International petroleum fiscal systems and production sharing contracts pdf
International Petroleum Fiscal Systems and Production Sharing Contracts
Johnston, D. This book is a practical guide which aids the understanding of Production Sharing Contracts and related agreements in the international oil and gas industry. The focus of the author is on the practical aspects of petroleum taxation, the fiscal relationship between government and industry, and how these factors drive the decision to engage in petroleum exploration. The author makes a step-by-step and detailed analysis of several issues ranging from nature and rewards in petroleum fiscal systems to general issues of double taxation. Chapter one introduces the book while chapter two examines the issues of economic rent, negotiations and types of fiscal systems. Chapter five similarly considers risk service contracts using examples from Ecuador, Papua New Guinea, Philippines, Tunisia and Columbia.
The petroleum fiscal regime of a country is a set of laws, regulations and agreements which governs the economical benefits derived from petroleum exploration and production. The regime regulates transactions between the political entity and the legal entities involved. Although petroleum , oil and gas , and hydrocarbons are not technically mineral resources, the term mineral rights is used to denote rights to exploit oil and gas resources from the underground. Onshore, in United States , the landowner possesses exclusive rights for mineral rights, elsewhere generally the state does. The petroleum licensing system of a country may be considered interwoven with the fiscal regime, however, a licensing system has its distinct function: to grant rights for petroleum exploration and production to commercial entities.
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PDF | The petroleum fiscal system for a country is essentially the taxation structure, between the host government and an international oil company. system arrangements or service and production sharing agreements.
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