This paper studies the investment decisions by oil and gas companies operating on the Norwegian Continental Shelf. We account for the heterogeneity across the fields by including field-specific variables, including geological and geographical variables. We find that the most important factors...

We examine the impact of political risks and financial development on investments in the petroleum industry utilizing a unique dataset of investments in individual oil and gas fields around the world. We find that the expected time to investment is shorter in countries that are politically...