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| Module Availability |
Spring |
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| Assessment Pattern |
| Unit(s) of Assessment |
Weighting Towards Module Mark (%)
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| 2 hour Examination |
75
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| Coursework |
25
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Qualifying Condition(s)
A weighted aggregated mark of 50% is required to pass this module |
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| Module Overview |
This module covers the economic analysis uof international oil and gas markets, examining in detail the behaviour of key stakeholders, namely: consumers and producers (including industry, OPEC, host Governments). It also combines both a historic assessment of key developments that have affected the oil and gas industry, as well as an analysis of current energy policies. |
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| Prerequisites/Co-requisites |
Either ECOM026 Energy Economics and Technology or ECOM020 Microeconomics |
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| Module Aims |
To enable students to analyse the economics of oil and gas markets |
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| Learning Outcomes |
By the end of the module students will:
- Acquire a deep understanding of the role of oil and gas in international energy markets
- Grasp the influence of technical characteristics on the structure and operation of the oil and gas markets
- Recognise the key factors affecting the market fundamentals of oil and gas, including energy policy
- Appreciate the usefulness and the limitations of economic explanations of oil price movements
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| Module Content |
The following is an indication of the likely topics to be covered:-
- Technical characteristics of oil and their consequences
- Evolution of the structure of the oil industry
- Oil demand and elasticities
- Fundermentals of oil production
- Petroleum taxation
- Resource base
- A history of oil pricing and the economics of OPEC
- Oil price forecasting
- Developments in the international gas industry
- Gas pricing
- Issues shaping the future of oil and gas
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| Methods of Teaching/Learning |
Lectures (20 hrs) |
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| Selected Texts/Journals |
There is no suitable text for the whole module so detailed readings will be given for each topic. However the following include topics covered in the module:
Paul Stevens (Ed.) Energy Economics Two Volumes. In the series The International Library of Critical Writings in Economics
Volume 1 Pp. Ixvii +547. Volume II Pp.xi +547. Paul Stevens, Energy Economics: A Survey Part 1. Journal of Energy Literature. Vol VI No 2 December 2000. Pp. 3-31. Energy Economics: A Survey Part 2. Journal of Energy Literature. Vol VII No 1 June 2001. Pp. 3-42 |
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| Last Updated |
28 September 2010 |
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