Publication date: 1984-07-01
First Published in: Energy
Authors: D.G. Hotard, J.H. Ristroph
The logistic function has been used to describe the discovery and production of oil and natural gas at the national level. This type of functional representation provides a direct approach for estimating the available supply of the resource and the time at which that supply will be essentially depleted. The mathematical characteristics of the function imply restrictions, which are not necessarily applicable to natural resource production patterns. We examine these restrictions in the context of crude-oil production at a regional level. We attempt to show that statistical estimates of the functional parameters based on actual crude-oil production could satisfy the mathematical restrictions inherent in the logistic function.
Published in: Energy, Volume 9, Issue 7, July 1984, Pages 565-570
Available from: ScienceDirect