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Petroleum fiscal system design and cost-related incentives in oil and gas projects : a comparative study of UK, Norway, Indonesia and China

Serova, Dina
Master thesis
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Masterthesis.pdf (2.671Mb)
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http://hdl.handle.net/11250/300955
Utgivelsesdato
2015
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  • Master Thesis [3749]
Sammendrag
In recent years, the oil and gas industry has been facing unprecedented cost and time

overruns while delivering megaprojects both in Norway and internationally. Combined with

a dramatic oil price drop, cost overruns became a hot topic in both academic and business

worlds. Whilst the project management aspects were in the spotlight, external factors, such

as government policies, were paid much less attention.

Although, oil companies are cost minimizers, in a situation of a moral hazard

presented in the oil and gas industry, certain petroleum fiscal designs can create incentives

for cost inflation. Thus, the focus of the current master thesis is to understand how different

fiscal designs affect cost consciousness of the companies on the examples of Norway, UK,

Indonesia and China.

According to the comparative study, petroleum fiscal design that incorporates high

marginal rates on the profits rather than revenues, i.e. more back-end loaded, in combination

with additional capital allowances and uplifts, tends to create higher incentives for operators

to inflate their costs. However, such a design is also referred to as neutral and provides

additional incentives for investments. Therefore, the optimal balance in risk sharing between

the company and the host government in petroleum fiscal designs is crucial.

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