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Upcoming courses
| Location | Dates | Cost |
| Houston, Texas, USA | October 18 - 22, 2010 | US$3500 |
| Dubai | November 21 - 25, 2010 | £3199 |
Detailed Course Outline
Day One
Morning
Introduction
- Introduction to Excel based spreadsheet for "stand alone" analysis
- Review of profitability indicators, such as NPV, IRR, EMV and profitability ratios
- Price sensitivity and Divisible Income analysis
- Government take and government revenue analysis
Bonuses, Rentals, Royalties
- Signature bonuses and bonus bidding: USA, Canada, Kazakhstan and the Netherlands
- Production bonuses: Bangladesh, Egypt and Nigeria
- Rentals and acreage management: Alberta and Cambodia
- Fixed and sliding scale royalties, royalties in kind and cash, alternative procedures
for determining royalty values. Royalty concepts: Louisiana, China, Algeria, Nigeria,
PNG, Gabon, Venezuela, US Gulf of Mexico, Thailand, Nova Scotia, Trinidad and Tobago
- Severance Taxes: USA
- Mineral Extraction Tax: Russia
- Price Discounts: Pakistan
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Afternoon
Corporate Income Tax
- Consolidation and Ring-fencing: UK, Thailand and Pakistan
- Group taxation: USA, the Netherlands and Australia
- Gross revenue determination and Tax Reference Prices (Gabon)
- Deduction of other payments to government: Canada, Norway, Colombia and China
- Treatment of signature bonuses for tax purposes
- Deduction of operating costs and headquarter costs (Kuwait)
- Alternative capital depreciation methods and MACRS system
- Deduction of interest
- Loss carry forward and carry backward: Hungary, Russia, Brazil, USA, Canada
- Refunds for tax value of losses (Norway)
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Day Two
Morning
Corporate Income Tax (continued)
- Depletion allowances and provisional allowances: Spain and Chad
- Uplifts: Nigeria and Australia
- Tax rates and globalization of corporate income tax
- Tax credits: USA and Canada
- World wide corporate income tax systems, tax credits, tax treaties: USA, the Netherlands,
Malaysia
Production Sharing
- The original Indonesian concept
- Profit Oil and sliding scales: Philippines, JDA, Egypt, Yemen, China, Malaysia,
India, Azerbaijan, Guyana and Trinidad and Tobago
- Cost Oil, cost oil limits and sliding scales: Vietnam, Equatorial Guinea, Turkmenistan,
Syria, Oman, India, Indonesia, Nigeria, Egypt, Angola and Yemen
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Afternoon
Projection Sharing (continued)
- Uplifts: Indonesia and Angola
- Special features: FTP, price caps, deemed interest, excess cost oil: Indonesia,
Malaysia, China and Sudan
- Special terms for gas: Malaysia and Indonesia
- Production sharing and royalties: Malaysia, Pakistan, Gabon, Mongolia and Vietnam
- Production sharing and corporation income tax: Bangladesh, Egypt, Sudan, Indonesia,
Angola, China, Malaysia and Nigeria
Joint Ventures and Carried Interest
- Joint stock companies and joint operating agreements
- Joint stock companies: Venezuela, Saudi Arabia
- Payments upon participation
- Fixed rate carried interest: Colombia, Malaysia and China
- Sliding scale carried interest: Mauritania
- Special state company financing features: PNG and Gabon
- Carried interest and corporate income tax
- Carried interest and production sharing: China
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Day Three
Morning
Progressive and Special Taxes and Profit Shares
- Special Taxes based on Gross Revenues: USA, Pakistan, Colombia and Trinidad and
Tobago
- Surtaxes, Hydrocarbon Tax: Norway, Denmark
- Special Taxes based on Net Revenues: UK, Alberta oil sands, Brazil, Alaska, the
Netherlands and Algeria
- Tax credits that can be traded: Alaska
- IRR based taxes: PNG, Ghana and Australia
- IRR based profit oil and royalties: Russia-Sakhalin, Azerbaijan, Angola, Canadian
frontier royalty and Newfoundland
- R-factors: Peru, Azerbaijan, India and Thailand
- Combination of R-factors and production based profit oil: Libya
- One and Two way adjustments of price progressive features
- Special Taxes and corporate income tax
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Afternoon
Value Added Taxes, Import Duties and Property Taxes
- Value added taxes
- Value added tax credits rather than refunds: Mexico and Bolivia
- Value added tax problems: Russia, China, Brazil and Vietnam
- Import duties
- Temporary importation
- Import duty exemptions: Pakistan
- Export duties: Russia
- Property Taxes: USA and Canada
Service Contracts
- Iraq 1996 single fee model
- Kuwait Operating Services Agreement
- Venezuela service contracts for marginal fields
- Iran service contracts of the 1970s
- Iran Buy Back Agreements
- Mexican Multiple Service Contracts
- Iraq Development and Production Contracts
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Day Four
Morning
Incremental Analysis
- Introduction to Excel based spreadsheet for "incremental" analysis
- Incremental analysis: corporate income tax
- Incremental analysis: royalties, production sharing and carried interest
- Incremental analysis: IRR and R-factor based features
- Analysis of goldplating: PNG and India
Classification of Fiscal Systems
- Legal and Economic classification
- Concessions, Production Sharing Contracts, Joint ventures and Hybrid Systems
Country review of fiscal systems
- Alberta, USA, Argentina, Norway, Egypt, Nigeria, China, Indonesia and Columbia
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Afternoon
Structure of Government Take
- Sharing of divisible income: progressive, neutral, regressive and hybrid systems
- Effect of incremental investments: Ireland, Norway, Egypt, PNG and Pakistan
- Front end and back end loading: Texas and Newfoundland
- Geological risk and government take: Argentina, US Gulf of Mexico and Venezuela
- Government take and oil and gas price variation: Argentina and Newfoundland
Level of Government Take
- Fiscal Stability: Canada and Egypt
- Determination of level of government take
- Competition among governments for investment
Risk Sharing
- Sharing of risk between government and companies: price risk, cost overrun risk,
reserve risk, economic risk and gas marketing risk
Resource Policies
- Exploration promotion
- Cost effective operations
- Maximum recovery of reserves and marginal field development
- Heavy oil development and gas development
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Day Five
Morning
Economic Policies
- Encouraging investment and re-investment
- Maximizing domestic economic growth and training and education
- Frontier/regional development
Administrative Policies
- Revenue and cost verification
- Cost of administration
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Internal Distribution of Government Take
- Federal, provincial/state and municipal participation in government take
- Participation by native groups, private land owners and consumers
Worldwide Future Trends
- Anticipated world and petroleum industry developments
- Government take development
- Large resource access
- Simplification and diversification of term
- Impact of globalization and increased attention to the people
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