07493oam 22014294 450 991082266850332120240402045832.01-4755-3420-51-283-94792-71-4755-2592-3(CKB)2670000000332902(EBL)1607079(SSID)ssj0001100389(PQKBManifestationID)12489216(PQKBTitleCode)TC0001100389(PQKBWorkID)11054789(PQKB)10206621(MiAaPQ)EBC1607079(Au-PeEL)EBL1607079(CaPaEBR)ebr10644339(CaONFJC)MIL426042(OCoLC)820204814(IMF)WPIEE2012278(IMF)WPIEA2012278(EXLCZ)99267000000033290220020129d2012 uf 0engur|n|---|||||txtccrModeling the Impact of Taxes on Petroleum Exploration and Development /James Smith1st ed.Washington, D.C. :International Monetary Fund,2012.1 online resource (47 p.)IMF Working PapersIMF working paper ;WP/12/278At head of title: Fiscal Affairs Department -- verso of t.p."November 2012" -- verso of t.p.1-55775-445-4 Includes bibliographical references.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; Tables; 1. Guide to Fiscal Regimes and Background Parameters Used in the Analysis; 2. Background Parameters; IV. Overview of Results; Figures; 1. Impact of Enhanced Oil Recovery Effectiveness on Optimal Development3. Impact of Enhanced Oil Recovery on Resource Development and Recovery2. Impact of Enhanced Oil Recovery on Resource Recovery and Value; 3. Resource Recovery, by Fiscal Regime and Phase; A. Intensity of Development; 4. Total Net Present Value, by Fiscal Regime; 5. Optimal Development Programs, Price Impact; 4. Impact of Oil Price on Resource Development and Recovery; 6. Fiscal Impacts on Timing of Enhanced Oil Recovery and Abandonment; B. Diligence; 7. Incentive to Delay Development: High Cost Fields; C. Fiscal Progressivity; 8. Royalties Create Timing Conflicts in High Cost Fields9. Government Take, by Fiscal Regime10. Effective Marginal Tax Rates; D. Price Volatility and Financial Risk; 11. Risk Sharing (Coefficient of Variation in Net Present Value); 12. Profitability Index versus Risk; E. Impact of Fiscal Design on the Optionality of Enhanced Oil Recovery; 13. Net Present Value versus Risk; 14. The Option to Implement Enhanced Oil Recovery; 15. Value of Option to Cancel Enhanced Oil Recovery; F. Exploration Incentives and Performance; 16. Impact of Price Simulations on International Oil Company Net Present Value; 17. Maximum Exploratory Failures Before Abandonment5. Marginal Chance of Exploratory Success18. 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); V. Conclusion; ReferencesWe 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.IMF Working Papers; Working Paper ;No. 2012/278Petroleum industry and tradePetroleumTaxationPetroleum industry and tradeMathematical modelsInvestments: EnergyimfMacroeconomicsimfTaxationimfCorporate TaxationimfEfficiencyimfOptimal TaxationimfBusiness Taxes and SubsidiesimfMining, Extraction, and Refining: Hydrocarbon FuelsimfMining, Extraction, and Refining: Other Nonrenewable ResourcesimfExhaustible Resources and Economic DevelopmentimfNonrenewable Resources and Conservation: Government PolicyimfEnergy: Demand and SupplyimfPricesimfEnergy: GeneralimfTaxation, Subsidies, and Revenue: GeneralimfInvestment & securitiesimfPublic finance & taxationimfCorporate & business taximfOil pricesimfOilimfCorporate income taximfMarginal effective tax rateimfProduction sharingimfCommoditiesimfTaxesimfTax policyimfPetroleum industry and tradeimfCorporationsimfTax administration and procedureimfOil and gas leasesimfPapua New GuineaimfPetroleum industry and trade.PetroleumTaxation.Petroleum industry and tradeMathematical models.Investments: EnergyMacroeconomicsTaxationCorporate TaxationEfficiencyOptimal TaxationBusiness Taxes and SubsidiesMining, Extraction, and Refining: Hydrocarbon FuelsMining, Extraction, and Refining: Other Nonrenewable ResourcesExhaustible Resources and Economic DevelopmentNonrenewable Resources and Conservation: Government PolicyEnergy: Demand and SupplyPricesEnergy: GeneralTaxation, Subsidies, and Revenue: GeneralInvestment & securitiesPublic finance & taxationCorporate & business taxOil pricesOilCorporate income taxMarginal effective tax rateProduction sharingCommoditiesTaxesTax policyPetroleum industry and tradeCorporationsTax administration and procedureOil and gas leases332.1;332.1/52Smith James146063International Monetary Fund.Fiscal Affairs Dept.DcWaIMFBOOK9910822668503321Modeling the Impact of Taxes on Petroleum Exploration and Development4013715UNINA