The Eect of Oil Price on Field Production: Evidence from the Norwegian Continental Shelf

摘要

I use detailed field-level data on Norwegian off-shore oil field pro-duction and a semi-parametric additive model to control for the pro-duction profile of fields to estimate the effect of oil prices on produc-tion. I find no significant evidence of a concurrent reaction of fieldproduction to oil prices, though a slight lagged effect is found of themagnitude of approximately 2 to 4% for a 10 dollar per barrel in-crease in the real price of oil. Most of this effect appears to come inthe planning phase of a field's development.