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...

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...

Nach dem Golfkrieg 1991 brach die Ölgewinnung des Irak aufgrund von Kriegsschäden drastisch ein; Ölexporte durch die UN wurden untersagt. Während 1989 noch 2,8 Mill. Barrel pro Tag (mbd) gefördert wurden, waren es 1991 nur noch 0,2 mbd. Ende 1996 wurde dem Irak erlaubt, in begrenztem Umfang...

Oil production from Russia’s core regions is in decline and the government is keen to encourage the development of fields in new areas in order to keep the country’s output above 10mmbpd. A series of joint ventures between state oil company Rosneft and various IOCs offshore in the Arctic has...

Oil Spaces traces petroleum's impact through a range of territories from across the world, showing how industrially drilled petroleum and its refined products have played a major role in transforming the built environment in ways that are often not visible or recognized. Over the past century...

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...