Oil & Gas: Crises and Controversies

Volume 1 - Global Issues

Volume 2: Europe's Entanglement


Oil & Gas: Crises and Controversies
Volume 1 - Global Issues

by Professor Peter Odell
published 2001 • ISBN 0 906522 13 7 • pp. 494 • 55.50

Oil and gas are the drivers of modern economies and issues relating to them impinge importantly on national and international politics. This first of two volumes of Odell's collected papers and essays charts the sequence of significant developments, over the past 40 years, of this most international of industries. At one level, his book is a work of recent economic history, but an appreciation of the past is essential for proper interpretation of the present, and all the more so, if forecasting is one's trade. For these reasons, this book needs to be on the shelves of all who are professionally concerned with contemporary and/or prospective global oil and gas issues.

The book comprises two sections. Section I is concerned with the physical attributes of oil and gas resources, reserves and supply, in their economic and political settings, with emphases on 'how much' and 'where'. These issues have always been important and controversial. Even in the early 1960s a scarcity of oil and an undue dependence on Middle East supplies was being predicted! Through several major papers on this subject, Odell has established himself as a leading proponent of the view that the world has never been and is not now on the brink of a supply crisis.

Section II is concerned with economic and political inputs to the global oil and gas industry's organisation and markets since the early 1960s. Until the early 1970s the organisation of the industry, and of the resource itself, was under the control of the major multi-national oil companies. How that control was prised out of their hands by a number of different levers - most notably that of OPEC - is the central element of the industry's evolution in the last quarter of the 20th century.

The consequences of that loss of control, not only for the industry itself, but also for the Western World's economy and its political stability, are still unfolding. This key story, and its ramifications, are comprehensively and expertly analysed and presented by Professor Odell in this book.



Section I - Global Resources, Reserves and Supply

The Industry's Resource Base and the World Pattern of Production. (1963)

The Geographic Location Component in Oil and Gas Reserves' Evaluation. (1973)

The Future of Oil: a Rejoinder. (1973) Political Economics of Offshore Oil Exploitation. (1978)

World Energy in the 1980s: the Significance of Non-OPEC Oil Supplies. (1979)

Third World Oil and Gas: Underexplored and Underdeveloped. (1981)

The Future of Oil: a Complex Question. (1983) World Oil Resources: East-West differ on Estimates. (1985)

Global and Regional Energy Supplies: Recent Fictions and Fallacies Revisited. (1991) The Geography of Reserves Development. (1994)

Oil and Gas Reserves: Retrospect and Prospect. (1998)

The Global Energy Market in the Long-Term: the Continuing Dominance of Affordable Non-Renewable Resources. (2000)


Section II - International Oil Markets

The Global Oil Industry in the late 1960s. (1970)

The Significance of Oil. (1968) International Oil and National Interests in Latin America. (1970)

The First International Price Shock: A. Against an Oil Cartel. (1971); B. The World of Oil Power in 1975. (1975)

The International Oil Companies in the New World Oil Market (1978)

The Pressures of Oil. (1978)

The Second Oil Price Shock: A. The Great Oil Shortage Mystery. (1980); B. Oil - an Overpriced Abundance. (1980); C. An Alternative View of the Outlook for Oil. (1982)

Post-Shock Reactions: A. Outlook for the International Oil Market and Options for OPEC. (1984); B. Back to Cheap Oil? (1985)

The Economic and Political Geography of a Century of Maritime Oil Transport. (1986) The Aftermath of the 1986 Oil Price Collapse: A. Oil Prices, OPEC and the West: Longer-term Prospects. (1986); B. The Prospects for Oil Prices and the Energy Market. (1987)

The Prospects for non-OPEC Oil Supply. (1992)

The Global Oil Industry: the Location of Production. Middle East Domination or Regionalization? (1997)

The Final years of the Century of Oil - Changing Structures: A. International Oil: a Return to American Hegemony. (1994); B. Higher Oil Prices: the Result of a Political Agenda. (1996); C. Changing the Face of the International Oil Market. (1998); D. OPEC: too Soon to Write it off. (1999); E. The International Community's Perception of the Future of Middle East Oil from the 1960s to 2000. (2000)


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Oil & Gas: Crises and Controversies
Volume 2: Europe's Entanglement

by Professor Peter Odell
published 2002 • ISBN 0 906522 18 8 • pp. 667 • 55.50


Volume 1 of Professor Odell's collected studies and commentaries, Oil & Gas: Crises & Controversies - Global Issues, has been warmly received. It is concerned partly with issues of resources' availability and exploitation, but it also charted how the structure of the industry changed since the early 1970s; and with the implications of the changes for the western world's economy.

Now comes Volume 2 on Europe's Entanglement with the issues of international oil and gas. This volume looks at the astonishing story of a succession of fundamental changes in the European energy economy during the last 40 or 50 years. First, as to how and why imported oil replaced indigenous coal as the primary energy source in the early post-World War 2 period. Second, in the evaluation of the extraordinary saga of the discovery and exploitation of the North Sea basin's hydrocarbons resources. Third, on the evolution of the continent's natural gas markets from the early 1960s, when it accounted for under 2% of total energy used, to the current contribution of over 25% and an expected eventual share of 35% of Europe's energy supply. These powerful and complex dynamics of Europe's energy sector are then put in the context of the broader political and economic structures and policies which have emerged over the last four decades.

Few have the author's breadth of experience in all aspects of Europe's energy economy; few have been commenting on energy issues for as long as he has; and few have an international reputation comparable with his on the subject. If a proper appreciation of European energy issues is required, then there is no better place to find it than in this volume of Professor Odell's collected work.



Section I - Oil and Gas take over the European Energy Economy

Oil's Onslaught on Europe. A. The Growth of Oil Imports and Refining (1963).

B. Oil: the New Commanding Height (1965)

Oil Policies in Western Europe (1970)

Europe's Oil Dependence (1972)

Europe and the Oil and Gas Industries in the 1970s (1972)

The Western European Energy Economy (1975)

Europe and the Cost of Energy: Nuclear Power or Oil and Gas? (1976)


Section II - The Exploitation of Europe's Indigenous Hydrocarbons

Natural Gas in Western Europe: a Case Study in the Economic Geography of Energy Resources (1969)

Indigenous Oil and Gas Developments and Western Europe's Energy Policy Options (1973)

The North Sea Oil Province: a Simulation Model of its Development (1974)

The Economic Background to North Sea Oil and Gas Development (1975)

Optimizing the Oil Pipeline System in the UK Sector of the North Sea (1976)

Oil and Gas Exploration and Exploitation in the North Sea by 1977 (1978)

The Exploitation of Western Europe's Hydrocarbon Resources by the late 1980s: the Politico-economic Framework (1990)

North Sea Oil and Gas - The Exploitation of Britain's Resources; Retrospect and Prospect (1996)

Four Decades of Groningen Gas Production and Pricing Policies (2001)


Section III - The Evolution of Europe's Gas Markets

Natural Gas' Early Years: Geographical and Structural Constraints (1969)

The Widening Gas Markets of the early 1970s. A. An Alternative Marketing Strategy for British North Sea Gas: Exports to Europe (1971).

B. Dutch Gas Production Boost (1972)

Constraints on Developments from the mid-1970s (1973)

Gas' Expansion Prospects Re-emerge (1984)

The Unexploited Gas Market Opportunities of the 1980s (1988)

A Fundamentally Different Framework in the 1990s (1992)

Gas Use and Imports to Increase with adequate Low Cost Supplies (1997)

European Gas 2001. A. Retrospect and Prospects (2001).

B. The UK Gas Industry and the Liberalisation of European markets (2002)


Section IV - On Oil and Gas Politics, Policies and Structures

Oil and Western European Security (1972)

Bases for Western Europe's Strategic Response to the Oil Crisis - Demand Constraints and Indigenous Production (1974)

The E.E.C. Energy Market: Structure and Integration (1976)

British Oil Policy: a Radical Alternative (1980)

North Sea Oil Depletion Policy (1982)

National Gas and Dutch Society (1987)

Gorbachev's New Economic Strategy: the Role of Gas Exports to Western Europe (1987)

The Completion of the Internal Energy Market: on the Need to distinguish the Hype from the Reality (1990)

Europe's Energy: Panic Over, Opportunity Knocks (1995)

Political and Structural Change in the former Eastern Europe (1998)


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