Klaus Mohn. Curriculum Vitae Klaus Mohn. Professor of petroleum economics, University of Stavanger. Phone:

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1 1 Professor of petroleum economics, University of Stavanger Phone: klaus.mohn@uis.no PROFESSIONAL EXPERIENCE 2013 : Professor, University of Stavanger Business School : Chief economist, Statoil Head of corporate research team on macroeconomics and market developments (9 persons) Active management of broad set of internal and external stakeholders Developing views and positions on business context issues Development and delivery of speeches & presentations : Special adviser, Strategy and portfolio development, E&P Norway, Statoil : Special adviser and Head of CEO s office, Statoil Preparation of speeches, briefing and background material for executive committee Liaison activities between CEO and the Statoil organisation Involved in corporate strategy and communication, management agenda planning In charge of Statoil s Corporate Summit : Adviser, CEO's office, Statoil See above : Investor Relations Manager, Statoil Preparing Statoil s introduction to international capital markets ahead of the IPO : Senior Economist, Statoil Research on international macroeconomics and business cycles Interest rate and exchange rate forecasts (corporate planning assumptions) Advise on petroleum activity and policy formation in resource-rich countries Assessments of country (and project) risk issues : Senior Economist, DnB Markets Research on international macroeconomics and economic policies Forecasts of macroeconomic variables Investment advise for institutional investors : Senior Executive Officer, Research Department, Statistics Norway Academic research (macroeconomics, inter-regional economics, development economics) : Research fellow, Norwegian School for Economics and Business Adm. (NHH) Teaching and student supervision in macroeconomics and econometrics 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 Courses in Statistics and Econometrics 1988: Cand. Mag., University of Bergen Economics, History, and English

2 2 RESEARCH INTERESTS Macroeconomics and economic policy formation; Development economics of resource-rich countries; Economics of petroleum exploration and production; Investment behaviour in the oil and gas industry; Market valuation of international oil and gas companies; History and philosophy of science (economics); Regional modelling and analysis; Exchange rate and interest rate formation; Econometrics RESEARCH IN PROGRESS Misund, B. and K. Mohn Exploration risk in oil and gas shareholder returns. Working Paper (April). University of Stavanger. 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

3 3 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. 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 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

4 4 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. 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 (Manufatcturing 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 CONFERENCE PRESENTATIONS 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 2013 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 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

6 6 SELECTED ESSAYS & COMMENTARIES (IN NORWEGIAN) 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 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 Statoil, staten og samfunnet. Økonomisk Forum nr 7/06, oktober

7 7 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 lectures and the University of Stavanger (master lavel courses). 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). SUPERVISION OF MASTER s AND BACHELOR s THESES Master s theses Hagen, Rolv Martin. Valuation of Golar LNG. Spring 2013 Cheng, HuiHui. The Chinese growth miracle: what can make it continue, what can make it go over? Spring Haugstad, Anne. Oljen i norsk økonomi: Muligheter og utfordringer for økonomisk politikk (Oil in the Norwegian economy: opportunities and challenges for economic policies). Spring Larsen, Henriette, and Katrine Saua Mathiesen. Johan Sverdrup en realopsjonstilnærming (Valuation of offshore oil field Johan Sverdrup: a real options approach). Spring Corneliussen, Jan R. og Anette Frækaland. Verdivurering og strategisk analyse av STREAM AS (Valuation and strategic assessment of STREAM AS). Spring Skjørestad, Thomas. Verdsetting av oljeselskaper: En case-studie av Rocksource (Valuation of oil companies: a case study of Rocksource). Spring Urstad, Marius. Oljepris og aksjemarked: En økonometrisk analyse (Oil price and equity market: An econometric assessment). Spring Langeland, S. Investeringer som konjunkturfaktor (The role of investments in the business cycle). Spring Horneland, J. T. and P. A. Pham. Finanskrisen virkninger for norsk økonomi (The financial crisis and the Norwegian economy). Spring Eidesvik, M. Alternative energikilder på norske offshore-skip (Alternative fuels for Norwegian offshore supply ships: An investment analysis). Spring Matre, M. Vindkraft offshore utvikling og investering (Offshore windpower: Development and investment). Spring Bachelor s theses Musaeva, Aminat. Problems and prospects of cooperation between oil and gas companies of Norway and Russia in The Barents Sea. Spring Gonzalez, Reyna. Market outlook and structure facing Ocean Intaller AS in the oil and gas industry. Spring Nord-Varhaug, Gunnar. Inflasjonsstyring i en liten, åpen petroleumsøkonomi (Inflation targeting in a small, open petro economy). Spring

8 8 Byberg, Geir Olav. Boligmarked og prisdannelse i Norge (Housing market and price formation in Norway). Spring Mæland, Eirik. Virkninger av petroleumsvirksomheten på økonomien i Stavanger-regionen (Regional economic impact of petroleum activity). Spring Strømsvåg, Anders. The price responsiveness of US gasoline demand: What has changed? Spring Hussein, Hina, Radoniai, Aida og Christine Runestad. Hva kan forklare forskjellene i arbeidsledighet mellom Norge og Europa? (Explanations of differences in unemployment between Norway and Europe). Spring 2012 Dima, Alla og Irina Danilova. Oil price surge and impact to Russian domestic economy. Spring Cheng, HuiHui. Economics, energy, and the environment in China s 12 th 5-year plan. Spring Larsen, Marie Gellein. Sanksjoner mot Iran: Hva er vitsen? (Sanctions against Iran: What is the point?). Spring Vadla, Magnus Rasmussen. Peak Oil : Hva sier økonomifaget? (On the economics of Peak Oil). Spring Alsvik, Lasse. Hollandsk syke i norsk økonomi? (The Dutch disease and the Norwegian economy). Spring Dybdahl Johannessen, H. Finanskrisen og gassvirksomheten (The financial crisis and the gas industry). Spring Risa, T, Stokka, Ø. and N. Åmås. Pengepolitikk, stabilisering og formuespriser (Monetary policies, stabilisation, and the role asset prices). Spring Drange, M. and K. Bjelland. Finanskrisen og oljemarkedet (The financial crisis and the oil market). Spring