Suchergebnisse

The petroleum fiscal system for a country is essentially the taxation structure, including royalty payments, that has been established by legislation. More broadly, the fiscal system includes all aspects of the contractual and taxation framework that governs the relationship between the host government and an international oil company. Worldwide, there are many different fiscal systems with different taxation and contractual terms. These vary from country to country and some countries use more than one system. Countries, for example, may offer concessionary system arrangements or service and production sharing agreements. Whichever system prevails, the issue for an oil company is how it can recover costs expended and how will the profit be divided. This depends upon tax regulations and the principles of the economics of the life of a field. The focus of this book is on the mechanics of the various kinds of fiscal systems and the factors that drive exploration and development economics. The emphasis is on practical aspects of petroleum taxation and industry/government relationships. There is also fertile ground for considering the philosophy of petroleum taxation which 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 since a complete grasp of the subject requires an understanding of the aims and concerns of both sides. There are few things more discouraging for a government?s national oil company than an unsuccessful licensing round. Yet prolonged, inconclusive negotiations can be equally frustrating for oil companies. This book has been written for those interested in petroleum taxation and international negotiations, and the way to carry out successful exploration and development projects. Much of the subject has evolved years ago whilst some aspects of taxation are timeless. Examples are included to give the reader a wide perspective about the implementation of fiscal systems.

This article summarizes the recommendations for the restructuring and reorganization of the oil industry in Iraq. The focus of the article is to use the restructuring and reorganization experience from national and international oil companies worldwide and to apply them to the Iraqi
oil industry. The Iraq Federal Administration should ensure a pragmatic approach to its current policy objectives. The current or future government needs to put into operation new policy instruments to facilitate oil and gas sector institutional restructuring. Iraq should endeavour to produce
its recoverable petroleum reserves optimally. The current administration must choose whether to allow the population to use the entire petroleum wealth derived from current petroleum production for their benefit or give future generations a share of the derived wealth from oil and gas development.
The main objective of the policies is to make far-reaching changes and ensure the fundamental transformation of Iraqi oil and gas industry in order to optimize the development of the oil and gas industry; this in turn will hopefully maximize economic growth and overall country development.
The development of the Iraqi oil and gas policies should be approved by the intended federal executive council under the chairmanship of the "Minister President". The first steps towards restructuring and reorganizing the institutions and the legislation include taking ownership
of oil and gas resources, allocating acreages to Kurdistan/Iraq and neighbouring states, government participation, applying fiscal principles, and improving transparency and good governance. It is important to provide the institutional framework that governs the operations of the industry,
including the functions, powers, structures and funding of these institutions. The operations in the upstream of the industry include licensing, leases and contracts. Other considerations covered are award processes, right of participation by the government, marginal fields, indigenous companies,
termination and revocation of licences and leases, matters on fees, rents and royalties and finally provisions on associated natural gas.