Contracts and revenue sharing - an international perspective

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1、Contractsandrevenuesharingmechanisms–aninternationalperspectiveDr.IngilabAhmadovPublicFinanceMonitoringCenter(Baku)Accra,5-6February2009OutlineVPetroleuminvestmentVPetroleumarrangementsVProductionSharingAgreement(PSA)VCashflowandRevenuesVHowPSAWorks(ACG-Azerbaijancase)Dr.IngilabAhmado

2、v2TheProjectCycleDr.IngilabAhmadov3PetroleumInvestments•PetroleumInvestmentsare:–capitalintensive–irreversible–risky•Discountedcashflowmodelingisamethodtoreducetheriskwhentakingdecisions•DiscountedcashflowmodelingisbasedonbasiceconomicprinciplesDr.IngilabAhmadov4Accesstooilreservesisl

3、imitedDr.IngilabAhmadov5EconomicRentDr.IngilabAhmadov6TheDifferentSystemsDr.IngilabAhmadov7PetroleumLegalArrangementsDr.IngilabAhmadov8MainDifferencesbetweenConcessionarySystemsandProductionSharingContractsDr.IngilabAhmadov9Overview:FormsofAgreementsDr.IngilabAhmadov10Comparisonofdiff

4、erentpetroleumregimesTaxandRoyaltyConcessionAgreement•Thestategrantsaconcessionandlicensesitsrights(e.g.exploration/exploitation/development/productionlicence)toanoilcompany(IOC)andextractsrevenuesbyROYALTIES(fixedpercentageofgrossrevenues)andTAXES.•Taxesmaybecorporateandspecialpetrol

5、eumtaxes,e.g.thePetroleumRevenueTax(PRT)intheUKNorthSea.•IOCinvestscapitalandisentitledtofreeuseoftheproducedpetroleum,payingincashtothestateanytaxesandroyaltiesdue•TheIOCownsthereservesintheground•TheIOCbearstheriskoffailure•Thestateoilcompanycanparticipate(e.g.StatoilinNorway)•Appro

6、priatewherethereiswellestablishedcommerciallegalregimeandcompaniesaretightlyregulatedUK,Norway,USA,NetherlandsDr.IngilabAhmadov11ComparisonofdifferentpetroleumregimesRiskSharing,RiskServiceAgreements,“BuyBackAgreements•Thestatesignsacontractpermittinganinternationaloilcompany(IOC=cont

7、ractor)toexplore,develop,producepetroleum.•Thestateextractsrevenuesasaprofitshareaccordingtoanagreedformulaandalsosometimesintheformoftaxesandevenroyalties.•Thestateoilcompanymayparticipate.•Thestateownsthereservesinthegroundandonthesurface.•TheIOCinveststhecapitalandispaidincashfromt

8、hepro