The effect of oil prices on field production: evidence from the Norwegian continental shelf
Journal article, Peer reviewed
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Original versionOxford Bulletin of Economics and Statistics. 2016, 79 (1), 124-144. 10.1111/obes.12138
I use detailed field‐level data on Norwegian offshore oil production and a semi‐parametric additive model to control for the production profile of fields to estimate the effect of oil prices on production. I find no significant evidence of a concurrent reaction of field production to oil prices, though a modest lagged effect is found of the magnitude of approximately 2% to 7% for a $10 per barrel increase in the real price of oil.