Kazakhstan possesses extensive natural resources and relies heavily on revenues from the export of primary commodities, in particular petroleum and natural gas. Kazakhstan's dependence on revenues from the oil sector raises the possibility that the economy is vulnerable to external commodity...

Commodity price shocks are shown to cause shifts in both the quantum and timing of risk in natural resource assets. We provide evidence that static risk measures understate the periodicity of price risk implicit in depleting assets. Risk measurement is demonstrated to be asset specific and to...

This study allows insights into the effects of economic state variables on asset values. We use a global sample of oil and gas sector assets to demonstrate that global differences in state participation terms cause oilfield asset values to respond differently to oil price shocks. Our sample...

This study provides market evidence of the effects of economic state variables on sector stock returns and risk premia. Corporate values in the oil and gas sector are underpinned by state reserve participation terms that directly affect corporate cash flow entitlement. Progressive sovereign...

We examine the impact of market volatility and increased fiscal take on risk in strategic natural resource projects. An increase in 2006 UK oilfield taxation is used as a natural experiment for assessing the impact of a fiscal increase on oilfield projects comprising 73% of UK reserves....

Evidence is provided of the effects of international diversification on global asset ownership and control. We show that international geographic diversification in the oil and gas sector comes at an important cost, lower control over foreign oilfield assets relative to domestic assets (and...

We investigate the impact of oilfield control on firm value (measured as Tobin's q). The valuation effect of control over associated and subsidiary entity assets is well formulated. Less clear is the value of control when the contracting nexus is the asset itself. In this study of strategic oil...

This study focuses on the sustainable advantage of National Oil Companies (NOCs) in the global oil and gas resource sector. Specifically we examine ownership attributes, demonstrating that NOCs have increased ownership over strategic global reserves by 6%, from 72% (in 2005) to 78% in 2008. This...

The historic resource sector dominance by OPEC and major oil companies is well documented. An emergent new class of Russian and Chinese state oil companies are however using legal, regulatory and financial state backing to gain global resource access. Market reaction and post-acquisition...

National Oil Companies (NOCs) have increased their global ownership to cover 78% of worldwide oil and gas reserves. We show that this has had observable consequences on the relative market value of competitor groupings. Ownership changes are linked with corresponding changes in corporate value...