Overview

which may be termed 'political. risks'-may be important deter­ minants of investment. After taking such risks into consideration in the exploration and development stage, a firm computing the pres­ ent value of its probable income stream must consider several other factors. In addition to the current rate of production, it must con­ sider these: (I) engineering limits to the rate of extraction in any given period, (2) physical limits to the total amount of the resource that can be produced within a given location, and (3) limits to the availability of new petroleum sources at the same costs as at the present location. It might be useful at this point to note that the firm as an explo­ ration agent in South-East Asia operates largely as a contractor to the host government who has ownership and final control over the petroleum resources. The group of suppliers of petroleum reserves in the region is characterized by the presence of the major com­ panies, directly or through subsidiaries, as well as by many small­ er, and even independent, companies. Three major companies currently dominate exploration and producing operations in two countries-Exxon and Shell in Malaysia, Shell in Brunei. In Indonesia, Caltex and Stanvac dominate production. Outside Malaysia and Brunei the bulk of new exploration is conducted by relatively smaller companies side-by-side with the major companies like Exxon, Gulf, Mobil, Shell, and Texaco.

Full Product Details

Author:   Corazón Morales Siddayao
Publisher:   Springer
Imprint:   Springer
Edition:   Softcover reprint of the original 1st ed. 1980
Dimensions:   Width: 14.00cm , Height: 1.40cm , Length: 21.60cm
Weight:   0.339kg
ISBN:  

9789401168540

ISBN 10:   9401168547
Pages:   260
Publication Date:   08 July 2012
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Paperback
Publisher's Status:   Active
Availability:   Manufactured on demand  
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Table of Contents

I. Introduction.- Background.- Framework for Analysis.- Data and Scope of the Study.- II. Petroleum and Other Energy Forms: Resource Base and Utilization Rates in South-East Asia.- Resource Potentials of the Region.- Demand for Petroleum and Other Energy Resources.- III. Petroleum Exploration: Some Distinguishing Characteristics of and Structural Changes in the Region.- The Supply Function for Petroleum Reserves.- Petroleum Exploration in South-East Asia.- The Indonesian Contractual Framework: A Brief Discussion of Its Development.- IV. The Contractual Framework in Petroleum Exploration and Development in South-East Asia.- General Discussion.- Brunei.- Burma.- Cambodia (Kampuchea).- Indonesia.- Laos.- Malaysia.- Philippines.- Thailand.- Vietnam.- V. The Supply of Reserves:. Implications of Institutional Arrangements.- Fiscal Framework and Exploration Incentives.- ‘Risk’ Trade-offs.- External Factors.- VI. Some Supply Variables and Patterns of Response of Firms.- The Approach.- Success Ratios and Drilling Rates.- Drilling Rates and Price Changes.- Discovery Size and Drilling Rates.- The Supply Variables Estimated.- Interpretation of the Results.- VII. Conclusions and Implications.- The Institutional Setting and the Firm.- State Ownership and Attenuation of Rights.- Type of Firms and Social Optimization.- The Crucial Supply Variables and Allocative Implications.- Other Allocative and Policy Implications.- Concluding Comments.- Appendixes.- A Glossary of Terms in the Petroleum Industry.- B Parts of a Production-sharing Contract.- C Foreign Tax Credit, Indonesia; Oil and Gas Production-sharing Contracts.- D Total Gross Investment Outlays for Oil and Gas Exploration, Development and Production in the Asian Area Relative to Total Wells Drilled, 1970–1977.- E Java SeaInvestments, 1972.- F Average Exploratory Well and Depth Cost in the United States, 1956–1975.

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