Klaus Mohn. Curriculum Vitae

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1 1 Professor of petroleum economics, University of Stavanger Business School Adjunct professor (II) Norwegian School of Economics (NHH) Phone: klaus.mohn@uis.no Personal homepage: Last update: November 2014 PROFESSIONAL EXPERIENCE 2013 : Professor, University of Stavanger Business School : Chief economist, Statoil : Special adviser, Strategy and portfolio development, E&P Norway, Statoil : Special adviser and Head of CEO s office, Statoil : Adviser, CEO's office, Statoil : Investor Relations Manager, Statoil : Senior Economist, Statoil : Senior Economist, DnB Markets : Senior Executive Officer, Research Department, Statistics Norway : Research fellow, Norwegian School for Economics and Business Adm. (NHH) EDUCATION : PhD studies at the University of Stavanger Thesis: Investment behaviour in the international oil and gas industry 1992: PhD courses at the University of Oslo Macroeconomics and productivity analysis 1991: Cand. Oecon., Norwegian School of Economics and Business Administration (NHH) International Economics, International Finance, Development Economics Thesis: Financial sector and economic development 1989: Ruhrgas scholar at the University of Mannheim Statistics and Econometrics 1988: Cand. Mag., University of Bergen Economics, History, and English RESEARCH INTERESTS Macroeconomics and economic policy design; Development economics of resource-rich countries; Economics of petroleum exploration and production; Investment behaviour in the oil and gas industry; Valuation of international oil and gas companies; History and philosophy of science (economics); Regional modelling and analysis; Exchange rate and interest rate formation; Econometrics

2 2 RESEARCH IN PROGRESS Misund, B. and K. Mohn Exploration risk in oil and gas shareholder returns. Working Paper (April). University of Stavanger. Mohn, K. Ressursrikdom og rikardiansk ekvivalens (Resource wealth and ricardian equivalence). Unpublished manuscript (in Norwegian). PUBLISHED RESEARCH Hunnes, A., Kvaløy, O. og K. Mohn An empirical study of performance appraisal and career opportunities. International Journal of Business and Management 7 (1), Mohn, K. and B. Misund Shifting sentiments in oil and gas investments: an application to the oil industry. Applied Financial Economics 21 (7), Mohn, K. and P. Osmundsen Asymmetry and uncertainty in capital formation: an application to oil investment. Applied Economics 43 (28), Aune, F. R, Mohn, K., Osmundsen, P. and K. E. Rosendahl Financial market pressure, tacit collusion and oil price formation. Energy Economics 32 (2), Mohn, K Elastic petroleum: A primer on the economics of exploration and production. Forthcoming in Bjørndal E. and Bjørndal, M. Energy, Natural Resource and Environmental Economics. London: Springer. Mohn, K. and B. Misund Investment and uncertainty in the international oil and gas industry. Energy Economics 31 (2), Mohn, K Autism in economics: a second opinion. Forum for Social Economics 39 (2), Mohn, K Efforts and Efficiency in Oil Exploration: A Vector Error-Correction Approach. The Energy Journal 30 (4), Mohn, K. and P. Osmundsen Exploration economics in a regulated petroleum Province. Energy Economics 30 (2), Osmundsen, P., Mohn, K., Misund, B., and F. Asche Is oil supply choked by financial markets? Energy Policy 35, Osmundsen, P., Misund. B., Asche, F., and K. Mohn Valuation of oil companies. Energy Journal 27 (3): Osmundsen, P., Mohn K., Emhjellen. M., and F. Helgeland Size and profitability in the international oil and gas industry. Jerome Davis (ed.) The Changing World of Oil. An Analysis of Corporate Change and Adaptation, London: Ashgate Publishing. Osmundsen, P., Asche, F., Misund B., and K. Mohn Valuation of oil companies the RoACE era. IAEE Newsletter. 3rd Quarter 2004, 14-18, International Association for Energy Economics (IAEE). MISCELLANEOUS RESEARCH Aune, F. R, Mohn, K., Osmundsen, P. and K. E. Rosendahl Industry restructuring, OPEC response and oil price formation. Discussion Paper 511. Statistics Norway. Osmundsen, P., Asche, F., Misund, B. and K. Mohn Valuation of international oil companies: The RoACE era. CESIFO Working Paper Osmundsen, P., Mohn, K. Emhjellen, M. and F. Helgeland Størrelse og lønnsomhet i den internasjonale olje- og gassindustrien (Size and profitability in the international oil and gas industry). Arbeidsnotat nr. 34/02. Senter for samfunns- og næringslivsforskning. Mohn, Klaus. 1994c. On equity and public pricing in development countries. Discussion Paper no 123. Statistics Norway, Oslo. 2

3 3 Mohn, Klaus. 1994b. Modelling regional producer behaviour a survey. Social and Economic Studies 86. Statistics Norway, Oslo. Mohn, Klaus. 1994a. Monetarism and structural adjustment the case of Mozambique. Reports 94/11. Statistics Norway, Oslo. Rognes, Knut and Mohn, Klaus Pseudovespula omissa (Bischoff, 1931) recorded from Norway (Hym., Vespidae). Fauna norvegica 28, 118. RESEARCH IN NORWEGIAN Mohn, K Kva skjer med oljeinvesteringane? Samfunnsøkonomen 2/2014, Mohn, K Takk for innsatsen! En case-studie av prestasjoner, belønning og Anerkjennelse (Performance appraisal: a case study). Søkelys på Arbeidslivet 3/08, Mohn, K Leting etter olje og naturgass: Tallenes tale. (Oil and gas exploration: a confession from Norwegian time series data). BETA 1/2008. Mohn, K Oljepris, petroleumsvirksomhet og norsk økonomi. (Oil price, petroleum activity and the Norwegian economy). Samfunnsøkonomen 1/2008, Mohn, K Hva er det med oljeinvesteringene? (What is it about oil investment?) MAGMA 6/2007, Mohn, K Stoltheit og Fordom: Økonomane sitt samfunn og samfunnet sin økonomi (Pride and prejudice on the social awareness of economics). Tidsskrift for Samfunnsforskning 3/2007, Mohn, K Statoil, staten og samunnet (Statoil, the state and the society). Økonomisk Forum 7/06, oktober. Mohn, K. og P. Osmundsen Letevirksomhet og ressursutvikling på norsk sokkel (Exploration and resource accumulation on the NCS). Økonomisk Forum 7/06, Mohn, Klaus Hva er det med økonomene? (What is it about economists? Reflections on the development of economics as a science), Nytt Norsk Tidsskrift 3/2006, Osmundsen, P., Asche, F., og K. Mohn Ny kunnskap om verdsetting av oljeselskaper (New insights on valuation of oil companies), Revisjon & Regnskap 5, Osmundsen, P., Mohn, K og M. Emhjellen Fusjoner og oppkjøp i olje- og gassindustrien størrelse og lønnsomhet (M&A activity in the oil and gas industry, on size and profitability ), in Norwegian, MAGMA 5/6 2002, Osmundsen, P., Mohn, K., Espedal, H. og K. Løvås Verdsetting av internasjonale olje- og gasselskaper. (Valuation of international oil and gas companies). in Norwegian, Revisjon og regnskap 5/2002, Mohn, K Amerikanske, tyske og norske obligasjonsrenter: Henger de sammen? (US, German and Norwegian bond yields: are they connected?), Sosialøkonomen 1, Mohn, K ECU-indeks, renter, dollarkurs og oljepris hva er sammenhengen? (Exchange rate, interest rates and oil price: how are they connected?), DnB Markets' Quarterly, November, Mohn, K. og T. C. Tollefsen Den norske avkastningskurven En analyse av helning og krumning fra 1993 til 1996 (The Norwegian yield curve slope and curvature ) in Norwegian, DnB Markets' Quarterly, March, pp Mohn, K En økonometrisk modell for kortsiktige bevegelser i det norske obligasjonsmarkedet (Modelling short-term fluctuations in the Norwegian bond market), in Norwegian, DnB Markets' Quarterly, November, Mohn, K. Stambøl, L. S. og K. Ø. Sørensen. 1994b. Regionale arbeidsmarkeder mot år 2000 (Regional labour market developments towards 2000), in Norwegian. Economic Survey 4/94, Statistics Norway, Oslo. 3

4 4 Mohn, K. Stambøl, L. S. og K. Ø. Sørensen. 1994a. REGARD et regionalt modellsystem for arbeidsmarked og demografi (REGARD a regional model for labour markets and demographic developments), in Norwegian, SØS 88, Statistics Norway, Oslo. Mohn, Klaus Den regionale sysselsettingen i 1990-årene (Forecasting regional employment trends in the 1990s). Plan & Arbeid 5-6/94, Johansen, S., Mohn, K., Mønnesland, J. og K. Ø. Sørensen Regionalisering av beregningsgrunnlaget for Regjeringens Langtidsprogram (A regional breakdown of the Government's Long-Term Program). Institute for Regional Research/Statistics Norway, Oslo. Mohn, K., Stambøl, L. S. and K. Ø. Sørensen. 1993a. REGARDs formelle struktur. (REGARD - the complete set of equations). Working Paper Series 93/3, Statistics Norway, Oslo. Mohn, K Industrisysselsetting og produksjonsteknologi i norske regioner (The regional dimension of employment and production technology in Norway). Reports 93/22. Statistics Norway, Oslo. Mohn, K. 1992b. Industrien i REGARD: Regionale aspekter ved produktivitet og sysselsetting (Manufacturing industries in REGARD: Regional aspects of employment and productivity), Economic Survey 8/92. Statistics Norway, Oslo. Mohn, Klaus. 1992a. Finanssektor og økonomisk utvikling (Financial Sector and Development Economics), Report 28/92, SNF, Bergen. ASSIGNMENTS Editor, Samfunnsøkonomen ACADEMIC CONFERENCE PRESENTATIONS Misund, B. and K. Mohn. Exploration risk in oil and gas shareholder returns. Paper presented At the 20 th International Conference of the Society for Computational Economics, Oslo, 24 June, Misund, B. and K. Mohn. Exploration risk in oil and gas shareholder returns. Paper presented The 36 th Annual Meeting of the Norwegian Association of Economists, 6-7 January 2014 at BI Norwegian Business School in Oslo. Mohn, K. Global Energy Outlook: Smooth sailing or sea change? Invited plenary speech. Annual commodity market conference, Norwegian University of Life Sciences. Oslo, 1 November Mohn, K. Prospects for PhDs in business and industry. Invited plenary speech. National Research School in Economics and Business Adm. Annual meeting. Stavanger 23 August Mohn, K. Occupational health and work climate. Paper presented at the 31th national conference for economic research. University of Oslo, 5-6 January Mohn, K. The economics of oil and gas exploration. Invited speech. Workshop in Energy, Natural Resource and Environmental Economics, The Norwegian School of Economics and Business Administration (NHH), Bergen, May Aune, F. R., Mohn, K., Osmundsen, P and K. E. Rosendahl Financial market pressure, tacit collusion and oil price formation. Paper presented at the 30th national conference for economic research. University of Oslo, 7-8 January Mohn, K. and Misund, B Shifting sentiments in firm investment: an application to the oil industry. FIBE Conference. Norwegian School of Economics and Business Administration (NHH). Bergen, 3-4 January. Mohn, K Hvorfor skal vi bry oss med oljeinvesteringene? (Why care about oil investments?). Åpen Fagdag. University of Stavanger, 28 November

5 5 Mohn, K Investment and uncertainty in the international oil and gas industry: a microeconometric approach. Paper presented at the 9 th IAEE Conference. Florence (Italy), June Mohn, K Investment and uncertainty in the international oil and gas industry: a microeconometric approach. Paper presented at the 29 th annual meeting for economic research. Tromsø, 4-5 January Mohn, K Oil and gas exploration success: an econometric assessment. Paper presented at the 29 th International IAEE Conference. Potsdam, 7-10 June Mohn, K. and P. Osmundsen Exploration economics in a regulated and mature petroleum province. Paper presented at the national research conference in economics. Bergen (Norway), 4 January Osmundsen, P., Misund. B., Asche, F. and K. Mohn Valuation of oil companies. Paper presented at the 7th IAEE European Energy Conference. Bergen (Norway), 29 August SELECTED SEMINAR PRESENTATIONS 2014 Four decades of development: History, status, and outlook for Norwegian oil and gas Guest lecture at the Norwegian School of Economics. Bergen, 23 June 2014 Fossil fuel shares in the GPF-G: a tale of two discussions Expert group meeting on investments in coal and petroleum companies. Oslo, 18 June 2014 Kompetanse og konkurranse, omstilling og vekst Norway Summit (Norway Chess 2014), Stavanger, 2 June 2014 Norwegian oil and gas: Boom or bust? Presentation for Petoro AS. Stavanger, 19 May Oil and gas market and industry outlook Sandnes Sparebank Capital Markets Day, 23 April 2014 Norwegian petroleum: Prosper or perish? Guest lecture at the Norwegian University of Life Sciences, 27 March 2014 Oil and gas market and industry outlook NPF conference presentation, 1 April 2014 Status og utsikter for norsk sokkel: Marknadskreftene rår (Outlook for the NCS) Stavanger Chamber, 20 March 2014 Microeconomics: Why bother? Loose thoughts on a tight tool Guest lecture, Norwegian School of Economics, 22 January 2014 Norwegian oil and gas activity: Market forces matter Norwegian School of Economics (NHH), 21 February Energy, oil, gas: Market and industry outlook. Norwegian Petroleum Directorate. 28 November Global energy outlook: The impact on markets and industry. Norwegian Ministry of Petroleum and Energy. 27 November Energy, industry, and the economy. Norwegian School of Economics (NHH), 11 November Scarcity or abundance: On the potential market impact of light tight oil. Ministry of Finance. Spring seminar. Son, 27 May Demand vs depletion: Long-term oil market fundamentals. Norges Bank seminar: Modelling and forecasting oil prices. Oslo, 22 March

6 6 Aktiviteten på norsk sokkel (Industrial activity on the NCS macroeconomic implications). Breakfast seminar. Norwegian Economic Assocation. Oslo, 13 September En liten, åpen oljeøkonomi (A small, open petro economy) Seminar presentation. Norwegian Ministry of Finance. Oslo, 18 October En liten, åpen oljeøkonomi (A small, open petro economy) Seminar presentation. Norwegian Ministry of Industry and Trade. Oslo, 20 November Explaining E&P Activity: Insights From Recent Research. Solstrand Seminar in Petroleum Economics, Solstrand 21 September "Oil and Gas Investments: Why Bother?" seminar presentation, StatoilHydro (CFO management group), 1 April "Performance appraisal and career opportunities: A case study", seminar presentation, Statoil Hydro (Corporate HR Department), Stavanger, 11 March "Performance appraisal and career opportunities: A case study", seminar presentation, University of Stavanger, 21 February PUBLIC CONFERENCES, MEETINGS, AND DEBATES 2014 Nasjonalbudsjettet 2015: Ny retning? Public debate meeting on the Norwegian National Budget The Norwegian Polytechnic Society and The Norwegian Economics Association, Oslo, 3 November 2014 (Conference chair). Oil dependence and climate crisis. Public debate meeting at constitution anniversary. Tou Scene, Stavanger, Stavanger, 14 October 2014 (Panelist). NHH Forum Annual business/academia conference at the Norwegian School of Economics. Bergen, 3 September 2014 (Conference chair). NHHs Vårkonferanse 2014 (Spring conference at the Norwegian School of Economics). Bergen, 27 May 2014 (Conference chair). SELECTED ESSAYS & COMMENTARIES (IN NORWEGIAN) Arven etter Helge Lund, SYSLA.no, Kronikk, 16. oktober Vendepunkt for Vestlandet, SYSLA.no. Kronikk, 4. september Milliardær utan musklar, SYSLA.no. Kronikk, 24. august Bånn gass i Barentshavet, SYSLA.no. Kronikk, 15. juli Klimaendring i kapitalforvaltninga, SYSLA.no. Kronikk, 18. mai Formueforvaltning og fossil energi. NRK Ytring. Kronikk. 19. mars Tid for oljeskift. SYSLA.no. Kronikk. 8. mars Stor fallhøgd, spesielt for Vestlandet. Stavanger Aftenblad. Kronikk. 12. november Strategi etter innfallsmetoden, Dagens Næringsliv, 7. november Uro bremsar oljeboomen, Verdens Gang. Kronikk. 6. november Det er oljeprisen, dummen. Dagens Næringsliv, 20. juni Norsk naturgass: Kjøpers marked. Verdens Gang. Kronikk. 4. juni Usikkert om fornybar energi. Dagens Næringsliv, 29. juni For enkelt om olje. Dagens Næringsliv, 12. april Mulig optimisme. Dagens Næringsliv (m/kyrre M. Knudsen), 10. februar Statoil tror på fornybar energi. Bergens Tidende (m/eirik Wærness), 13. oktober Hva om euroen ryker?. Dagens Næringsliv (m/kyrre M. Knudsen), 26. september Oljen i økonomien (m/eirik Wærness), artikkel i Norsk oljemuseums årbok Prisøkning til besvær, Aftenposten, kronikk, 22. mars Den kinesiske drømmen, Stavanger Aftenblad, kronikk, 9. februar

7 7 Oljen i økonomien (med Finn E. Krogh), Stavanger Aftenblad, kronikk, 9. juni Olje-Norges fremtid, Aftenposten, økonomidebatt, 6. april Hvor blir det av krisen? Aftenbladet.no/energi, kommentar, 26. juni Stormkast og bølger i norsk økonomi, Aftenbladet.no/energi, kommentar, 26. mai Tidens tegn, tallenes tale, Aftenbladet.no/energi, kommentar, 28. april Klima, økonomi og politikk, Aftenbladet.no/energi, kommentar, 24. mars Overmodig oljeby, Stavanger Aftenblad, kronikk, 25. februar Insentiver under lupen (m/ola Kvaløy), Dagens Næringsliv, debattinnlegg, 3. februar Petroleum i perspektiv, Aftenbladet.no/energi, kommentar, 27. januar Haren, skilpadden og oljeprisen. Aftenbladet.no/energi, kommentar, 19. desember Formuer for fall, Aftenbladet.no/energi, kommentar, 24. oktober Energi i finanskrisen, Aftenbladet.no/energi, kommentar, 29. september Korreksjon eller krise?, Aftenbladet.no/energi, kommentar, 4. september Har pengar søkjer olje. Stavanger Aftenblad, kronikk, 18. april Tåler vi rikdommen? Aftenposten, økonomidebatt, 12. februar Makten, æren og oljen. Stavanger Aftenblad, kommentar, 6. februar Kven skal arve Terra? Stavanger Aftenblad, kommentar, 4. desember 2007 Forstår vi hva oljen gjør med oss?, Aftenposten, økonomidebatt, 23. oktober Kva om oljeprisen fell?, Bergens Tidende, kronikk, 16. oktober Noreg køyrer på autopilot. Dag og Tid, debattinnlegg, 12. oktober Skurrande dollar-komplott. Morgenbladet, debattinnlegg, 21. september Økonomi er ei samfunnssak. Dagbladet, kronikk, 19. september Er økonomane einspora?, Stavanger Aftenblad, kommentar, 6. september Hald auge med oljeinvesteringane. Stavanger Aftenblad, kommentar, 23. Mai Me og dei andre. Sandnesposten, kronikk, 22. mai La oss åpne øynene. Stavanger Aftenblad, debattinnlegg, 24. april Industripolitisk kinder-egg. Stavanger Aftenblad, kronikk, 16. februar Platt om Sandmos historiebok. Morgenbladet, debattinnlegg, 22. desember Veksten i oljeformuen. Aftenposten, økonomidebatt, 12. desember Økonomane sin politikk. Morgenbladet, kronikk, 8. desember 2006 Når storebror blir lillebror. Stavanger Aftenblad, debattinnlegg, 6. desember Quo vadis, homo economicus?, Bergens Tidende, kronikk, 26. november For lite leting etter olje og gass. (med Petter Osmundsen) Stavanger Aftenblad, kronikk, 3. november Den vanskelege næringspolitikken. Stavanger Aftenblad, kommentar, 3. oktober

8 8 TEACHING EXPERIENCE Financial economics Master-level course at the University of Stavanger Business School (2013-) Management accounting Bachelor course at the University of Stavanger for two years (2006 and 2007). Macroeconomics Assistant lecturer at the Norwegian School of Economics (NHH; , bachelor and master level courses). Guest lecturer and the University of Stavanger (master level courses). Guest lecturer on energy and the macro economy at the Norwegian School of Economics (2014-) Econometrics Assistant lecturer at the Norwegian School of Economics (NHH; ; Guest lecturer the University of Stavanger (master level courses). Investment analysis Guest lecturer at the University of Stavanger (master level courses). Guest lecturer at the Norwegian School of Economics (2014-) Energy/petroleum economics Master-level course on the economics of energy markets at the University of Stavanger Business School (2015-) Guest lecturer on energy and the macro economy at the Norwegian School of Economics (2014-). Guest lecturer on oil and gas investment at the Norwegian School of Economics (2014-) 8

9 9 SUPERVISION PhD theses Halonen, Anne-Britt. Macroeconomics of resource wealth. (2014-) Master s theses Geffroy, Patrice. Verdsettelse av Bionor Pharma ASA: Kontantstrømsanalyse og realopsjonsteori (Valuation of Bionor Pharma Inc.: Cash-flow analysis and real option theory). Norwegian School of Economics (Bergen). Spring Gjerde, Snorre. Developing an optimal transfer-pricing system. Norwegian School of Economics (Bergen). Spring Ingdal, Sølve and Christian Hauan. Cost overruns and subsequent performance of field development projects on the Norwegian Continental Shelf. Norwegian School of Economics (Bergen). Spring Guevara, Susana. What can be done to increase the value of Statoil? Analysis of the discrepancy between theoretical value and stock price. University of Stavanger Business School. Spring Jørgensen, Andreas. Will leveraging IT solutions contribute to wind farm profitability? University of Stavanger Business School. Spring Nord-Varhaug. Gunnar. Finnes der en optimal størrelse på norsk petroleumsøkonomi? (Identifying the the optimal size of the Norwegian petroleum sector). University of Stavanger Business School. Spring Hagen, Rolv Martin. Valuation of Golar LNG. University of Stavanger Business School. Spring 2013 Cheng, HuiHui. The Chinese growth miracle: what can make it continue, what can make it go over? University of Stavanger Business School. Spring Haugstad, Anne. Oljen i norsk økonomi: Muligheter og utfordringer for økonomisk politikk (Oil in the Norwegian economy: opportunities and challenges for economic policies). University of Stavanger Business School. Spring Larsen, Henriette, and Katrine Saua Mathiesen. Johan Sverdrup en realopsjonstilnærming (Valuation of offshore oil field Johan Sverdrup: a real options approach). University of Stavanger Business School. Spring Corneliussen, Jan R. og Anette Frækaland. Verdivurering og strategisk analyse av STREAM AS (Valuation and strategic assessment of STREAM AS). University of Stavanger Business School. Spring Skjørestad, Thomas. Verdsetting av oljeselskaper: En case-studie av Rocksource (Valuation of oil companies: a case study of Rocksource). University of Stavanger Business School. Spring Urstad, Marius. Oljepris og aksjemarked: En økonometrisk analyse (Oil price and equity market: An econometric assessment). University of Stavanger Business School. Spring Langeland, S. Investeringer som konjunkturfaktor (The role of investments in the business cycle). University of Stavanger Business School. Spring Horneland, J. T. and P. A. Pham. Finanskrisen virkninger for norsk økonomi (The financial crisis and the Norwegian economy). University of Stavanger Business School. Spring Eidesvik, M. Alternative energikilder på norske offshore-skip (Alternative fuels for Norwegian offshore supply ships: An investment analysis). University of Stavanger Business School. Spring Matre, M. Vindkraft offshore utvikling og investering (Offshore windpower: Development and investment). University of Stavanger Business School. Spring