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VAT on Virtual and Online Programmes

VAT is applicable on virtual programmes to delegates attending from the UK*. If participating from the EU, a valid VAT number is required to ensure VAT will not be charged under the reverse charge mechanism. VAT is not applicable to attendees from all other countries.
*For virtual courses ran through our Asia office, VAT may be applicable to HK and Singapore residents only. Find out more by contacting


Claiming Back Your VAT

All attendees of a London based course incur VAT as a part of the cost of attendance.

Euromoney Learning have partnered with VAT IT to allow you the unique opportunity to recoup the VAT incurred.

Using VAT IT's extensive experience and simple sign-up and refund process, every invoice can be turned into cash for your business.

Claim the VAT that's rightfully yours in four simple steps:

1. Register your interest

2. Sign a few simple documents

3. VAT IT processes your claim

4. Receive your refund

Why choose VAT IT 

VAT IT have spent two decades identifying, researching and perfecting the foreign VAT Reclaim process and built the best back end technology in the industry. By partnering with Euromoney Learning, we can provide you with a fast and effective way to reclaim your VAT which helps reduce the cost of your training.

VAT IT will charge a percentage of the VAT refund if/when it is successful. 

Can I claim back the VAT myself?

You can claim back VAT directly from the UK Tax Authority (HMRC) by completing the following form. 
For European clients, please refer to form VAT 65
All other clients, please refer to form VAT 65A.


You may also be able to claim back your VAT against courses taking place outside of the UK, and we would recommend contacting VAT IT, our specialist partner, to discuss how to do this.

Production Sharing Contracts & Other Petroleum Fiscal Regimes

Understand the 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


    Note - A good level of spoken and written English is required to attend this course. Delegates should be of an intermediate standard in English at a minimum. Please refer to the Common European Framework of Reference for Languages - as a guide the level required is B2. 

  • 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 – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
    • Knowledge – our 100+ 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 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
This course can be run virtually online or as an in-house, tailored learning solution


  • 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


    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).



The course will take place at a Central London hotel.

The map attached details some of our most frequently used venues

If you need help booking accommodation for your visit, please contact and one of our partners will help you get the best rate possible.