The International Oil Industry: An Interdisciplinary Perspective

194 Pages·1987·18.613 MB·English

by  Judith Rees, Peter R. Odell (eds.)

THE INTERNATIONAL OIL INDUSTRY
Also by Judith Rees
NATURAL RESOURCES: ALLOCATION, ECONOMICS AND POLICY
INDUSTRIAL DEMAND FOR WATER
Also by Peter Odell
OIL AND WORLD POWER
THE NORTH SEA OIL PROVINCE, 1962-2019
THE FUTURE OF NORTH SEA OIL
THE INTERNATIONAL
OIL INDUSTRY
An Interdisciplinary Perspective
Edited by
JUDITH REES
Senior Lecturer in Geography
London School of Economics
and
PETER ODELL
Director, Centre for International Energy Studies, Erasmus
University Visiting Professor, London School of Economics
Palgrave Macmillan
ISBN 978-1-349-09342-7 ISBN 978-1-349-09340-3 (eBook)
DOI 10.1007/978-1-349-09340-3
© International Research Programme, London School of Economics, 1987
Softcover reprint of the hardcover 1 st edition 1987 978-0-333-43660-8
All rights reserved. For information, write:
Scholarly & Reference Division,
St. Martin's Press, Inc., 175 Fifth Avenue, New York, NY 10010
First published in the United States of America in 1987
ISBN 978-0-312-00242-8
Library of Congress Cataloging-in-Publication Data
The International oil industry.
Includes index.
1. Petroleum industry and trade-Congresses.
2. International economic relations-Congresses.
I. Rees, Judith A. (Judith Anne), 1944-
II. Odell, Peter R.
HD9560.5.I565 1987 338.2'7282 86-21973
ISBN 978-0-312-00242-8
Contents
Chapter Page
List of Contributors vii
List of Tables viii
List of Figures ix
Preface and Acknowledgements x
1 Introduction: International Oil Issues and
Perspectives
Judith Rees and Peter R. Odell 1
2 The Structure of the International Oil Industry:
Multinationals, Governments and OPEC
Edith Penrose 9
3 The International Community and International
Oil
Edwin A. Deagle 19
4 The Economics of the International Oil Industry
Maurice A. Adelman 27
5 The International Legal Structure of Petroleum
Exploitation
R.W. Bentham 57
6 The Status and Strategies of the International Oil
Corporations
T.D. Ross 67
7 A View of European Oil and Gas Issues
R.G. Reid 76
8 Oil Funding and International Financial Markets
Z. Mikdashi 88
9 The Third World Perspective on Petroleum
H.S. Zakariya 107
v
Contents
10 The Disciplinary Perspectives 129
Economics Megnad Desai 130
Government George Philip 138
Law Peter Mutchlinski 142
Geography Judith Rees 158
International Relations Susan Strange 163
Appendix 1 L.S.E. Research Projects 171
Appendix 2 List of Seminar Participants 173
Index 175
vi
List of Contributors
Professor M.A. Adelman, Professor of Economics, M.LT.
Professor D. Bentham, Director of Institute of Petroleum Law, University
of Dundee
Dr. E.A. Deagle, Director of International Relations, Rockefeller
Foundation, New York.
Professor Megnad Desai, Department of Economics, L.S.E.
Professor Z. Mikdashi, Business School of Lausanne, Switzerland
Dt. P. Mutchlinski, Department of Law, L.S.E.
Professor P.R. Odell, Visiting Professor, Department of Geography,
L.S.E., and Erasmus University, Rotterdam.
Professor Edith Penrose, Professor of Political Economy, INSEAD,
Fontainebleau
Dr. G. Philip, Department of Government, L.S.E.
Dr. Judith Rees, Department of Geography, L.S.E.
R.G. Reid, President, Esso Europe, London
T. Ross, until recently Group Public Affairs Co-ordinator and Director of
Shell International Petroleum Ltd., London
Professor Susan Strange, Department of International Relations, L.S.E.
H.S. Zakariya, Inter-regional Advisor, Petroleum Economics &
Legislation (United Nations (1973-1984); Legal Department, OPEC
(1967-1970)
vii
List of Tables
Table Page
8.1 Impact of Oil Price Upheavals on US Economy 89
8.2 Major Companies' Assets: Return and Debt
Financing 1971-1982 92
8.3 Publicly Guaranteed External Borrowing by
Developing Countries for Energy 1975-1980 93
8.4 Some Indicators of Bilateral and Multilateral
Aspects for Energy Resource Development in
Developing Countries 1978 and 1982 94
8.5 Oil Mergers in the United States 95
8.6 Energy Investment Requirements and Funds
Likely Available from Conventional Sources
to Domestic Energy Enterprises in Developing
Countries 1982-2000 99
viii
List of Figures
Figure Page
4.1 Crude Oil Prices 1912-83 27
4.2 GNP Growth 28
4.3 Wholesale price indexes 28
4.4 Total NCW consumption, MBD 48
4.5 OPEC Revenues 1983 48
7.1 Non-Communist World Energy Demand, GNP
and Crude Price 77
7.2 Non-Communist World Oil Supply 79
7.3 European Oil Demand, GNP and Crude Price 80
7.4 European Oil Supply 81
7.5 European Gas Demand 83
7.6 European Gas Supply 84
7.7 European Product Demand 85
7.8 European Oil Demand, Refinery Capacity and
Product Imputs 86
7.9 Refining Margins 87
10.1 A Simple Economic Model of the Transition
in the World Oil Market 134
ix