By Johnston, Daniel
Daniel Johnston covers every thing together with old improvement of contracts, terminology of accounting and negotiations, threshold box measurement research, mathematics at the back of agreement phrases, and extra. Contents Petroleum financial platforms Concessionary structures Production-sharing contracts danger carrier contracts Threshold box dimension research international marketplace for exploration acreage Production-sharing agreement define Accounting rules Double taxation observation Appendices word list
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Additional info for International Petroleum Fiscal Systems and Production Sharing Contracts
The equation effectively yields a weighted average. It is composed of the value of a possible discovery multiplied by the chance of making that discovery minus the risk capital times the probability that there will be no discovery. The graph or the equation can be used in different ways. 5%, then the potential reward better be worth at least $120 million or more, or the prospect is not worth consideration. Under some of the tougher fiscal systems in the world where the present value of proved, undeveloped reserves is less than 50¢/bbl, the required recoverable reserves for a prospect like this would exceed 240 MMBBLS.
In most contractual systems, the facilities emplaced by the contractor within the host government domain become the property of the state either the moment they are landed in the country or upon 22 #CHAP 2 4/30/04 3:13 PM Page 23 PETROLEUM FISCAL SYSTEMS startup or commissioning. Sometimes title to the assets or facilities does not pass to the government until the attendant costs have been recovered. This transfer of title on assets, facilities, and equipment does not apply to leased equipment or to equipment brought in by service companies.
Assume that a company holds a 50% working interest in this field. The company’s reserve position is summarized in Table 4–2. The gross reserve figures are used when discussing field size thresholds for exploration and development. When discussing the value of reserves in the ground, the gross reserves, or workinginterest reserves are used. However, the contractor entitlement is the basis for crude liftings and financial reporting. The entitlement figure is based in part on cost recovery, which depends on oil prices.