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Last modified: 22 May 2019 17:07

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
  • 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?


What courses cannot be taken with this course?


Are there a limited number of places available?


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


In light of Covid-19 this information is indicative and may be subject to change.

Contact Teaching Time

Information on contact teaching time is available from the course guide.

Teaching Breakdown

  • 1 Lecture during University weeks 10 - 17
  • 1 Tutorial during University weeks 11 - 17

More Information about Week Numbers

In light of Covid-19 and the move to blended learning delivery the assessment information advertised for second half-session courses may be subject to change. All updates for second-half session courses will be actioned in advance of the second half-session teaching starting. Please check back regularly for updates.

Summative Assessments

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

Resit: 100% on 2hr written examination.

Formative Assessment

There are no assessments for this course.



Course Learning Outcomes


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