This paper estimates price and GDP/income elasticities of several energy goods in OECD countries over 1978 to 1999 by applying the one-step GMM estimation method suggested by Arellano and Bond (1991) to a panel data set. The energy demand is specified by a simple partial adjustment model. We...

We analyse effects of various natural gas supply scenarios in a liberalised Western European energy market in 2010. Our starting point is the uncertainties about future natural gas exports from Russia and LNG-producing countries. Our results indicate that the average natural gas producer price...

High oil prices are favourable for OPEC in the short run, but may undermine its future revenues. We search for the optimal oil price level for the producer group, using a partial equilibrium model for the oil market. The model explicitly accounts for reserves, development and production in 4...

In this paper we analyse how oilrig activity in different Non-OPEC regions is affected by the crude oil price. Oilrig activity outside OPEC is an important indicator for production in the near future, and is more sensitive to the oil price than production from existing fields. We estimate...

In a non-renewable resource market with imperfect competition, the resource owners’ supply is governed both by current demand and by the resource rent. New information regarding future market conditions will typically affect the resource rent and hence current supply. Bleaker prospects will...

The Arctic has a substantial share of global petroleum resources, but at higher costs than in most other petroleum provinces. Arctic states and petroleum companies are carefully considering the potential for future extraction in the Arctic. This paper studies the oil and gas supply from 6 arctic...

In this analysis, we projected Japans energy demand/supply and energy-related CO2 emissions to 2050. Our analysis of various scenarios indicated that Japans CO2 emissions in 2050 could be potentially reduced by 26-58% from the current level (FY 2005) (Figure 1). These results suggest that Japan...

South Korea, which imported around 26 million tons of LNG (Liquefied Natural Gas) in 2007, is the worlds second largest LNG importing country after Japan. It has recently experienced a tight supply and demand of natural gas due to both domestic and overseas issues, such as the domestic...