenomenon of the rise in crude oil prices during the years 2003-2008 along with a fall in the useful life of the world's proven reserves of this mineral, in this paper it is verified as the main explanation of the observed phenomenon a tendency to drop in the investment in exploration/total investment (exploration and exploitation) ratio in previous years, and a dissimilar behavior of this component of investment with respect to the oil price (WTI) since the 1990s. Likewise, it is shown that this question reflects the relevance of the investment reaction with respect to the macroeconomic dynamics, which includes not only economic growth rates but also the behavior of investments in post-crisis periods. From this, we conclude that the models designed for this type of market in the future need to incorporate explanatory variables that account for factors associated with the preference of investing in more liquid and less risky assets in certain periods of the economic cycle, which contradicts the indications of the main oil organizations that address the non-renewable nature of these resources as an essential explanatory factor of this transformation in the market. By addressing scarcity from a market situation point of view and not from a physical-geological perspective, this article attempts to propose an alternative to the explanatory and predictive limitations of conventional theory for this industry. Ante el fenómeno notorio de suba de precios del petróleo crudo para el período 2003-2008 junto a una caída en la vida útil de las reservas probadas mundiales de este mineral, en el presente trabajo se comprueba como principal explicativo del fenómeno observado una tendencia a la caída en la relación inversión en exploración/inversión total (exploración y explotación) en los años previos, y un disímil comportamiento de este componente de la inversión respecto del precio del petróleo (WTI) a partir de los años ’90. Asimismo, se muestra que esta cuestión refleja la relevancia de la reacción inversora respecto de la dinámica macroeconómica, que incluye no sólo tasas de crecimiento económico sino también el comportamiento de las inversiones en períodos post crisis. A partir de ello concluimos en la necesidad de que los modelos que en el futuro se diseñen para este tipo de mercados, incorporen variables explicativas que den cuenta de factores asociados a la preferencia de invertir en activos más líquidos y menos riesgosos en determinados períodos del ciclo económico, lo que se contrapone a los señalamientos de los principales organismos del petróleo que abordan como factor esencial explicativo de esta transformación en el mercado el carácter no renovable de estos recursos. Al abordar la escasez desde un punto de vista de la coyuntura del mercado y no desde la perspectiva físico-geológica, el presente artículo intenta proponer una alternativa frente a las limitaciones explicativas y predictivas de la teoría convencional para esta industria. application/pdf text/html https://ojs.economicas.uba.ar/CIMBAGE/article/view/2684 10.56503/CIMBAGE/Vol.1/Nro.25(2023)p.55-74 spa CIMBAGE - IADCOM - Facultad de Ciencias Económicas - Universidad de Buenos Aires https://ojs.economicas.uba.ar/CIMBAGE/article/view/2684/3407 https://ojs.economicas.uba.ar/CIMBAGE/article/view/2684/3836 Derechos de autor 2023 Cuadernos del CIMBAGE Cuadernos del CIMBAGE; Vol. 1 No. 25 (2023): Cuadernos del CIMBAGE N°25 (Junio 2023); 55-74 Cuadernos del CIMBAGE; Vol. 1 Núm. 25 (2023): Cuadernos del CIMBAGE N°25 (Junio 2023); 55-74 1669-1830 1666-5112 RECURSOS NO RENOVABLES PRECIO DEL PETRÓLEO OFERTA DE RECURSOS ECONOMETRÁA NON-RENEWABLE RESOURCES OIL PRICE RESOURCES SUPPLY ECONOMETRICS Determinants of investment in oil exploration. An empirical contribution in the light of the rise in crude oil prices for the period 2003-2008 Determinantes de la inversión en exploración petrolera. Un aporte empírico a la luz de la suba de precios del petróleo crudo en el período 2003-2008 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion https://repositoriouba.sisbi.uba.ar/gsdl/cgi-bin/library.cgi?a=d&c=cimbage&d=2684_oai

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