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Course details

Dates are currently being finalised. Get in touch to find out more
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Petroleum Fiscal Regimes

Explores the history, objectives & mechanisms of global petroleum fiscal regimes
  • Course Overview

    This course explores the history, objectives and typical mechanisms of global petroleum fiscal regimes. Through a range of case studies, you will learn how complex and often unique agreements are structured in the petroleum industry and examine the mechanics of royalties, taxation, depreciation, cost recovery and profit sharing. You will also build your own detailed fiscal spreadsheet models through a series of hands-on exercises that brings the theory to life.

    By the end of the course, you will have a thorough understanding of the history, evolution and structure of fiscal regimes and the key fiscal levers with respect to project value.

    Attend this practical and interactive 3-day course and:

    • Learn about the history, evolution and structure of fiscal regimes
    • Understand the mechanics of royalties, taxation, depreciation, cost recovery and profit sharing
    • Improve your knowledge of Risk Service Contracts (RSCs)
    • Understand other common features including bonuses, State Participation and sliding scales
    • Examine the workings of ring fencing and consolidation
    • Compare different fiscal regimes
    • Understand reserves booking under different types of regimes
    • Construct RT and PSC spreadsheet models
    • Understand the main fiscal levers with respect to project value

    Who should attend?

    • Petroleum economists
    • Business development managers
    • Lawyers 
    • Financial analysts
    • Accountants and auditors
    • Government officials

    Course Objectives
    • Learn about the history of fiscal regimes
    • Understand the mechanics of royalties, taxation, depreciation, cost recovery and profit sharing
    • Understand other features including bonuses, State participation and sliding scales
    • Examine the workings of ring fencing and consolidation
    • Construct RT and PSC spreadsheet models
    • Understand the key fiscal levers with respect to project value

  • Agenda

    Day 1

    An introduction to petroleum fiscal regimes

    • The history and evolution of fiscal regimes
    • Mineral rights
    • Fiscal regime objectives
    • Economic rent
    • Main types of regime
      - Royalty Tax
      - Production Sharing Contracts
      - Risk Service Contracts
       
    • Regime type by country

    Petroleum economics refresher

    • Cash flow modelling
    • Key inputs and assumptions
    • Real versus nominal cash flows 
    • Discounting methodology
    • Economic metrics (NPV, IRR, DPIR, payback) 
    • Risk and Uncertainty

    Royalty Tax (RT) Regimes

    • Royalties
    • Corporate Income Tax
    • Field and Petroleum Taxes
    • Other taxes (export duty, carbon taxes, VAT etc.)
    • Case studies and examples


    Day 2

    Production Sharing Contracts (PSCs)

    • Overall philosophy and differences from RT regimes
    • Cost recovery
    • Profit Sharing
    • Understanding the cash flows by party
    • Case studies and examples

    More detailed fiscal features

    • Capital depreciation
    • Bonuses
    • Rental and training fees etc.
    • Sliding scales
    • Windfall taxes
    • Hybrid taxes
    • Domestic Market Obligations (DMO)
    • State Participation and carried interests
    • Ring fencing and consolidation

    Service Contracts

    • Pure Service Contracts
    • Risk Service Contracts
    • Case studies and examples
    • Advantages and disadvantages


    Day 3

    Booking Reserves under different regimes

    • Entitlement v. working interest
    • PRMS reserve categories
    • Royalty treatment
    • Deemed taxes
    • Risk service contracts

    Comparing Fiscal regimes

    • The ideal fiscal regime
    • Methods for comparing regimes
    • Comparison examples
    • Progressive and Regressive regimes
    • Fiscal stability

    RT and PSC Fiscal Modelling Workshops

    • Building Excel™ based cash flow models for RT and PSC regimes
    • Understanding the fiscal structures and algorithms 
    • Determining the key field, economic and fiscal inputs 
    • Step by step modelling of the fiscal terms
    • Running the economic cases and evaluating the results 
    • Electronic copies of the completed models are provided to attendees

  • Our Tailored Learning Offering

    Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.

    If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.

    We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.

  • We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.

    We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:

    • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
    • Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
    • Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
    • Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product
This course can be run as an In-house or Tailored Learning programme

Instructor

  • Peter Wright

    High levels of upfront capital and significant uncertainties make the oil industry a unique challenge for investors; there is no substitute for robust and consistent economic analysis of opportunities

    Biography

    With over 20 years' hands-on experience as a Petroleum Economist in the upstream oil and gas industry, Peter has a detailed understanding of the technical and financial aspects of the industry as well as the key determinants of project value and risk. He leverages his in-depth experience of numerous fiscal jurisdictions to deliver highly relevant and practical training around the world.Peter is currently the Principal Petroleum Economist at CGG, a leading global geoscience company, where he is responsible for managing and delivering economic and commercial consulting projects. These include Competent Persons Reports (CPRs) for stock market listings, reserve audits and data room evaluations for asset acquisitions, and fiscal design and market studies for government organisations.Previously, he worked as an independent Petroleum Economist engaging in all aspects of petroleum economics including commercial evaluations, transaction support, economic and financial modelling, cost estimating and budgeting and forecasting. Projects evaluated comprised conventional onshore and offshore oil and gas fields, shale oil and gas, carbon capture, gas storage, pipeline infrastructure, oil field rehabilitation, and refinery developments. Prior to working as an independent consultant, Peter was Director/Petroleum Economist at Indeva Energy Consultants and a Project Engineer at Doris Engineering in Paris. He has an MBA from the Cranfield School of Management and a degree in engineering from Cambridge and is a member of the Society of Petroleum Engineers (SPE).

Venue

London

"All courses are held at four or five star venues in Central London, Zone 1. We strive to provide you with a training environment of the highest quality, to ensure that the whole learning experience exceeds your expectations.

Your training venue will be confirmed by one of our course administrators approximately 3-4 weeks before the course start date.

As such we have detailed our most frequently used training destinations in London on this map. If you need help booking accommodation for your visit to our training courses, please contact accommodation@euromoneylearningsolutions.com and one of our partners will help you get the best rate possible."