气候变化领域集成服务门户(CCPortal): Optimal concession contracts for oil exploitation

CCPortal

DOI	10.1016/j.enpol.2020.111900
	Optimal concession contracts for oil exploitation
	Cerqueti R.; Ventura M.
发表日期	2020
ISSN	03014215
卷号	147
英文摘要	This paper studies the relationship between a government and private companies for the exploitation of an oilfield by means of concession-like contracts, i.e. concessions and Production Sharing Agreements. At this aim, we develop and solve a dynamic stochastic optimization problem in a real option framework. The model takes into account crucial as well as actual features of the real world, such as: the twofold goal of governments who must mediate between social interests and revenue maximization from concessions; the incentive for the private party to ”over exploit” natural resources and uncertainty over future payoffs. The results obtained can help policy makers in pursuing the delicate task of setting the ”right” terms of concession-like contracts, meaning that policy makers can have at least a benchmark to start interacting with private parties. This phase is particularly difficult for a number of reasons, such as the need to trade contrasting interests off, high risk of corruption and the fact that negotiations are made difficult by the high level of uncertainty due to incomplete or even faulty information. © 2020 Elsevier Ltd
关键词	Concession contract Oil Production Sharing Agreement Real options
英文关键词	Optimization; Concession contracts; Oil exploitation; Policy makers; Private companies; Production sharing agreements; Real Options; Revenue maximization; Stochastic optimization problems; Decision making; benchmarking; energy market; energy policy; exploitation; governance approach; oil field; oil production; policy making; stochasticity
语种	英语
来源期刊	Energy Policy
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/204589
作者单位	Department of Social and Economic Sciences – Sapienza University of Rome, Italy; School of Business – London South Bank University, United Kingdom; Department of Economics and Law – Sapienza University of Rome, Italy
推荐引用方式 GB/T 7714	Cerqueti R.,Ventura M.. Optimal concession contracts for oil exploitation[J],2020,147.
APA	Cerqueti R.,&Ventura M..(2020).Optimal concession contracts for oil exploitation.Energy Policy,147.
MLA	Cerqueti R.,et al."Optimal concession contracts for oil exploitation".Energy Policy 147(2020).