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Articles 1 - 13 of 13
Full-Text Articles in Petroleum Engineering
An Application Of Box-Jenkins Approach In Forecasting Nigerian Crude Oil Prices., Bashir Umar Faruk
An Application Of Box-Jenkins Approach In Forecasting Nigerian Crude Oil Prices., Bashir Umar Faruk
Bullion
Nigerian government has been adopting Moving Average (MA) method in pegging crude oil price benchmark. However, large discrepancy between the projected oil price benchmark and the actual international crude oil prices is observed over time. Therefore, the main objective of this research is to investigate whether Box-Jenkins approach could provide a lasting solution to the problem of inefficient oil price forecast in the Nigerian budgeting process. In our quest for an appropriate oil benchmark, monthly bonny light crude oil prices for the period of April 1986 to December 2015 are used.
Economic Profitability Of The Bakken, North Dakota Unconventional Oil Plays Based On A Typical Well Performance With Current Market Conditions, Mehmet Apaydin
Economic Profitability Of The Bakken, North Dakota Unconventional Oil Plays Based On A Typical Well Performance With Current Market Conditions, Mehmet Apaydin
Dissertations, Master's Theses and Master's Reports - Open
Increases in oil prices after the economic recession have been surprising for domestic oil production in the United States since the beginning of 2009. Not only did the conventional oil extraction increase, but unconventional oil production and exploration also improved greatly with the favorable economic conditions. This favorable economy encourages companies to invest in new reservoirs and technological developments. Recently, enhanced drilling techniques including hydraulic fracturing and horizontal drilling have been supporting the domestic economy by way of unconventional shale and tight oil from various U.S. locations. One of the main contributors to this oil boom is the unconventional oil …
A Framework For Oil Price Benchmark Determination: Lessons For Nigeria, Taiwo H. Sanni, Bassey D. Akpan
A Framework For Oil Price Benchmark Determination: Lessons For Nigeria, Taiwo H. Sanni, Bassey D. Akpan
Bullion
The main thrust of this paper is to draw lessons of experience from other selected oil producing countries. the outcome of the study is expected to help in strengthening Nigeria's oil price framework in line with international best practice. Section 2 dwells on the theoretical and literature review on oil based fiscal rule, while section 3 presents the framework for oil price benchmark determination and section 4 examines those factors capable of stimulating determination of oil price benchmark, lastly section 5 discusses some lessons of experience from Nigeria and then the conclusion.
Fuel Subsidy And Other Unproductive Public Expenditures Removal: A Pragmatic Approach To Restructure And Transform The Nigerian Economy, Lawrence O. Akinboyo
Fuel Subsidy And Other Unproductive Public Expenditures Removal: A Pragmatic Approach To Restructure And Transform The Nigerian Economy, Lawrence O. Akinboyo
Bullion
While the short term measures to reduce recurrent expenditure are necessary conditions for fiscal sustainability, the long term imperative is to increase revenue. Thus, efforts should be made by the fiscal authorities in Nigeria to pursue the policy of balancing of expenditure with revenue improvements. The issues of the underperformance of the capital budget should be reversed before savings from cuts in recurrent expenditure can be diverted to the financing of capital expenditure. From the analysis, we say that removal of fuel subsidy would no doubt have some social and economic hardship on the people in the short run, However, …
Petroleum Industry Linkages And Nigeria's Economic Development, Chinyere U. Nwolisa, Chinyelu N. Ugoji
Petroleum Industry Linkages And Nigeria's Economic Development, Chinyere U. Nwolisa, Chinyelu N. Ugoji
Bullion
Nigeria, Africa's most populous country and potentially its largest economy, has witnessed decades of dictatorship and misrule. Accompanying this misrule are severe economic problems of an unprecedented magnitude. This paper intends to add further clues to the solution for this national developmental puzzle. The remaining part of the paper is arranged thus: Part 2 presents an overview of the Nigerian Petroleum industry while the part 3 looks at the literature of economic development the country appears to be executing. Parl4 discusses the various linkages the Petroleum industry offers visa-vis Nigeria's exploration of their potentials. The penultimate part will offer some …
Imperative Of National Savings: A Case For Adoption Of Appropriate Benchmark Price For Crude Oil., Moses F. Otu
Imperative Of National Savings: A Case For Adoption Of Appropriate Benchmark Price For Crude Oil., Moses F. Otu
Bullion
Budgeting involves the design of plans that aligns expected financial resources and expenditure to accomplish specific national goals and objectives. It is in this regard that this paper provides a simple framework for deriving an acceptable bench-mark price for crude oil for budgeting purposes. This is aimed at enabling the elimination of subjectivity in budgeting process and promote understanding between all the stakeholders in order to fast track the process of passage of the appropriation bill. Following a brief introduction, the paper examines the need for national saving fund and constitutional provisions for national savings. Section three focuses on the …
Institutional And Other Constraints To Non-Oil Exports., R. O. Madaki
Institutional And Other Constraints To Non-Oil Exports., R. O. Madaki
Bullion
This paper examines the non-oil exports sector in Nigeria which had witnessed a lacklustre performance despite the several statements of government's interest in export-biased growth strategy and the establishment of several export facilitating institutions. The paper further observes that a major problem with Nigeria's non-oil export sector is that it is not predicated on the design and implementation of appropriate and coherent economic policies as there is no clear export promotion blue print in Nigeria. Consequently, the sector is facing a number of institutional and other domestic and external problems. The remaining part of the paper briefly highlight some of …
Development In The Petroleum Sub-Sector And Their Impacts On Nigerian Economy., I. P. Ojinnaka
Development In The Petroleum Sub-Sector And Their Impacts On Nigerian Economy., I. P. Ojinnaka
Bullion
The development of the petroleum industry has had both negative and positive impacts on the Nigerian economy. Two schools of thought can be examined. First, that positive impacts outweigh the negative, and secondly, the inverse. The paper will examined the impacts and analyzed the positive ones. From the approach of the study it is clear that the petroleum industry has had both negative and positive impacts on the Nigerian economy. Nigeria without petroleum could be like any other country without oil or gas, that is, import dependent. However, Nigeria with oil is the best thing that could have happened to …
The Opec Oil-Pricing Policies, Vaman Rao
The Opec Oil-Pricing Policies, Vaman Rao
UMR-MEC Conference on Energy / UMR-DNR Conference on Energy
The capital-theoretic model suggested for determining the price- quantity combinations does not hold in the case of most natural resources, including petroleum, since the inelastic demand function would vitiate the optimal solution. The specification of a dynamic demand function, with necessary, attributes, no doubt, results in a valid optimal solution in period t, but that could be achieved only at the cost of sub-optimal solution in other periods. If the OPEC starts behaving as a discriminating monopoly, instead of as a pure monopoly, the optimal solution is assured in all markets and in all time periods.
Theoretical And Empirical Approaches To The Analysis Of Opec, Albert L. Danielsen
Theoretical And Empirical Approaches To The Analysis Of Opec, Albert L. Danielsen
UMR-MEC Conference on Energy / UMR-DNR Conference on Energy
Formal theoretical models of world oil price determination have been developed in recent years. In addition, some empirical estimates of expected future prices have been proposed. This paper explains how exhaustible resource and cartel theory are integrated into the opitmal control framework. Some empirical studies in the optimal control tradition are surveyed and evaluated.
The Energy Needs Of The Developing Countries, Vaman Rao
The Energy Needs Of The Developing Countries, Vaman Rao
UMR-MEC Conference on Energy / UMR-DNR Conference on Energy
The energy needs of the developing countries are enormous. They will grow with the passage of time as the pace of economic development accelerates and those countries enter the industrial epoch. The sheer physical non-availability of coal and petroleum to most of them makes it obligatory to choose an unconventional resource as an energy-base. The nuclear fission is the only option now available which is feasible, less-expensive and plentiful. Solar and fusion may be the ultimate sources in the steady state, when appropriate technologies are developed.
The Political Economy Of Opec, Loring Allen
The Political Economy Of Opec, Loring Allen
UMR-MEC Conference on Energy / UMR-DNR Conference on Energy
The Organization of Petroleum Exporting Countries (OPEC) is a part of the hard reality of the present and future energy position of the U. S. It burst upon the world scene in 1973 in response to long years of shabby treatment by the oil companies and oil-importing countries. Through cooperation in the exercise of their sovereignty over oil deposits, OPEC members have extracted increasing revenues through restricting production and raising price. Although serving its own interests, OPEC benefits also the rest of the world, even though its presence portends a shift in the world balance of power.
An Overview Of Potential Impacts Of Changing Petroleum Energy Prices On Grain Farms, Jean-Paul Chavas, James B. Kliebenstein
An Overview Of Potential Impacts Of Changing Petroleum Energy Prices On Grain Farms, Jean-Paul Chavas, James B. Kliebenstein
UMR-MEC Conference on Energy / UMR-DNR Conference on Energy
Since the early 1970s world fossil fuel energy prices have risen dramatically. Assuming there is no significant breakthrough in en- ergy technology, the world will see further increases in energy prices. These changes will likely lead to economic adjustments in U. S. agriculture. A firm level linear programming model is used to evaluate what some of these adjustments could be on a Missouri grain farm. To obtain expected energy price affects on production mixes, energy prices are changed parametrically. Potential crop adjustments are from corn to single-crop soybeans to wheat as energy prices increase. Fertilization adjustments are from chemical to …