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STRANDED ASSETS AND SOVEREIGN STATES
National Institute Economic Review Pub Date : 2020-02-05 , DOI: 10.1017/nie.2020.4
Amy Myers Jaffe

There is evidence that the risk of stranded assets in the oil and gas sector is underpriced in financial markets. Publicly traded Western oil and gas companies are starting to write down assets, opening up the possibility that more rationalisation of value is likely to come. To the extent that large oil companies diversify portfolios to include cleaner energy and carbon sequestration technologies, it could reduce the risk of a sudden cascading change in the stock valuation of these firms and related bond and credit markets. Instead, the vast majority of oil and gas assets that will be stranded are in the control of sovereign states whose national budgets are highly dependent on oil and gas revenues. Thus, the problem of stranded asset risk for the oil and gas sector may be most relevant in markets for sovereign credit as well as risks that go beyond financial losses.

中文翻译:

搁浅资产和主权国家

有证据表明,石油和天然气行业搁浅资产的风险在金融市场上被低估了。公开交易的西方石油和天然气公司开始减记资产,开启了价值更合理化的可能性。就大型石油公司将投资组合多样化以包括清洁能源和碳封存技术的程度而言,它可以降低这些公司以及相关债券和信贷市场的股票估值突然级联变化的风险。相反,绝大多数将搁浅的石油和天然气资产都在主权国家的控制之下,这些国家的预算高度依赖石油和天然气收入。因此,
更新日期:2020-02-05
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