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Book Categories |
| 1 | Introduction | 1 |
| Semantics | 3 | |
| 2 | Petroleum Fiscal Systems | 5 |
| Economic Rent | 5 | |
| Negotiations | 16 | |
| Families of Systems | 21 | |
| 3 | Concessionary Systems | 29 |
| Flow Diagram | 29 | |
| Cash Flow Projection | 30 | |
| 4 | Production Sharing Contracts | 39 |
| Flow Diagram | 42 | |
| Sample PSC Cash Flow Projection | 49 | |
| Basic Elements | 51 | |
| The Indonesian PSC | 71 | |
| 5 | Risk Service Contracts | 87 |
| Philippine Risk Service Contract | 88 | |
| Ecuador Risk Service Contract | 90 | |
| Rate of Return Contracts | 92 | |
| Joint Ventures | 101 | |
| Technical Assistance Contracts | 107 | |
| 6 | Threshold Field Size Analysis | 113 |
| Exploration vs. Development Thresholds | 114 | |
| Technical vs. Commercial Success Ratios | 117 | |
| Gas Projects | 124 | |
| 7 | Global Market for Exploration Acreage | 131 |
| Prospectivity | 135 | |
| Political Risk | 136 | |
| 8 | Production Sharing Contract Outline | 151 |
| PSC Components | 154 | |
| 9 | Accounting Principles | 177 |
| Accounting Concepts | 178 | |
| Successful Efforts and Full Cost Accounting | 183 | |
| Depreciation, Depletion, and Amortization (DD&A) | 186 | |
| 10 | Double Taxation | 191 |
| Tax Considerations | 192 | |
| Branches vs. Subsidiaries | 198 | |
| 11 | Commentary | 203 |
| Appendix A: Sample Fiscal Systems | 207 | |
| Appendix B: Perspectives on Economic Rent | 263 | |
| Appendix C: Abbreviations and Acronyms | 269 | |
| Appendix D: Worldwide Production Statistics (1992) | 274 | |
| Appendix E: Selected U.S. Energy Statistics (1992) | 277 | |
| Appendix F: Conversion Factors | 279 | |
| Appendix G: Metric U.S. Conversions | 282 | |
| Appendix H: Barrels per Metric Ton vs. API Gravity | 283 | |
| Appendix I: Relative Oil Price vs. API Gravity | 284 | |
| Appendix J: Natural Gas Products | 285 | |
| Appendix K: H[subscript 2]S and Natural Gas | 286 | |
| Appendix L: Present Value of One Time Payment | 287 | |
| Appendix M: References and Sources of Information | 288 | |
| Glossary | 293 | |
| Index | 319 |
| Price | Condition | Delivery | Seller | Action |
| $99.99 | Digital |
| WonderClub |
William Melchior
reviewed International Petroleum Fiscal Systems and Production Sharing Contracts on August 10, 2011
International Petroleum Fiscal Systems and Production Sharing Contracts
Benoit Mandelbrot is the inventor of the mathematical concept of fractals. His earlier book The Fractal Geometry of Nature was a truly groundbreaking book about fractals and how they are seen in nature. In The Misbehavior of Markets he turns his attention to the application of fractal concepts to markets. Mandelbrot shows that price fluctuations:
1) are not independent from one time period to the next
2) appear to be the same, regardless of the time scale involved (hours/days/months/years)
3) do not obey a Gaussian (normal bell-like) distribution, but instead follow a power-law distribution.
These characteristics are exactly the opposite of the assumptions that are normally used in financial circles. As a result, most financial models severely under-estimate financial risk. Most financial models use certain parameters (like the beta factor) that purport to measure price volatility. Mandelbrot shows that many of these parameters are worse than useless; they are so wrong, they are dangerous and can lead to world-wide financial ruin.
This book is also somewhat of a biography; Mandelbrot details some of the fascinating aspects of his life, and that of his parents. One of the reasons contributing to his move from France to the U.S. is the disdain of French mathematicians to applied research. The only problem with this book is that Mandelbrot writes in a tone that is too strident for my taste. Nevertheless, I strongly recommend this book to anyone with an interest in applied mathematics or finance.
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