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EC50A4: ECONOMICS OF OIL AND GAS (2018-2019)

Last modified: 22 May 2019 17:07


Course Overview

This course is focusing on the understanding of the evolving energy market.  Applying economic theories, the energy demand and supply, as fromed by nonrenewable and renewable resources, are analysed. Special attention is given to the structure of electricity markets. The main features of the evolving petroleum market are examined with the use 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 their effect on the energy market is discussed.

Course Details

Study Type Postgraduate Level 15
Session Full Year Credit Points 0 credits (0 ECTS credits)
Campus Online Sustained Study No
Co-ordinators
  • Dr Nikolaos Vlassis

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

  • 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 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 energy supply and demand, upstream petroleum economics, and an introduction to economic analysis of global warming, the potential roles of government and implications for energy markets.

Students will cover the following topics: Energy Supply and Demand Curves. The Economics of Natural Resource Depletion and the Petroleum Industry. Structural Characteristics of the electricity market  and the Oil industry.  Models of OPEC.  Economics of Pollution and Global warming and the role of government.


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

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

There are no assessments for this course.

Formative Assessment

Self assessed digital workbook

Feedback

None.

Course Learning Outcomes

None.

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