Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/162461
Authors: 
Güntner, Jochen H. F.
Year of Publication: 
2017
Series/Report no.: 
Working Paper, Department of Economics, Johannes Kepler University of Linz 1704
Abstract: 
This paper studies how petroleum producers respond to a giant oil field discovery. Using a large panel of country-level production data and a difference-in-differences identification approach, I show that domestic production levels respond before a newly found oil field has come on line, indicating that producers raise extraction rates from existing reservoirs. Given that domestic petroleum consumption rises by less in response to a discovery, at least part of the increase in production seems to go into (net) oil exports. I find substantial heterogeneity in the impulse responses of oil production and consumption with respect to the location and size of a giant oil field and the country's OPEC membership status.
Subjects: 
Giant oil field discoveries
Half life of reserves
Oil production
OPEC
Proved reserves
JEL: 
C32
N50
Q33
Q41
Document Type: 
Working Paper

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