Petroleum Taxation: Experience and Issues

,Oil; Taxation

LNG Project Valuation with Financial Leasing Contracts

,Project valuation; Capital budgeting; Financial Leasing; Financial cost

Trends and trade-offs in petroleum tax design

How should tax systems be designed to account for the characteristics of the government, the oil companies and the projects in order to maximise welfare for the country's inhabitants? How should vital government characteristics reflected in parameters such as impatience to obtain tax revenue - the discount rate - and the willingness and ability to carry risk be accounted for in tax design? These basic issues in petroleum tax design are discussed by means of a tax model for a discretionary licensing regime (Norway) and a production sharing agreement regime (Angola). The analysis covers the entire life cycle of a typical petroleum project, i.e., including the exploration decision. We discuss the trade-off between progressivity on the one hand and the incentive for the oil companies and the host government to carry risk and investment on the other. Thus, we provide basic elements in a state contingent tax design. The paper also surveys trends in petroleum taxation, and discusses how tax elements vary over the business cycle.acceptedVersio

Verdsetting av internasjonale olje- og gasselskaper

Børsnotering av Statoil har medført en økende interesse i Norge for verdsetting av oljeselskaper. Artikkelen går gjennom teori for verdsetting av selskaper. Deretter sammenholdes teori med praksis, der verdsetting i stor grad skjer med basis i regnskapsbaserte indikatorer. Med oljeselskaper som case, beskrives og evalueres verdsettingsmetodene som brukes av analytikere og investeringsbanker