COMMONWEALTH PERSPECTIVE ON PETROLEUM TAXATION

1999 ◽  
Vol 39 (2) ◽  
pp. 126
Author(s):  
B. Layer
Keyword(s):  
Risk Premium ◽  
Petroleum Industry ◽  
Forward Rate ◽  
Gas Transfer ◽  
Development Activity ◽  
Resource Rent ◽  
Forward Rates ◽  
North West ◽  
Percentage Points

In 1997 the petroleum industry sought modifications to the petroleum resource rent tax (PRRT) regime which applies to all Commonwealth offshore areas except the North West Shelf Project area. Industry argued that the PRRT impeded deepwater exploration and development activity and the exploitation of large stranded gas deposits suitable for conversion to liquids such as LNG. Industry suggested that a more appropriate risk/reward balance in the tax structure could be achieved by providing a volume based PRRT exemption for projects located in water depth greater than 400 m and by increasing the uplift rates for unrealised losses. It was proposed that the risk premium for the general (development) expenditure carry forward rate be increased by five percentage points to the long term bond rate (LTRR) plus 10 percentage points. Another industry recommendation was that exploration expenditures incurred more than five years before the issue of a production license (PL), which currently attract the lower GDP factor rate (the five year rule), be uplifted at the long-term bond rate for the period prior to the five year mark and then rolled forward at LTBR plus 15 percentage points. In addition, industry asked that the reference date for the five year rule should be based on the application date for a PL and not the issue date. For integrated gas to liquid projects, industry requested clarification of the basis for valuing feedstock gas for determining gas liability.In response, the Commonwealth decided to adopt a gas transfer price (GTP) methodology based on a combination of established cost plus and net back formulas to be applied to the up and downstream stages of the project respectively. The difference in the price outcome of the two methods, the residual price, is split 50:50 to obtain the GTP. Details of how the residual price method will be applied are currently being finalised with a view to enacting legislation in 1999-2000. The Commonwealth also responded positively to the industry suggestion that the reference date of the five year rule be applied from the date of application for the PL on the proviso that the appropriate authority receives all information pertaining to a successful application. Recommended changes to the PRRT for deepwater areas and proposed increases to the carry forward rates of undeducted losses were rejected mainly on economic efficiency grounds.

LEGAL AND TAXATION IMPLICATIONS FOR THE ACQUISITION AND DISPOSAL OF OFFSHORE PETROLEUM PRODUCTION AND EXPLORATION TENEMENTS—A PRACTICAL VIEW AND UPDATE

1986 ◽  
Vol 26 (1) ◽  
pp. 7
Author(s):  
J. Allen ◽  
M. Williamson
Keyword(s):  
Capital Gains ◽  
Capital Gains Tax ◽  
Development Activity ◽  
Resource Rent ◽  
Petroleum Production ◽  
North West ◽  
The North ◽  
Funding Mechanisms ◽  
Exploration And Development ◽  
Offshore Petroleum

The administrative aspects of petroleum mining and exploration companies have become more complex of recent years. One area where this is particularly so is in relation to the livelihood of the industry, i.e. access to tenements.While exploration and development activity onshore has hotted up in particular, offshore activity has been fervent but limited largely to bringing into production fields on the North West Shelf, at Jabiru and new areas in Bass Strait. Generally it is held that the likelihood for discoveries of large fields will be offshore Australia rather than onshore and that present exploration activities offshore are inadequate to maintain Australia's oil self-sufficiency.Recent amendments to the Petroleum (Submerged Lands) Act, a plethora of associated Acts, and proposed new tax imposts (e.g. cash bonus bids, retention licence fees, resource rent tax, and capital gains tax) in relation to the offshore segment of the industry have added significantly to the complexities in planning the acquisition and disposal and ongoing control of tenements. Each of these is examined individually and in conjunction for the benefit of planners and executives administering tenements within their organisations.Both sides of the transaction are viewed with emphasis on their tax positions providing opportunities to control the directions and funding mechanisms for the transaction.

TAXATION ASPECTS OF SOLE RISK, OR, HOW TO MAKE THE TAX SYSTEM WORK FOR YOU

1986 ◽  
Vol 26 (1) ◽  
pp. 123
Author(s):  
P.A. Wilson
Keyword(s):  
Risk Premium ◽  
Income Tax ◽  
Petroleum Industry ◽  
Petroleum Exploration ◽  
Financial Cost ◽  
Resource Rent ◽  
Scarce Resources ◽  
Work Program ◽  
Work Programs ◽  
The Cost

Two of the problems currently facing the petroleum industry are the cost of funding petroleum and the relatively few major discoveries. Without major discoveries it is difficult, and will become more difficult, to attract new money into the petroleum exploration business.With these factors in mind it becomes more necessary for few companies to spend more money to fund major exploration programs and for the costs to be adequately shared by all participants in a venture.As currently drafted, the sole-risk provision in a Joint Operating Agreement acts as a rationer of scarce resources (i.e. money) for the finding of major new reservoirs. However, by restructuring the sole-risk premium clause it is possible to increase the financial cost (through income tax, resource rent tax, or resource rent royalty, as applicable) upon a party allowing another party to conduct a sole-risk project. This increased penalty might be a major factor in reducing the incidence of sole-risk programs without reducing the number of programs brought forward outside of permit work programs commitments.To achieve this end the sole-risk clause should be restructured to require the sole-risk party to own the project (information, wells, completion, deepening, etc) and then for it to create undivided interests on the sole-risk project for disposal to the non-sole-risk party. In this way, the premium would be received as consideration on sale of an interest in the project and not a disproportionate allocation of product.If this restructure were conducted then the interaction of income tax, and where applicable resource rent tax and resource rent royalty, might well induce all parties to agree to participate in non-work program operations leaving all work programs subject to sharing.

BEHAVIOR OF LONG-TERM YIELDS IN A LÉVY TERM STRUCTURE

2014 ◽  
Vol 17 (03) ◽  
pp. 1450016 ◽  
Author(s):  
FRANCESCA BIAGINI ◽  
MAXIMILIAN HÄRTEL
Keyword(s):  
Asymptotic Behavior ◽  
Term Structure ◽  
Lévy Process ◽  
Lévy Processes ◽  
Levy Processes ◽  
Levy Process ◽  
Forward Rate ◽  
Forward Rates ◽  
Volatility Function

We study the behavior of the long-term yield in a HJM setting for forward rates driven by Lévy processes. The long-term rates are investigated by examining continuously compounded spot rate yields with maturity going to infinity. In this paper, we generalize the model of Karoui et al. (1997) by using Lévy processes instead of Brownian motions as driving processes of the forward rate dynamics, and analyze the behavior of the long-term yield under certain conditions which encompass the asymptotic behavior of the interest rate model's volatility function as well as the variation of the paths of the Lévy process. One of the main results is that the long-term volatility has to vanish except in the case of a Lévy process with only negative jumps and paths of finite variation serving as random driver. Furthermore, we study the required asymptotic behavior of the volatility function so that the long-term drift exists.

CURRENT STATE AND DEVELOPMENT PERSPECTIVES OF THE CASPIAN SPRAT FISHERIES

2018 ◽  
pp. 69-75
Author(s):  
Tatiana Vasilievna Pomogaeva ◽  
Aliya Ahmetovna Aseinova ◽  
Yuriy Aleksandrovich Paritskiy ◽  
Vjacheslav Petrovich Razinkov
Keyword(s):  
Food Item ◽  
Growth Potential ◽  
North West ◽  
Marine Fishery ◽  
The North ◽  
Current State ◽  
West Part ◽  
Eggs And Larvae ◽  
Intensive Growth

The article presents annual statistical data of the Caspian Research Institute of Fishery. There has been kept track of the long term dynamics of the stocks of three species of Caspian sprat (anchovy, big-eyed kilka, sprat) and investigated a process of substituting a food item of sprats Eurytemora grimmi to a small-celled copepod species Acartia tonsa Dana. According to the research results, there has been determined growth potential of stocks of each species. Ctenophoran-Mnemiopsis has an adverse effect on sprat population by eating fish eggs and larvae. Ctenophoram - Mnemiopsis is a nutritional competitor to the full-grown fishes. The article gives recommendations on reclamation of stocks of the most perspective species - common sprat, whose biological characteristics helped not to suffer during Ctenophoram outburst and to increase its population during change of the main food item. Hydroacoustic survey data prove the intensive growth of common sprat biomass in the north-west part of the Middle Caspian. According to the results of the research it may be concluded that to realize the volumes of recommended sprat catch it is necessary to organize the marine fishery of common sprat at the Russian Middle Caspian shelf.

Long-term vegetation restoration promotes the stability of the soil micro-food web in the Loess Plateau in North-west China

CATENA ◽  
2021 ◽  
Vol 202 ◽  
pp. 105293
Author(s):  
Yang Wu ◽  
WenJing Chen ◽  
Wulan Entemake ◽  
Jie Wang ◽  
HongFei Liu ◽  
...  
Keyword(s):  
Food Web ◽  
Loess Plateau ◽  
Vegetation Restoration ◽  
The Loess Plateau ◽  
West China ◽  
North West ◽  
The Stability

Dunhuang scrolls: Innovative storage solutions at the British Library

IFLA Journal ◽  
2021 ◽  
pp. 034003522110237
Author(s):  
Paulina Kralka ◽  
Marya Muzart
Keyword(s):  
Research Library ◽  
British Library ◽  
West China ◽  
North West ◽  
Lotus Sutra ◽  
Storage Solutions ◽  
Storage Facilities

The British Library’s Stein collection contains about 14,000 scrolls, fragments and booklets in Chinese from a cave in the Buddhist Mogao Caves complex near Dunhuang in north-west China. This article describes storage and access solutions for the collection in the context of a busy research library and the currently ongoing Lotus Sutra Manuscripts Digitisation project. The article presents the various technical and organisational challenges that its rehousing presents to the library conservators. Restricted by the existing storage facilities, budget limitations and tight project deadlines, the conservators must provide housing that is adequate for the scroll format, is practical and prevents dissociation, but is also cost- and time-effective. With the best storage practice in mind, they have developed original solutions, balancing the specific housing requirements and constraints. These storage solutions allow the conservators to ensure the long-term safety and accessibility of the collection while laying down a foundation of standardisation that will ensure a homogeneity of approaches for future projects.

Adaptation of Medicago rigidula to a cereal–pasture rotation in north-west Syria

1986 ◽  
Vol 107 (1) ◽  
pp. 179-186 ◽  
Author(s):  
A. M. Abd El-Moneim ◽  
P. S. Cocks
Keyword(s):  
North Africa ◽  
Farming System ◽  
Livestock Production ◽  
Grazing Management ◽  
North West ◽  
Selection Programme ◽  
Ley Farming ◽  
Medicago Rigidula ◽  
Subsequent Regeneration

SUMMARYThe ley-farming system (integrated cereal and livestock production in which cerealsrotate with self-regenerating pastures) is considered to be of great potential benefit to north Africa and west Asia. In the colder parts of this region (of which north Syria is typical) its application is limited by poor adaptation of commercial medic cultivars (mainly Medicago truncatula and M. littoralis). An extended selection programme hag identified M. rigidula as adapted to the soils and climate of the region but nothing is known of its adaptation to the ley-farming system itself.An experiment which included 23 selections of M. rigidula and one each of M. rotata and M. noeana was conducted over 3 years during which herbage production, seed yield, and the fate of seeds were observed during the 1st year when pastures were established, the 2nd year when wheat was sown, and the 3rd year when the pasture regenerated. Of the 400–800 kg seed/ha produced in the 1st year an average of 87% remained in the soil in spring of the 3rd year. The weight of seed regenerating in the 3rd year varied from 30 to nearly 170 kg/ha, and herbage production, especially in winter, depended heavily on the number of regenerating seedlings. The most productive regenerating pastures produced nearly 2 t/ha of dried herbage by 1 January, and more than 6 t/ha for the whole growing season.The results showed that there was sufficient residual and newly produced seed at the end of the 3rd year to be sure that subsequent regeneration would result in similar herbage yields in the 5th year, and that the pasture was assured of long-term persistence. The significance of this for livestock production is discussed, and it is concluded that the results should encourage further investigation of grazing management and socioeconomic factors seen as constraints to introducing the ley-farming system to north Syria.

Quality in long-term care homes for people with dementia: an assessment of specialist provision

2006 ◽  
Vol 26 (4) ◽  
pp. 649-668 ◽  
Author(s):  
SIOBHAN REILLY ◽  
MICHELE ABENDSTERN ◽  
JANE HUGHES ◽  
DAVID CHALLIS ◽  
DAN VENABLES ◽  
...  
Keyword(s):  
Social Services ◽  
Research Evidence ◽  
Long Term Care ◽  
Term Care ◽  
North West ◽  
People With Dementia ◽  
National Service Framework ◽  
Specialist Services ◽  
Care Regimes

There has been debate for some years as to whether the best model of care for people with dementia emphasises specialist facilities or integrated service provision. Although the United Kingdom National Service Framework for Older People recommended that local authority social services departments encourage the development of specialist residential care for people with dementia, uncertainty continues as to the benefits of particular care regimes, partly because research evidence is limited. This paper examines a large number of ‘performance measures’ from long-term care facilities in North West England that have residents with dementia. Of the 287 in the survey, 56 per cent described themselves as specialist services for elderly people with mental ill-health problems (known familiarly as ‘EMI homes’). It was envisaged that EMI homes would score higher than non-EMI homes on several measures of service quality for people with dementia that were developed from research evidence and policy documents. The analysis, however, found that EMI homes performed better than non-EMI homes on only a few measures. While both home types achieved good results on some standards, on others both performed poorly. Overall, EMI and non-EMI homes offered a similar service.

Developing an Adaptive Management approach to prescribed burning: a long-term heathland conservation experiment in north-west Italy

2009 ◽  
Vol 18 (6) ◽  
pp. 727 ◽  
Author(s):  
Davide Ascoli ◽  
Rachele Beghin ◽  
Riccardo Ceccato ◽  
Alessandra Gorlier ◽  
Giampiero Lombardi ◽  
...  
Keyword(s):  
Experimental Design ◽  
Adaptive Management ◽  
Prescribed Burning ◽  
Fire Regime ◽  
Management Approach ◽  
Detailed Measurement ◽  
Research Issues ◽  
North West ◽  
Heathland Management

Calluna vulgaris-dominated heathlands are globally important habitats and extremely scarce outside of north-west Europe. Rotational fire, grazing and cutting by local farmers were dominant features of past heathland management throughout Europe but have been abandoned, altering the historical fire regime and habitat structure. We briefly review research on Calluna heathland conservation management and provide the background and methodology for a long-term research project that will be used to define prescribed fire regimes in combination with grazing and cutting, for management of Calluna heathlands in north-west Italy. We outline the ecological and research issues that drive the fire experiment, making explicit the experimental design and the hypotheses that will be tested. We demonstrate how Adaptive Management can be used to inform decisions about the nature of fire prescriptions where little formal knowledge exists. Experimental plots ranging from 600 to 2500 m2 are treated according to one of eight alternative treatments (various combinations of fire, grazing and cutting), each replicated four times. To date, all treatments have been applied for 4 years, from 2005 to 2008, and a continuation is planned. Detailed measurement of fire characteristics is made to help interpret ecological responses at a microplot scale. The results of the experiment will be fed back into the experimental design and used to inform heathland management practice in north-west Italy.

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