Publication:
Petroleum Exploration and Production Rights : Allocation Strategies and Design Issues

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dc.contributor.authorJohnston, David
dc.contributor.authorTordo, Silvana
dc.contributor.authorJohnston, Daniel
dc.date.accessioned2012-03-19T10:05:09Z
dc.date.accessioned2012-04-04T07:44:02Z
dc.date.available2012-03-19T10:05:09Z
dc.date.available2012-04-04T07:44:02Z
dc.date.issued2009-11-01
dc.description.abstractPetroleum has become an integral part of today's global economy and a key component of many national economies. Hence, the presence of petroleum in meaningful quantities can have important economic, developmental, and strategic consequences for a country. While a country's petroleum resource base is a gift of nature, translating this resource into saleable crude oil requires investment and effort. Whether governments choose to invest directly or allow private investors to do so, their primary concern should be to maximize the social benefits derived from the exploitation of the resource base. In practice, however, defining what constitutes maximum social welfare is essentially a political question, which helps explain the variety of objectives pursued by governments over time. In order to exploit their natural resources efficiently, many governments rely on private oil companies. Governments have a challenging task in deciding which companies should be awarded the exclusive rights to explore, develop, and produce their resources, and on what conditions such rights should be awarded. There is little empirical documentation on the design and relative effectiveness of alternative systems for the allocation of petroleum exploration, development, and production (E&P) rights and their policy implications. This paper analyzes the available evidence on the advantages and disadvantages of various practices used by petroleum producing countries to allocate petroleum E&P rights, and draws conclusions about the optimal design of E&P allocation systems.en
dc.identifierhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333038_20100218232459
dc.identifier.doi10.1596/978-0-8213-8167-0
dc.identifier.isbn978-0-8213-8167-0
dc.identifier.urihttps://hdl.handle.net/10986/2701
dc.identifier.urihttps://hdl.handle.net/10986/5954
dc.languageEnglish
dc.publisherWorld Bank
dc.relation.ispartofseriesWorld Bank Working Paper ; no. 179
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectACCESS TO INFORMATION
dc.subjectACCOUNTING
dc.subjectAFFILIATED ORGANIZATIONS
dc.subjectAMORTIZATION
dc.subjectAUCTION
dc.subjectAUCTIONS
dc.subjectBARGAINING
dc.subjectBARGAINING POWER
dc.subjectBID
dc.subjectBIDDERS
dc.subjectBIDS
dc.subjectBONDS
dc.subjectBORROWING
dc.subjectBUYBACKS
dc.subjectCAPITAL ALLOCATION
dc.subjectCAPITAL INVESTMENT
dc.subjectCASH FLOWS
dc.subjectCASH OUTFLOW
dc.subjectCASH PAYMENT
dc.subjectCLIMATE CHANGE
dc.subjectCOLLUSION
dc.subjectCOMPETITIVE BIDDING
dc.subjectCOMPETITIVENESS
dc.subjectCONCESSION
dc.subjectCONSUMPTION RATES
dc.subjectCONTRACT RENEGOTIATION
dc.subjectCORPORATE INCOME TAX
dc.subjectCORPORATE INCOME TAXES
dc.subjectCORPORATE TAX RATE
dc.subjectCREDIBILITY
dc.subjectCRUDE OIL
dc.subjectDEBT
dc.subjectDEPOSITS
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPMENT POLICY
dc.subjectDISCOUNT RATE
dc.subjectDOMESTIC MARKET
dc.subjectDRILLING
dc.subjectDUTCH AUCTION
dc.subjectECONOMIC CONDITIONS
dc.subjectECONOMIC EFFICIENCY
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC RENT
dc.subjectECONOMIC RENTS
dc.subjectECONOMIC RISKS
dc.subjectECONOMICS
dc.subjectENERGY INFORMATION ADMINISTRATION
dc.subjectENVIRONMENTAL PROTECTION
dc.subjectEQUIPMENT
dc.subjectEXCHANGE COMMISSION
dc.subjectEXCHANGE RATE
dc.subjectEXCLUSIVE RIGHTS
dc.subjectEXPECTED VALUE
dc.subjectEXPENDITURE
dc.subjectEXPENDITURES
dc.subjectEXPLORATION DRILLING
dc.subjectEXPLORATORY WELL
dc.subjectEXTERNALITIES
dc.subjectEXTRACTION
dc.subjectFINANCIAL RISKS
dc.subjectFISCAL ARRANGEMENTS
dc.subjectFISCAL INCENTIVES
dc.subjectFISCAL REGIME
dc.subjectFISCAL SYSTEM
dc.subjectFISCAL TERMS
dc.subjectFOREIGN EXCHANGE
dc.subjectGAS COMPANY
dc.subjectGAS EXPLORATION
dc.subjectGAS FIELD
dc.subjectGAS FLARING
dc.subjectGAS FLARING REDUCTION
dc.subjectGAS PRICE
dc.subjectGAS PRICES
dc.subjectGAS RESERVES
dc.subjectGAS RESOURCES
dc.subjectGEOLOGICAL SURVEYS
dc.subjectGEOPHYSICAL DATA
dc.subjectGLOBAL ECONOMY
dc.subjectGLOBAL MARKET
dc.subjectGOVERNMENT REVENUE
dc.subjectGOVERNMENT REVENUES
dc.subjectGOVERNMENT ยท SUPPORTS
dc.subjectHOST COUNTRY
dc.subjectHOST GOVERNMENT
dc.subjectHOST GOVERNMENTS
dc.subjectHYDROCARBON EXPLORATION
dc.subjectHYDROCARBON LAW
dc.subjectHYDROCARBONS
dc.subjectIMAGING TECHNOLOGY
dc.subjectIMPERFECT INFORMATION
dc.subjectINCOME TAX
dc.subjectINCOME TAXES
dc.subjectINEFFICIENCY
dc.subjectINFORMATION ASYMMETRIES
dc.subjectINFORMATION ASYMMETRY
dc.subjectINFRASTRUCTURE INVESTMENTS
dc.subjectINTANGIBLE
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL MARKET
dc.subjectINVESTING
dc.subjectINVESTMENT AGREEMENTS
dc.subjectINVESTMENT ALLOWANCES
dc.subjectINVESTMENT DECISIONS
dc.subjectINVESTMENT ENVIRONMENT
dc.subjectJOB CREATION
dc.subjectJOINT VENTURES
dc.subjectLACK OF TRANSPARENCY
dc.subjectLANDOWNER
dc.subjectLEVEL OF RISK
dc.subjectLIQUID PETROLEUM
dc.subjectLIQUID PETROLEUM GAS
dc.subjectLNG
dc.subjectLOCAL INFRASTRUCTURE
dc.subjectMACROECONOMIC EFFECTS
dc.subjectMACROECONOMIC POLICIES
dc.subjectMACROECONOMIC STABILITY
dc.subjectMARKET CONDITIONS
dc.subjectMARKET MECHANISMS
dc.subjectMARKET PARTICIPANTS
dc.subjectMARKET PRICES
dc.subjectMARKET SEGMENTATION
dc.subjectMARKET STRUCTURE
dc.subjectMATURITIES
dc.subjectMATURITY
dc.subjectMINERAL
dc.subjectMINISTRY OF PETROLEUM
dc.subjectMONETARY FUND
dc.subjectNATIONAL ECONOMIES
dc.subjectNATIONAL OIL
dc.subjectNATURAL GAS
dc.subjectNATURAL RESOURCES
dc.subjectNPV
dc.subjectOIL
dc.subjectOIL AND GAS
dc.subjectOIL COMPANIES
dc.subjectOIL COMPANY
dc.subjectOIL INDUSTRY
dc.subjectOIL PRICE
dc.subjectOIL PRICE CHANGES
dc.subjectOIL RECOVERY
dc.subjectPETROLEUM
dc.subjectPETROLEUM COMPANY
dc.subjectPETROLEUM DEVELOPMENT
dc.subjectPETROLEUM EXPLORATION
dc.subjectPETROLEUM GEOLOGISTS
dc.subjectPETROLEUM GEOLOGY
dc.subjectPETROLEUM PRODUCING
dc.subjectPETROLEUM PRODUCING COUNTRIES
dc.subjectPETROLEUM RESERVES
dc.subjectPETROLEUM RESOURCES
dc.subjectPETROLEUM SECTOR
dc.subjectPETROLEUM SHARING AGREEMENT
dc.subjectPETROLEUM SHARING CONTRACT
dc.subjectPOLITICAL RISKS
dc.subjectPORTFOLIO
dc.subjectPOTENTIAL INVESTORS
dc.subjectPRICE CHANGES
dc.subjectPRIVATE INVESTORS
dc.subjectPRODUCTION COSTS
dc.subjectPRODUCTION SHARING CONTRACTS
dc.subjectPROFIT SHARING
dc.subjectPROFITABILITY
dc.subjectRATE OF RETURN
dc.subjectRATES OF RETURN
dc.subjectREFINERIES
dc.subjectREFINERY
dc.subjectREGULATORY REFORM
dc.subjectRENTS
dc.subjectRESERVE
dc.subjectRESERVES
dc.subjectRESERVOIR
dc.subjectRESERVOIR CHARACTERISTICS
dc.subjectRESERVOIRS
dc.subjectRESOURCE ALLOCATION
dc.subjectRETURN ON INVESTMENT
dc.subjectRETURNS
dc.subjectRISK AVERSE
dc.subjectRISK MANAGEMENT
dc.subjectRISK PREMIUM
dc.subjectRISK PROFILE
dc.subjectRISKY BUSINESS
dc.subjectROYALTY
dc.subjectROYALTY RATES
dc.subjectSECONDARY MARKETS
dc.subjectSHAREHOLDERS
dc.subjectSOCIAL BENEFITS
dc.subjectSURPLUS VALUE
dc.subjectTAX
dc.subjectTAX PAYMENTS
dc.subjectTAX REGIME
dc.subjectTAX REVENUE
dc.subjectTAXABLE INCOME
dc.subjectTAXATION
dc.subjectTENDERS
dc.subjectTIME VALUE OF MONEY
dc.subjectTRANSPARENCY
dc.subjectVALUATION
dc.subjectWEALTH
dc.titlePetroleum Exploration and Production Rights : Allocation Strategies and Design Issuesen
dspace.entity.typePublication
okr.crosscuttingsolutionareaJobs
okr.date.disclosure2010-04-20
okr.doctypePublications & Research::Publication
okr.doctypePublications & Research::Publication
okr.docurlhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333038_20100218232459
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeSocial Protection and Labor
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.identifier.doi10.1596/978-0-8213-8167-0
okr.identifier.externaldocumentum000333038_20100218232459
okr.identifier.internaldocumentum11817500
okr.identifier.report51840
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2010/02/18/000333038_20100218232459/Rendered/PDF/518400PUB0REPL101Official0use0Only1.pdfen
okr.region.administrativeThe World Region
okr.region.countryAustralia
okr.region.countryUnited States
okr.region.countryUnited Kingdom
okr.region.countryBrazil
okr.region.countryMexico
okr.region.countryYemen, Republic of
okr.topicMacroeconomics and Economic Growth::Investment and Investment Climate
okr.topicSocial Protections and Labor::Labor Policies
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicMacroeconomics and Economic Growth::Economic Theory & Research
okr.topicOil Refining and Gas Industry
okr.topicIndustry
okr.unitPolicy Div-IBRD Oil
okr.unitGas &Mining (COCPO)
okr.volume1 of 1
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relation.isAuthorOfPublication.latestForDiscoveryf29828ae-9fb1-59f8-a8b1-9e9275acebd2
relation.isSeriesOfPublication3e126efc-de2f-4a95-be5b-bd2e430a4843
relation.isSeriesOfPublication.latestForDiscovery3e126efc-de2f-4a95-be5b-bd2e430a4843
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