International Petroleum Fiscal Systems and Production Sharing Contracts

Petroleum taxation is a vital aspect of the industry. Geological, engineering, and financial principles are universal, yet in the realm of taxation, there is added dimension. The subject is so important that understanding at least the basics is mandatory. One of the absolutely first things a geologist, engineer, landsman, lawyer, or economist encounters in the international sector is the diversity of fiscal systems. Countries are unique in the way they structure their taxes, and natural resources get special attention. Governments have no control over the gifts of nature, but they do control taxes.