Assessment of fiscal terms of international petroleum contracts

Abstract

Fiscal terms of oil contracts are primary non-resource factors international oil companies consider when they want to enter a country. The attractiveness of the fiscal terms has a fundamental effect on a project's feasibility and economic benefits of international oil companies, and it is an important indicator for judging the country's investment environment of oil industry. Government take has flaws in reflecting the attractiveness of different countries' oil contract fiscal provisions, it only reflects the ratio of the governments' total income to project total income, neglects the impacts of different timetables of government take on the international oil companies and contract attractiveness. Defined front-loading index and fiscal terms score to reflect the impacts of different government-take timetables and the attractiveness of a fiscal system, constructed a linear weighted function of fiscal terms score, government take and front-loading index, evaluated and sorted attractiveness of 11 countries' fiscal provisions. ： 石油合同的财税条款是国际石油公司进入一国石油工业时最先要考虑的非资源类因素，其吸引力对项目的可行性和国际石油公司的经济效益具有根本性的影响，是判断一国石油工业投资环境的重要指标。用资源国所得份额评价石油资源国财税条款吸引力的不足之处在于其只反映了资源国收入在项目总收入中所占的比例，忽略了资源国获取收入的时间顺序差异对于国际石油公司收益及合同吸引力的影响。以合同前期负担程度指数反映资源国获取收入的时间顺序对合同吸引力的影响，以资源国财税条款综合得分作为反映财税条款吸引力的综合性指标，构建了财税条款综合得分与资源国所得份额、合同前期负担程度指数的线性加权函数，利用该函数计算了11个资源国财税条款的综合评价值，并对11个国家石油合同财税条款的吸引力进行了比较与排序。图1表3参21

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