Arbeitspapier
Understanding Rig Rates
We examine the largest cost component in offshore development projects, drilling rates, which have been high in recent years. To our knowledge, rig rates have not been analysed empirically before in the economic literature. Using econometric analysis, we examine the effects of gas and oil prices, rig capacity utilisation, contract length and lead time, and rig-specific characteristics on Gulf of Mexico rig rates. Having access to a unique data set containing contract information, we are able to estimate how contract parameters crucial to the relative bargaining power between rig owners and oil and gas companies affect rig rates. Our econometric framework is a single equation random effects model, in which the systematic part of the equation is non-linear in the parameters. Such a model belongs to the class of non-linear mixed models, which has been heavily utilised in the biological sciences.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 4532
- Klassifikation
-
Wirtschaft
Methodological Issues: General
Single Equation Models; Single Variables: Panel Data Models; Spatio-temporal Models
Transactional Relationships; Contracts and Reputation; Networks
Mining, Extraction, and Refining: Hydrocarbon Fuels
Energy: General
- Thema
-
rig rates
oil and gas drilling
oil and gas prices
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Osmundsen, Petter
Rosendahl, Knut Einar
Skjerpen, Terje
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2013
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Osmundsen, Petter
- Rosendahl, Knut Einar
- Skjerpen, Terje
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2013
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