Offshore Energy Resources

ENE476 Offshore Energy Resources

Spring 2024

Autumn 2024
  • Topics


    • Overview of energy markets in historical perspective
    • The international law of the sea and offshore oil and gas extraction
    • Economic analysis of oil and gas extraction
    • Price formation and markets for oil and gas
    • Tax regimes for oil and gas extraction
    • Challenges of the green transition

  • Learning outcome


    Upon completing the course the student has knowledge of

    • How world energy markets have developed since World War II
    • The Exclusive Economic Zone and its meaning for offshore oil and gas extraction, offshore wind, as well as supplementary rules in the UN Law of the Sea Treaty
    • Basic dynamics governing oil and gas extraction and its shut-down date
    • Theories of price formation for non-renewable resources such as oil and gas
    • Basic challenges and pitfalls in designing tax regimes for oil and gas extraction
    • Challenges in dealing with intermittency of wind power
    • Development and status for emissions and concentration of carbon dioxide in the atmosphere


    Upon completing the course the student has

    • Ability to formulate and solve simple numerical models in Excel spreadsheets
    • Ability to formulate and solve analytical models

    General competence

    Upon completing the course the student will be able to

    • Assess the likelihood of slow versus rapid energy market transformation
    • Identify the main drivers behind price changes in markets for oil and gas
    • Evaluate alternative taxation regimes for oil and gas resources
    • Discuss in an informed manner basic issues of energy markets

  • Teaching

    Morning sessions with lectures and work on analytical and modeling assignments under supervision in the afternoon.

  • Credit reduction due to overlap


  • Compulsory Activity

    Attendance of morning lectures and analytical and modeling sessions in the afternoon.

  • Assessment

    Successful completion of analytical and modeling exercises discussed in the afternoon sessions. These will be posted day by day and then transmitted together to the students in Wiseflow at the end of the seminar with a delivery deadline of two weeks.

  • Grading Scale


  • Literature

    This is a short seminar with a tight schedule, so the lecture slides are meant to be self-contained. References to relevant literature will be provided in the lectures, as needed.


ECTS Credits
Teaching language

Autumn. Will be offered Autumn 2023 (first week of the semester - first time).

Course responsible

Professor Rögnvaldur Hannesson, Department of Business and Management Science.