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International Petroleum Fiscal Systems and Production Sharing Contracts by Daniel Johnston | PDF Free Download.
The international petroleum industry involves tremendous wealth and power. In many countries petroleum, whether exported or imported, dominates the economy.
Natural resources are the crown jewels. Few industries combine such a dramatic contrast between risk and reward.
Countries with petroleum resources carefully guard this wealth. Petroleum taxation is a vital aspect of the industry. Geological, engineering, and financial principles are universal, yet in the realm of taxation, there is added dimension.
The subject is so important that understanding at least the basics is mandatory. One of the absolutely first things a geologist, engineer, landman, lawyer, or economist encounters in the international sector is the diversity of fiscal systems.
Countries are unique in the way they structure their taxes, and natural resources get special attention. Governments have no control over the gifts of nature, but they do control taxes.
The focus of the book is on the arithmetic and mechanics of the various kinds of fiscal systems—the factors that drive exploration economics.
The emphasis is on practical aspects of petroleum taxation and industry/government relationships. There is also fertile ground in the philosophy of petroleum taxation. It has changed the industry.
Legal and operational aspects of contract/fiscal terms are also examined to provide a foundation in the dynamics of international negotiations. Both industry and government viewpoints are addressed in this book.
A complete grasp of the subject requires an understanding of the dilemmas and concerns of both sides. There are few things more discouraging for a national oil company than an unsuccessful licensing round.
Yet prolonged, inconclusive negotiations can be equally frustrating for oil companies. This book is written for those interested in petroleum taxation and international negotiations.
Much of the subject has evolved within just the last 30 years, yet some aspects of taxation are timeless. The terminology has changed over the years and will continue to develop.
There is little standardization of terms in the industry, and the abundance of jargon can be rather daunting. The subjects covered in this book are often simple concepts wrapped with buzzwords. A glossary is provided, which should help.
Much of the material provided here was inspired by questions most frequently asked on the subject. The best answers are fortified with specific examples and many are used throughout the book.
The summaries and analysis of various fiscal terms and conditions are believed to be accurate, and every effort has been made to gather up-to-date information about the current conditions in the countries cited.
Examples of fiscal terms used here are drawn from numerous public sources. Confidential information has been carefully excluded.
Perhaps more effort could be directed toward the cultural aspect of negotiations and doing business in the international arena.
Unfortunately, it is beyond the scope of this book to cover that ground. It is a fascinating subject. Some of the most gracious and interesting people in the world are found in the international oil business. They inspired this book.
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