alexa Management Of Petroleum Resources: Fiscal Regimes For Petroleum Exploitation - An Egypt Case Study | 67669
ISSN:2157-7463

Journal of Petroleum & Environmental Biotechnology
Open Access

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6th International Conference on Petroleum Engineering

Mostafa Elshazly
Egyptian General Petroleum Corporation, Egypt
Posters & Accepted Abstracts: J Pet Environ Biotechnol
DOI: 10.4172/2157-7463-C1-032
Abstract
Nowadays, the global petroleum exploration and production industry witnesses numerous challenges. One of the principal challenges is the decrease of oil price which negatively impacted the pursuit of exploration activities. Such challenge requires the governments to give more incentives to enable investors to inject more investment particularly in areas with high risk and complicated geological structure (e.g. deep and ultra-deep targets). There are various tools through which the host government can incentivize IOCs to invest more in the exploration projects, the easiest way to do the aforementioned target is to make the terms and conditions of the licensing agreements more favorable for IOCs in terms of increasing the profitability and enhancing the rapid recovery of operating and capital costs besides maintaining a healthy and safe political environment. Furthermore the fiscal regime adopted by the NOCs for petroleum exploration and exploitation may be another window that creates a win-win situation between IOCs and NOCs, and there are different types of fiscal systems known for petroleum exploitation (production sharing, service, concession and joint venture). Each country has its contractual framework for petroleum exploration and production, and the country’s decision to adopt a certain contractual system does not mean the invalidity of other contractual models to be applied. The purpose of this presentation is to demonstrate the basic fiscal regimes adopted by NOCs for petroleum exploration and exploitation and the main differences between each contractual type in order to understand this relationship and the context in which it is adopted; then we focus on a case study from the Egyptian upstream sector by showing the evolution of E&P agreements in Egypt and the Key Provisions of Production Sharing Agreements (PSAs).
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