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Last modified: 31 May 2022 13:05

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 15 credits (7.5 ECTS credits)
Campus Aberdeen Sustained Study No
  • Dr Yakubu Abdul-Salam

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

  • 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.

Contact Teaching Time

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

Teaching Breakdown

  • 1 Tutorial during University weeks 11, 13, 15, 17, 19

More Information about Week Numbers

Details, including assessments, may be subject to change until 31 August 2023 for 1st half-session courses and 22 December 2023 for 2nd half-session courses.

Summative Assessments

Alternative Assessment

Online quizzes x 2 to be held in weeks 5 and 8 (20%)

Online end of term assessment (60%)

Alternative Resit Assessment

Resit: Online end of term assessment (100%)

Formative Assessment

There are no assessments for this course.

Course Learning Outcomes

Knowledge LevelThinking SkillOutcome
FactualUnderstandDemonstrate knowledge and understanding of offshore oil and gas decommissioning and its relevance in contemporary oil and gas sector
FactualUnderstandDemonstrate knowledge and understanding of the contractual systems underpinning resource rent collection in the petroleum industry

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