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Closing wells; fossil exploration and abandonment in the energy transition

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dc.contributor.gruplacGrupo de Investigaciones. Facultad de Economía. Universidad del Rosariospa
dc.creatorvan den Bijgaart, Inge
dc.creatorRodríguez Acosta, Mauricio Andrés
dc.date.accessioned2020-07-14T20:05:34Z
dc.date.available2020-07-14T20:05:34Z
dc.date.created2020-07-10
dc.date.issued2020-07-14
dc.descriptionA pesar de los ambiciosos objetivos climáticos y las reservas ya considerables de reservas de energía fósil desarrolladas, el desarrollo de nuevas reservas de energía fósil sigue siendo alto. Esto plantea preocupaciones, ya que refuerza las oportunidades e incentivos de la industria fósil para continuar la extracción, y puede requerir el abandono de las reservas fósiles desarrolladas para cumplir con los objetivos climáticos. En este artículo, analizamos la transición energética, considerando las actividades de exploración y desarrollo proyectos de explotación de recursos fósiles. Proporcionamos condiciones para cuando la industria fósil abandonará las reservas y establecemos que la exploración continua de los recursos fósiles no es incompatible con el abandono de las reservas desarrolladas. La primera mejor implementación de un presupuesto de carbono siempre implica el abandono de reservas y por lo tanto, la exploración que empuja las reservas desarrolladas por encima del presupuesto restante. Una evaluación cuantitativa revela que un volumen igual al 9-19% de las reservas actuales de petróleo y gas se abandonan de manera óptima, y ​​que, incluso bajo un objetivo de calentamiento de 1.5C, la exploración positiva de nuevas reservas está justificada por otra década.spa
dc.description.abstractDespite ambitious climate goals and already substantial stocks of developed fossil energy reserves, development of new fossil energy reserves continues to be high. This raises concerns, as it reinforces the fossil industry’s opportunities and incentives to continue extraction, and may necessitate abandonment of developed fossil reserves to meet climate targets. In this paper, we analyze the energy transition, considering fossil exploration and development activities. We provide conditions for when the fossil industry will abandon reserves, and establish that continued exploration of fossil resources is not incompatible with abandoning developed reserves. The first-best implementation of a carbon budget always involves reserve abandonment, and thus exploration that pushes developed reserves in excess of the remaining budget. A quantitative assessment reveals that a volume equal to 9-19% of current oil and gas reserves are optimally abandoned, and that, even under a 1.5C warming target, positive exploration of new reserves is justified for another decade.spa
dc.format.extent43spa
dc.format.mimetypeapplication/pdf
dc.identifier.citationvan den Bijgaart, Inge; Rodríguez Acosta, Mauricio (2020) Closing wells; fossil exploration and abandonment in the energy transition. Universidad del Rosario, Department of Economics, Documentos de trabajo economía. 43 pp.spa
dc.identifier.doihttps://doi.org/10.48713/10336_25416
dc.identifier.urihttps://repository.urosario.edu.co/handle/10336/25416
dc.language.isospa
dc.relation.citationTitleSerie Documentos de trabajo. Economía
dc.relation.urihttps://ideas.repec.org/p/col/000092/018249.html
dc.rightsAtribución-NoComercial-CompartirIgual 2.5 Colombiaspa
dc.rights.accesRightsinfo:eu-repo/semantics/openAccess
dc.rights.accesoAbierto (Texto Completo)spa
dc.rights.urihttp://creativecommons.org/licenses/by-nc-sa/2.5/co/
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dc.source.instnameinstname:Universidad del Rosariospa
dc.source.reponamereponame:Repositorio Institucional EdocURspa
dc.subjectReservas de carbonspa
dc.subjectTransición energéticaspa
dc.subjectExploración fósilspa
dc.subjectRecursos no renovablesspa
dc.subjectEnergía renovablespa
dc.subjectActivos fijosspa
dc.subject.ddcEconomía de la tierraspa
dc.subject.jelQ21spa
dc.subject.jelQ31spa
dc.subject.jelQ35spa
dc.subject.jelQ54spa
dc.subject.jelQ58spa
dc.subject.keywordCarbon budgetspa
dc.subject.keywordEnergy transitionspa
dc.subject.keywordFossil explorationspa
dc.subject.keywordNonrenewable resourcesspa
dc.subject.keywordRenewable energyspa
dc.subject.keywordStranded assetsspa
dc.titleClosing wells; fossil exploration and abandonment in the energy transitionspa
dc.typeworkingPapereng
dc.type.hasVersioninfo:eu-repo/semantics/draft
dc.type.spaDocumento de trabajospa
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