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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