In this paper the scope of Bergstrom's (1982) results is studied. Moreover, his analysis is extended assuming that extraction cost is directly related to accumulated extractions. For the case of a competitive market it is found that the optimal policy is a constant tariff if extraction is...

The paper focuses in the calculation of the oil capital value in a small open economy depending on oil rents. The Venezuelan case is used as an example. In valuing the oil capital, two issues are recalled and discussed: how should the exploration costs and the capital gains be treated? It is...

This paper tries to contribute to the current discussion on sharing rules of royalties in Brazil from theoretical and empirical reflections about fiscal federalism and from a comparative analysis of the experiences of oil producing countries that, as our example, organize themselves like...

The impacts of the exploration and production of large oil and gas reserves in a national economy are controversial. Several countries have shown a lack of capacity to develop based on these resources, while others achieve success. One important part of this equation are the local content rules...

Two events currently preoccupy global news: the political unrest in the Middle East and North Africa (MENA) and the earthquake, tsunami and nuclear catastrophe in Japan. Both events are very different in its nature and location, but they not only affect economic developments within these...

In this paper we focus on how an international carbon treaty will influence the exploration of oil in Non-OPEC countries. We present a numerical intertemporal global equilibrium model for the fossil fuel markets. The international oil market is modelled with a cartel (OPEC) and a competitive...