globalchange  > 气候变化与战略
DOI: 10.1016/j.enpol.2020.111900
论文题名:
Optimal concession contracts for oil exploitation
作者: Cerqueti R.; Ventura M.
刊名: Energy Policy
ISSN: 03014215
出版年: 2020
卷: 147
语种: 英语
中文关键词: Concession contract ; Oil ; Production Sharing Agreement ; Real options
英文关键词: Optimization ; Concession contracts ; Oil exploitation ; Policy makers ; Private companies ; Production sharing agreements ; Real Options ; Revenue maximization ; Stochastic optimization problems ; Decision making ; benchmarking ; energy market ; energy policy ; exploitation ; governance approach ; oil field ; oil production ; policy making ; stochasticity
英文摘要: This paper studies the relationship between a government and private companies for the exploitation of an oilfield by means of concession-like contracts, i.e. concessions and Production Sharing Agreements. At this aim, we develop and solve a dynamic stochastic optimization problem in a real option framework. The model takes into account crucial as well as actual features of the real world, such as: the twofold goal of governments who must mediate between social interests and revenue maximization from concessions; the incentive for the private party to ”over exploit” natural resources and uncertainty over future payoffs. The results obtained can help policy makers in pursuing the delicate task of setting the ”right” terms of concession-like contracts, meaning that policy makers can have at least a benchmark to start interacting with private parties. This phase is particularly difficult for a number of reasons, such as the need to trade contrasting interests off, high risk of corruption and the fact that negotiations are made difficult by the high level of uncertainty due to incomplete or even faulty information. © 2020 Elsevier Ltd
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资源类型: 期刊论文
标识符: http://119.78.100.158/handle/2HF3EXSE/167060
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作者单位: Department of Social and Economic Sciences – Sapienza University of Rome, Italy; School of Business – London South Bank University, United Kingdom; Department of Economics and Law – Sapienza University of Rome, Italy

Recommended Citation:
Cerqueti R.,Ventura M.. Optimal concession contracts for oil exploitation[J]. Energy Policy,2020-01-01,147
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