From resource nationalism to âsoftcoreâ government intervention through regulatory changes, this thesis attempts to comprehend in depth and formally analyse both the economic as well as the non-financial factors influencing the development of hydrocarbon resources and the investment decision-making in the oil and gas industry. The empirical work of Chapter 1 is inspired by the competition between IOCs ad NOCs and the phenomenon of resource nationalism. It provides empirical evidence on how the socio-economic conditions can affect the way a country will choose to develop its natural resources presenting the social determinants which contribute to the rise of nationalisation in the oil and gas industry. Chapter 2 focuses on government intervention on the upstream pipeline transportation networks and the issue of third party access under conditions of natural monopoly. It applies basic regulatory economic principles on oil and gas transportation networks and explores various regulatory tools and their application in different basins. Special focus is given in the government intervention and the market conditions under which State interference in the market is justified and successful. Finally, Chapter 3, taking into consideration the theory developed in Chapter 2, provides policy recommendations which aim to tackle market inefficiencies in the UKCS for the utilisation of the remaining reserves. The chapter also discusses the role and limitations of government ownership in the UKCS. The three chapters analyse different, but interlinked, issues surrounding the relationship between the government and the oil and gas industry- from hardcore nationalisation of the natural resources to the unique Norwegian model of State ownership.
|Date of Award||17 Dec 2018|
- University Of Strathclyde
|Sponsors||ESRC (Economic and Social Research Council)|
|Supervisor||Giuseppe De Feo (Supervisor) & Richard Bellingham (Supervisor)|