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BU5055: INTRODUCTION TO ENERGY & PETROLEUM ECONOMICS (2016-2017)

Last modified: 16 Nov 2016 17:53


Course Overview

This course discusses the world petroleum market in the context of overall energy markets.  The main features of the evolving petroleum market are analysed including examination of the Hotelling model and Hubbert curve.  Oil price determination is discussed with detailed consideration of the special characteristics of the demand and supply curves in the industry.  The role of OPEC in the market is examined, including discussion of the various models of OPEC behaviour and the determinants of its market power.  The economics of climate change and the place of renewable energy in the wider energy market is discussed.

 

 

Course Details

Study Type Postgraduate Level 5
Session First Sub Session Credit Points 7.5 credits (3.75 ECTS credits)
Campus None. Sustained Study No
Co-ordinators
  • Professor Alex Kemp

What courses & programmes must have been taken before this course?

  • MSc (Econ) in Petroleum, Energy Economics and Finance (Studied)
  • Any Postgraduate Programme (Studied)

What other courses must be taken with this course?

None.

What courses cannot be taken with this course?

None.

Are there a limited number of places available?

No

Course Description

The aim of this module is to equip students with little or no economics with sufficient knowledge and understanding of microeconomics to allow them to use economic theory to examine key issues in the petroleum and energy industries. It will provide an introduction to microeconomics and show practical application of economic theories to issues in petroleum and energy. In so doing, the course will provide a comprehensive and up-to-date assessment of upstream petroleum economics, and an introduction to economic analysis of global warming, the potential roles of government and implications for energy markets.

Further Information & Notes

None.

Degree Programmes for which this Course is Prescribed

  • MSc (Econ) in Petroleum, Energy Economics and Finance

Contact Teaching Time

43 hours

This is the total time spent in lectures, tutorials and other class teaching.

Teaching Breakdown


Assessment

1x 2hr written examination (80%), and 1x assignment (20%).

Resit: 100% on 2hr written examination.

Formative Assessment

None.

Feedback

None.

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