Global S&T Development Trend Analysis Platform of Resources and Environment
DOI | 10.1016/j.enpol.2019.05.059 |
Risk and rewards dynamics: Measuring the attractiveness of the fiscal regime in the presence of exploratory risks | |
Furtado, Lucas S.1; Goncalves, Edson2; Costa, Luciano A. R.3 | |
2019-09-01 | |
发表期刊 | ENERGY POLICY |
ISSN | 0301-4215 |
EISSN | 1873-6777 |
出版年 | 2019 |
卷号 | 132页码:1274-1287 |
文章类型 | Article |
语种 | 英语 |
国家 | USA; Brazil |
英文摘要 | The government needs to consider risk when designing a fiscal regime and oil companies need to assess prospect's risks when facing investment decisions. This paper analyzes how the fiscal regime dictates the risk-reward partition between companies and the government in a portfolio of prospects. The expected monetary value is provided as the decision criteria, and a decision model is presented where all the prospects are graphically represented. The fiscal regimes contract is generalized as a mathematical function and plotted together with the exploratory opportunities. This type of representation helps the policymakers to fine-tune petroleum contracts. It is also of great value to companies because it helps to understand the risks and rewards of a portfolio. We used the recent Brazilian fiscal regime change from a royalty and tax contract (R/T) to a partition share contract (PSC) to understand the impacts of the fiscal regime in the risk-reward balance of the prospects located at the recently discovered Pre-Salt geologic province offshore Brazil. We show how the policymakers can fine-tune the fiscal regime and how companies can better understand the contracts considering both the rewards and the risks involved. |
英文关键词 | Oil economics Fiscal regime Risk assessment Pre-salt Brazil Exploration |
领域 | 气候变化 |
收录类别 | SCI-E ; SSCI |
WOS记录号 | WOS:000483425800119 |
WOS类目 | Economics ; Energy & Fuels ; Environmental Sciences ; Environmental Studies |
WOS研究方向 | Business & Economics ; Energy & Fuels ; Environmental Sciences & Ecology |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/186482 |
专题 | 气候变化 |
作者单位 | 1.Colorado Sch Mines, Golden, CO 80401 USA; 2.Fundacao Getulio Vargas, Ctr Estudos Regulacao & Infraestrutura, Rio De Janeiro, Brazil; 3.Petr Brasileiro SA, Rio De Janeiro, Brazil |
推荐引用方式 GB/T 7714 | Furtado, Lucas S.,Goncalves, Edson,Costa, Luciano A. R.. Risk and rewards dynamics: Measuring the attractiveness of the fiscal regime in the presence of exploratory risks[J]. ENERGY POLICY,2019,132:1274-1287. |
APA | Furtado, Lucas S.,Goncalves, Edson,&Costa, Luciano A. R..(2019).Risk and rewards dynamics: Measuring the attractiveness of the fiscal regime in the presence of exploratory risks.ENERGY POLICY,132,1274-1287. |
MLA | Furtado, Lucas S.,et al."Risk and rewards dynamics: Measuring the attractiveness of the fiscal regime in the presence of exploratory risks".ENERGY POLICY 132(2019):1274-1287. |
条目包含的文件 | 条目无相关文件。 |
除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。
修改评论