Last modified: 06 Oct 2020 11:15
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.
|Session||First Sub Session||Credit Points||15 credits (7.5 ECTS credits)|
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.
Information on contact teaching time is available from the course guide.
Online quizzes x 2 to be held in weeks 5 and 8 (20%)
Online end of term assessment (60%)
There are no assessments for this course.
|Knowledge Level||Thinking Skill||Outcome|
|Factual||Understand||Demonstrate knowledge and understanding of the contractual systems underpinning resource rent collection in the petroleum industry|
|Factual||Understand||Demonstrate knowledge and understanding of offshore oil and gas decommissioning and its relevance in contemporary oil and gas sector|