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by Muhammed Abed Mazeel (Author)
The petroleum fiscal system for a country is essentially the taxation structure, including royalty payments, that has been established by legislation. More broadly, the fiscal system includes all aspects of the contractual and taxation framework that governs the relationship between the host government and an international oil company. Worldwide, there are many different fiscal systems with different taxation and contractual terms. These vary from country to country and some countries use more than one system. Countries, for example, may offer concessionary system arrangements or service and production sharing agreements. Whichever system prevails, the issue for an oil company is how it can recover costs expended and how will the profit be divided. This depends upon tax regulations and the principles of the economics of the life of a field. The focus of this book is on the mechanics of the various kinds of fiscal systems and the factors that drive exploration and development economics. The emphasis is on practical aspects of petroleum taxation and industry/government relationships. There is also fertile ground for considering the philosophy of petroleum taxation which has changed the industry. Legal and operational aspects of contract/fiscal terms are also examined to provide a foundation in the dynamics of international negotiations. Both industry and government viewpoints are addressed in this book since a complete grasp of the subject requires an understanding of the aims and concerns of both sides. There are few things more discouraging for a government's national oil company than an unsuccessful licensing round. Yet prolonged, inconclusive negotiations can be equally frustrating for oil companies. This book has been written for those interested in petroleum taxation and international negotiations, and the way to carry out successful exploration and development projects. Much of the subject has evolved years ago whilst some aspects of taxation are timeless. Exam
Author Biography
Dr Muhammed Mazeel has worked for many years in the international sector of the oil and gas industry in several countries. He studied at the Faculty of Mining and Geology-Department of Petroleum engineering of the University of Belgrade (Diploma in Engineering), the Escuela Superior de Minas in Madrid, Spain (Credit in Applied Geophysics Engineering) and the University of Clausthal-Zellerfeld in Germany. He was awarded a PhD in Petroleum Engineering by the Technical University of Clausthal. He is working on another PhD in Petroleum Economics. After completing his PhD, he started working as Petroleum, Drilling, Production and Reservoir Engineer, focusing on issues like Fiscal Regimes, World Oil and Gas Field Developments, Investment, Cost Estimation, Energy Politics and Laws. Dr Mazeel has been employed in many European companies as a Senior Petroleum Engineer; He has also worked as Director General of the Iraqi Drilling Company (IDC) and Director General for the Oil Products Distribution Company (OPDC). At the same time, he was the oil industry adviser to the Iraqi Prime Minister Dr Ibrahim Al-Jaafari. He is the Author of many papers on petroleum engineering for the Society of Petroleum Engineers (SPE), the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) and the German Oil-Gas Coal Magazine (EEZ). His next books, on Exploration Strategy of own-State Petroleum Companies, Iraq Constitution: Petroleum Resources Legislation and International Policy, Formation Damage, Fundamentals of Gas Reservoir and Production Engineering are in editing and will be published soon.
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