Modeling the Impact of Taxes on Petroleum Exploration and Development.
James L. Smith
Bok Engelsk 2012 · Electronic books.
| Omfang | 1 online resource (47 pages)
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| Utgave | 1st ed.
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| Opplysninger | Cover -- Contents -- I. Introduction -- A. Resource Development -- B. Resource Exploration -- II. Related Research -- III. The Modeling Approach -- A. Primary Production -- B. Enhanced Production -- C. Optimal Field Development -- D. Solution Method -- E. Modeling Price Volatility and Financial Risk -- F. Exploration -- G. Integration of Exploration and Development -- H. Fiscal Regimes Considered -- IV. Overview of Results -- A. Intensity of Development -- B. Diligence -- C. Fiscal Progressivity -- D. Price Volatility and Financial Risk -- E. Impact of Fiscal Design on the Optionality of Enhanced Oil Recovery -- F. Exploration Incentives and Performance -- V. Conclusion -- Tables -- 1. Guide to Fiscal Regimes and Background Parameters Used in the Analysis -- 2. Background Parameters -- 3. Impact of Enhanced Oil Recovery on Resource Development and Recovery -- 4. Impact of Oil Price on Resource Development and Recovery -- 5. Marginal Chance of Exploratory Success -- Figures -- 1. Impact of Enhanced Oil Recovery Effectiveness on Optimal Development -- 2. Impact of Enhanced Oil Recovery on Resource Recovery and Value -- 3. Resource Recovery, by Fiscal Regime and Phase -- 4. Total Net Present Value, by Fiscal Regime -- 5. Optimal Development Programs, Price Impact -- 6. Fiscal Impacts on Timing of Enhanced Oil Recovery and Abandonment -- 7. Incentive to Delay Development: High Cost Fields -- 8. Royalties Create Timing Conflicts in High Cost Fields -- 9. Government Take, by Fiscal Regime -- 10. Effective Marginal Tax Rates -- 11. Risk Sharing (Coefficient of Variation in Net Present Value) -- 12. Profitability Index versus Risk -- 13. Net Present Value versus Risk -- 14. The Option to Implement Enhanced Oil Recovery -- 15. Value of Option to Cancel Enhanced Oil Recovery -- 16. Impact of Price Simulations on International Oil Company Net Present Value.. - 17. Maximum Exploratory Failures Before Abandonment -- 18. Full Cycle International Oil Company Net Present Value -- 19. Distorted Resource Exploration: Exploration and Development Stages -- 20. Tax Impact on Total Resource Value (Full Cycle) -- 21. Government Take (Full Cycle) -- References.. - We present a simple model of petroleum exploration and development that can be applied to study the performance of alternative tax systems and identify potential distortions. Although the model is a highly simplified, it incorporates many factors and some of the key tradeoffs that would influence an investor's investment behavior. The model recognizes the role of enhanced oil recovery and treats the impact of taxation on exploration and development in an integrated manner consistent with an investor's joint optimization of investments at both stages of the process. The model is simple and user-friendly, which facilitates application to a broad range of problems.
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| ISBN | 9781475525922
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