The supply of petroleum reserves in South-East Asia : economic implications of evolving property rights arrangements
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The supply of petroleum reserves in South-East Asia : economic implications of evolving property rights arrangements
（Natural resources of South-east Asia）
Oxford University Press, 1980
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"Issued under the auspices of the Institute of Southeast Asian Studies, Singapore, and the East-West Resource Systems Institute, the East-West Center, U.S.A."
Bibliography: p. [212]-229
Includes index
内容説明・目次
内容説明
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.
目次
- 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.- Resources versus Reserves.- Rudiments of Oil Accumulation and Production.- Oil and Natural Gas Resources.- Other Conventional Energy Resources.- New Energy Sources.- Non-commercial Sources.- Demand for Petroleum and Other Energy Resources.- Historical Consumption Patterns.- Future Demand for Petroleum in South-East Asia.- III. Petroleum Exploration: Some Distinguishing Characteristics of and Structural Changes in the Region.- The Supply Function for Petroleum Reserves.- Factors Influencing Exploration and Development.- The Cost Function of Petroleum Reserves.- The Net Revenue Function.- Non-cost Variables.- Petroleum Exploration in South-East Asia.- Technological Developments in the Industry and Cost/Price Relationships.- Global Changes in the Oil Industry.- Structural Changes in South-East Asia.- Other Factors Affecting Petroleum Reserve Supply.- The Indonesian Contractual Framework: A Brief Discussion of Its Development.- The Constitution and Indonesian Philosophy.- Contracts of Work (Perjanjian Karya).- The Production-sharing Contracts.- Modification of Contractual Terms.- The Renegotiations of 1975/1976.- The IRS Ruling and the Production-sharing Contracts.- New Incentives Introduced in 1977.- Pertamina's Joint Ventures.- IV. The Contractual Framework in Petroleum Exploration and Development in South-East Asia.- General Discussion.- Concessions.- Joint Ventures.- Service Contracts, Production-sharing Contracts, and Contracts of Work.- Brunei.- Burma.- Petroleum Exploring Licence.- Petroleum Prospecting Licence.- Petroleum Mining Lease.- The Service Contract.- Cambodia (Kampuchea).- Indonesia.- Contracts of Work.- Pre-1976 Version of the Production-sharing Contract.- Revised Production-sharing Contract, 1976.- Joint Venture Arrangements.- Laos.- Malaysia.- Related Legislation.- Philippines.- The Service Contract.- The Concession.- Thailand.- Vietnam.- V. The Supply of Reserves:. Implications of Institutional Arrangements.- Fiscal Framework and Exploration Incentives.- The Expenditure Provisions.- Company 'Take' and Exploration.- 'Risk' Trade-offs.- Company Size and Risk.- Political Risks and the Discount Factor.- Cost Recovery and the Risk Trade-off.- External Factors.- VI. Some Supply Variables and Patterns of Response of Firms.- The Approach.- Qualitative Analyses.- Success Ratios and Drilling Rates.- Drilling Rates and Price Changes.- Discovery Size and Drilling Rates.- Quantitative Inferences.- 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 Sea Investments, 1972.- F Average Exploratory Well and Depth Cost in the United States, 1956-1975.
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