LEADER 07442oam 22014054 450 001 9910786295103321 005 20230801230320.0 010 $a1-4755-3420-5 010 $a1-283-94792-7 010 $a1-4755-2592-3 035 $a(CKB)2670000000332902 035 $a(EBL)1607079 035 $a(SSID)ssj0001100389 035 $a(PQKBManifestationID)12489216 035 $a(PQKBTitleCode)TC0001100389 035 $a(PQKBWorkID)11054789 035 $a(PQKB)10206621 035 $a(MiAaPQ)EBC1607079 035 $a(Au-PeEL)EBL1607079 035 $a(CaPaEBR)ebr10644339 035 $a(CaONFJC)MIL426042 035 $a(OCoLC)820204814 035 $a(IMF)WPIEE2012278 035 $a(IMF)WPIEA2012278 035 $a(EXLCZ)992670000000332902 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aModeling the Impact of Taxes on Petroleum Exploration and Development /$fJames Smith 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (47 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/12/278 300 $aAt head of title: Fiscal Affairs Department -- verso of t.p. 300 $a"November 2012" -- verso of t.p. 311 $a1-55775-445-4 320 $aIncludes bibliographical references. 327 $aCover; 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 Development 327 $a3. 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 Fields 327 $a9. 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 Abandonment 327 $a5. 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; References 330 3 $aWe present a simple model of petroleum exploration and development that can be applied to study the performance of alternative tax systems and identify potential distortions. Although the model is a highly simplified, it incorporates many factors and some of the key tradeoffs that would influence an investor?s investment behavior. The model recognizes the role of enhanced oil recovery and treats the impact of taxation on exploration and development in an integrated manner consistent with an investor?s joint optimization of investments at both stages of the process. The model is simple and user-friendly, which facilitates application to a broad range of problems. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/278 606 $aPetroleum industry and trade 606 $aPetroleum$xTaxation 606 $aPetroleum industry and trade$xMathematical models 606 $aInvestments: Energy$2imf 606 $aMacroeconomics$2imf 606 $aTaxation$2imf 606 $aCorporate Taxation$2imf 606 $aEfficiency$2imf 606 $aOptimal Taxation$2imf 606 $aBusiness Taxes and Subsidies$2imf 606 $aMining, Extraction, and Refining: Hydrocarbon Fuels$2imf 606 $aMining, Extraction, and Refining: Other Nonrenewable Resources$2imf 606 $aExhaustible Resources and Economic Development$2imf 606 $aNonrenewable Resources and Conservation: Government Policy$2imf 606 $aEnergy: Demand and Supply$2imf 606 $aPrices$2imf 606 $aEnergy: General$2imf 606 $aTaxation, Subsidies, and Revenue: General$2imf 606 $aInvestment & securities$2imf 606 $aPublic finance & taxation$2imf 606 $aCorporate & business tax$2imf 606 $aOil prices$2imf 606 $aOil$2imf 606 $aCorporate income tax$2imf 606 $aMarginal effective tax rate$2imf 606 $aProduction sharing$2imf 606 $aCommodities$2imf 606 $aTaxes$2imf 606 $aTax policy$2imf 606 $aPetroleum industry and trade$2imf 606 $aCorporations$2imf 606 $aTax administration and procedure$2imf 606 $aOil and gas leases$2imf 607 $aPapua New Guinea$2imf 615 0$aPetroleum industry and trade. 615 0$aPetroleum$xTaxation. 615 0$aPetroleum industry and trade$xMathematical models. 615 7$aInvestments: Energy 615 7$aMacroeconomics 615 7$aTaxation 615 7$aCorporate Taxation 615 7$aEfficiency 615 7$aOptimal Taxation 615 7$aBusiness Taxes and Subsidies 615 7$aMining, Extraction, and Refining: Hydrocarbon Fuels 615 7$aMining, Extraction, and Refining: Other Nonrenewable Resources 615 7$aExhaustible Resources and Economic Development 615 7$aNonrenewable Resources and Conservation: Government Policy 615 7$aEnergy: Demand and Supply 615 7$aPrices 615 7$aEnergy: General 615 7$aTaxation, Subsidies, and Revenue: General 615 7$aInvestment & securities 615 7$aPublic finance & taxation 615 7$aCorporate & business tax 615 7$aOil prices 615 7$aOil 615 7$aCorporate income tax 615 7$aMarginal effective tax rate 615 7$aProduction sharing 615 7$aCommodities 615 7$aTaxes 615 7$aTax policy 615 7$aPetroleum industry and trade 615 7$aCorporations 615 7$aTax administration and procedure 615 7$aOil and gas leases 700 $aSmith$b James$0146063 712 02$aInternational Monetary Fund.$bFiscal Affairs Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910786295103321 996 $aModeling the Impact of Taxes on Petroleum Exploration and Development$93683707 997 $aUNINA