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来源类型Journal Article
规范类型论文
Trophy Hunting versus Manufacturing Energy: The Price Responsiveness of Shale Gas
Richard G. Newell; Ashley Vissing; Brian Prest
发表日期2019-01-25
出版年2019
语种英语
摘要We analyze the relative price responsiveness of unconventional versus conventional natural gas extraction. We separately analyze three key stages of gas production: drilling wells, completing wells, and producing natural gas from the completed wells. The most important margin is drilling investment, and neither production from existing wells nor completion times respond strongly to prices. We estimate a gas drilling response of 0.9% per 1% gas price shock, for both conventional and unconventional sources. Nonetheless, because unconventional wells produce about three times more gas per well than conventional ones, the supply response is much larger for unconventional supply. Accounting for changes to the level and composition of drilling activity, the gas supply is about three times more responsive during the “shale era” of 2010–15 compared to 2000–2005. We illustrate how the distinctions between the stages of production (drilling, completion, and production) are key to understanding price responsiveness.
主题Industry and Fuels,Natural Gas
URLhttps://www.rff.org/publications/journal-articles/trophy-hunting-versus-manufacturing-energy-price-responsiveness-shale-gas/
来源智库Resources for the Future (United States)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/588152
推荐引用方式
GB/T 7714
Richard G. Newell,Ashley Vissing,Brian Prest. Trophy Hunting versus Manufacturing Energy: The Price Responsiveness of Shale Gas. 2019.
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