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Share-Ownership Distribution and Extraction Rate of Petrolium in Oil Fields

Marsiliani, L.; Liu, X.

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Authors

X. Liu



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.

Citation

Marsiliani, L., & Liu, X. (2017). Share-Ownership Distribution and Extraction Rate of Petrolium in Oil Fields. Review of business and economics studies, 5(1), 42-53

Journal Article Type Article
Acceptance Date Mar 14, 2017
Online Publication Date Mar 28, 2017
Publication Date Mar 28, 2017
Deposit Date Mar 15, 2017
Publicly Available Date Mar 16, 2017
Journal Nadiinist' Instumentu ta Optymizatsiya Tekhnolohichnykh System
Print ISSN 2308-944X
Electronic ISSN 2311-0279
Publisher Financial University under the Government of Russian Federation
Peer Reviewed Peer Reviewed
Volume 5
Issue 1
Pages 42-53
Keywords Non-renewable natural resources; share-holder distribution; oil field.
Public URL https://durham-repository.worktribe.com/output/1382937
Publisher URL http://www.fa.ru/org/div/edition/rbes/Pages/archive.aspx

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Copyright Statement
© 2017 Review of Business and Economics Studies. All rights
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