Stochastic frontier analysis of total factor productivity in the offshore oil and gas industry
Opaluch, James J.
Grigalunas, Thomas A.
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SubjectTechnological change; Productivity; Stochastic frontier analysis; Environmental regulation; Offshore oil and gas industry
We examine the impact of technological change on oil and gas exploration, development and production in the Gulf of Mexico over the past five decades. We analyze the effect of technological change on the production frontier using a unique field-level data set covering 1947 through 1998. We then develop estimates of the growth in total factor productivity (TFP) in the industry at the regional level from 1976 to 1995. To address the unique features of this marine resource industry, we include in our models some key geological variables such as water depth and field size. In addition, the results reveal that environmental regulation had a significantly negative impact on offshore production, although such impact has been diminishing over time.
Author Posting. © The Authors, 2005. This is the author's version of the work. It is posted here by permission of Elsevier B.V. for personal use, not for redistribution. The definitive version was published in Ecological Economics 60 (2006): 204-215, doi:10.1016/j.ecolecon.2005.11.028.
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