Wednesday, February 22, 2006

Books Worth Reading: GOVERNMENT FISCAL STRATEGIES UNDER LOW OIL PRICES AND CLIMATE CHANGE by Pedro VAN MEURS

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IRAQ GOVERNMENT FISCAL STRATEGIES UNDER LOW OIL PRICES AND CLIMATE CHANGE
From the Introduction:
The climate change debate and in particular the moderately successful 2015 Paris Conference has created a new worldwide framework for resolving climate change issues. In order to make the implementation of COP 21 a success, it is now necessary to transform the goals and lofty ideals into practical and effective upstream petroleum fiscal policies.
At the same time the world is facing a period of extra-ordinary low oil prices. Some of the current fiscal systems are designed to capture windfall profits under high oil prices. However, what is now necessary is to develop broader based strategies whereby fiscal terms are effective under low as well as high oil and gas prices. This document deals with these matters.
First the climate change issues will be reviewed and subsequently the low oil price issues. Thereafter, recommendations will be made with respect to the required changes in existing upstream petroleum policies and fiscal terms. Two examples will be provided of a royalty-based system and a production sharing system based on these recommendations.




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