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来源类型Energy Comments
规范类型评论
Fundamental Petroleum Fiscal Considerations
Daniel Johnston; David Johnston
发表日期2015-02-02
出版年2015
页码6
语种英语
概述The most common business structures in the industry today are either production sharing contracts (PSCs) or royalty/tax systems (R/Ts). Roughly half of the governments of this world use PSCs and the rest use R/Ts. While these systems are fundamentally different from philosophical and legal perspectives, their structures are dramatically similar from financial, economic, and accounting […]
摘要The most common business structures in the industry today are either production sharing contracts (PSCs) or royalty/tax systems (R/Ts). Roughly half of the governments of this world use PSCs and the rest use R/Ts. While these systems are fundamentally different from philosophical and legal perspectives, their structures are dramatically similar from financial, economic, and accounting points of view. Both of these approaches to the business relationship provide the IOC a means of recovering costs incurred and earning a share of profits if (1) a commercial discovery is made and (2) sufficient revenues are generated. There has always been discussion about the most efficient and effective contract design from a financial/economic point of view. There are many things involved especially considering these agreements are structured to last decades in spite of all the risks and uncertainties. However, recently, hot debate is underway over one of the most fundamental aspects of the world’s agreements. The current debates in Mexico and India have been particularly intense. On one side of the debate are those who believe basic ‘profits-based’ structures found in the world’s PSCs and R/Ts are the best alternative. On the other hand there are those who propose a structure based simply on the division of production or revenues. The overriding concern behind this initiative is the lack of faith in the accounting for costs and the spectre of cost overruns, goldplating, or even cheating. In Mexico the debate has not entered the public domain but is being promoted by serious factions within Mexico. In India the positions have been formalized and explicitly articulated and publicly represented by two separate committees: The Rangarajan Committee and the Kelkar Committee. The Rangarajan Committee recommended the government move away from PSCs and embrace revenue sharing contracts (RSCs). The Kelkar committee contested the Rangarajan Committee recommendation to move to a RSC.
主题Energy Comment
关键词Fiscal Regime India IOC Mexico NOC Production Sharing Contract Revenue Sharing Contract
URLhttps://www.oxfordenergy.org/publications/fundamental-petroleum-fiscal-considerations/
来源智库Oxford Institute for Energy Studies (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/312348
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Daniel Johnston,David Johnston. Fundamental Petroleum Fiscal Considerations. 2015.
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