Short Course on Petroleum Fiscal Terms and Project Valuation Wessex Institute of Technology
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Most countries having subsoil petroleum resources have legislated that those resources belong to the nation. Oil and gas companies can provide the capabilities required for effective and safe extraction of petroleum. The value obtained needs to be shared between the host nation and the companies licensed to carry out operations.
This is the function of petroleum fiscal systems. The course introduces such systems existing in different countries, their basis in law and contracts, and how they may affect economics and decisions on petroleum developments. It also reviews some challenges of implementing and monitoring fiscal terms, including issues of transfer pricing and erosions of the fiscal basis of host nations.