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Better designed and implemented fiscal regimes for oil, gas, and mining can make a substantial contribution to the revenue needs of many developing countries while ensuring an attractive return for investors, according to a new policy paper from the International Monetary Fund. Revenues from extractive industries (EIs) have major macroeconomic implications. The EIs account for over half of government revenues in many petroleum-rich countries, and for over 20 percent in mining countries. About one-third of IMF member countries find (or could find) resource revenues “macro-critical” – especially with large numbers of recent new discoveries and planned oil, gas, and mining developments. IMF policy advice and technical assistance in the field has massively expanded in recent years – driven by demand from member countries and supported by increased donor finance. The paper sets out the analytical framework underpinning, and key elements of, the country-specific advice given. Also available in Arabic: ????? ??????? ?????? ???????? ???????????: ??????? ???????? Also available in French: Régimes fiscaux des industries extractives: conception et application Also available in Spanish: Regímenes fiscales de las industrias extractivas: Diseño y aplicación
Since oil is the primary fuel of global industrial civilization, its imminent depletion is a problem that will have profound impact on every aspect of modern life. Without international agreement on how to manage the decline of this vital resource, the world faces unprecedented risk of conflict and collapse. The Oil Depletion Protocol describes a unique accord whereby nations would voluntarily reduce their oil production and oil imports according to a consistent, sensible formula. This would enable the task of energy transition to be planned and supported over the long term, providing a context of stable energy prices and peaceful cooperation. The Protocol will be presented at international gatherings, initiating the process of country-by-country negotiation and adoption, and mobilizing public support. To this end, this book: provides an overview of the data concerning Peak Oil and its timing briefly explains the protocol and its implications for the reader and for decision makers in government and industry around the world deals with frequently asked questions and objections, and looks forward to how the protocol can be adopted and how municipalities and ordinary citizens can facilitate the process. Timely and critically important, The Oil Depletion Protocol is a must-read for policy makers and for all who seek to avert a Peak Oil collapse. Listen to an interview with Richard Heinberg from WRPI.
The U.S. Congress charged the National Academies with conducting a review of the Internal Revenue Code to identify the types of and specific tax provisions that have the largest effects on carbon and other greenhouse gas emissions and to estimate the magnitude of those effects. To address such a broad charge, the National Academies appointed a committee composed of experts in tax policy, energy and environmental modeling, economics, environmental law, climate science, and related areas. For scientific background to produce Effects of U.S. Tax Policy on Greenhouse Gas Emissions, the committee relied on the earlier findings and studies by the National Academies, the U.S. government, and other research organizations. The committee has relied on earlier reports and studies to set the boundaries of the economic, environmental, and regulatory assumptions for the present study. The major economic and environmental assumptions are those developed by the U.S. Energy Information Administration (EIA) in its annual reports and modeling. Additionally, the committee has relied upon publicly available data provided by the U.S. Environmental Protection Agency, which inventories greenhouse gas (GHG) emissions from different sources in the United States. The tax system affects emissions primarily through changes in the prices of inputs and outputs or goods and services. Most of the tax provisions considered in this report relate directly to the production or consumption of different energy sources. However, there is a substantial set of tax expenditures called "broad-based" that favor certain categories of consumption-among them, employer-provided health care, owner-occupied housing, and purchase of new plants and equipment. Effects of U.S. Tax Policy on Greenhouse Gas Emissions examines both tax expenditures and excise taxes that could have a significant impact on GHG emissions.
The domestic taxation of petroleum products is an important source of revenue in most countries. However, there is a wide variation of tax rates on petroleum products across countries, which cannot be explained by economic theory alone. This paper surveys different considerations advanced for taxing petroleum and presents petroleum tax rate data in 120 countries. It concludes that a significant reduction in the present extremely wide variation in petroleum prices and tax rates appears warranted.
Since the early 1970s, experts have recognized that petroleum pollutants were being discharged in marine waters worldwide, from oil spills, vessel operations, and land-based sources. Public attention to oil spills has forced improvements. Still, a considerable amount of oil is discharged yearly into sensitive coastal environments. Oil in the Sea provides the best available estimate of oil pollutant discharge into marine waters, including an evaluation of the methods for assessing petroleum load and a discussion about the concerns these loads represent. Featuring close-up looks at the Exxon Valdez spill and other notable events, the book identifies important research questions and makes recommendations for better analysis ofâ€"and more effective measures againstâ€"pollutant discharge. The book discusses: Inputâ€"where the discharges come from, including the role of two-stroke engines used on recreational craft. Behavior or fateâ€"how oil is affected by processes such as evaporation as it moves through the marine environment. Effectsâ€"what we know about the effects of petroleum hydrocarbons on marine organisms and ecosystems. Providing a needed update on a problem of international importance, this book will be of interest to energy policy makers, industry officials and managers, engineers and researchers, and advocates for the marine environment.
This paper presents a simple macroeconomic model of the oil market. The model incorporates features of oil supply such as depletion, endogenous oil exploration and extraction, as well as features of oil demand such as the secular increase in demand from emerging-market economies, usage efficiency, and endogenous demand responses. The model provides, inter alia, a useful analytical framework to explore the effects of: a change in world GDP growth; a change in the efficiency of oil usage; and a change in the supply of oil. Notwithstanding that shale oil production today is more responsive to prices than conventional oil, our analysis suggests that an era of prolonged low oil prices is likely to be followed by a period where oil prices overshoot their long-term upward trend.
Mexico has large extractive industries and it traditionally has raised sizable fiscal revenues from the oil and gas sector. A confluence of factors—elevated commodity prices, financial challenges of the state-owned oil company Pemex, and revenue needs for financing social and public investment spending over the medium term—suggest that a review of Mexico’s taxation regimes for natural resources would be opportune, against the backdrop of a comprehensive approach to tackling Mexico’s challenges. This paper identifies opportunities for redesigning mining taxation to increase somewhat the revenue intake while maintaining the favorable investment profile of the sector. It also discusses recent reforms to the oil and gas fiscal regime and future reform considerations, with attention to the attractiveness of investment on commercial terms—an issue that should be placed in the context of an overall reform of Pemex’s business strategy and possibly of the energy sector more generally.
The term “Peak Oil” was born in January 2001 when Colin Campbell formed the Association for the Study of Peak Oil & Gas (ASPO). Now, Peak Oil is used thousands of times a day by journalists, politicians, industry leaders, economists, scientists and countless others around the globe. Peak Oil is not the end of oil but it tells us the end is in sight. Anyone interested in food production, economic growth, climate change or global security needs to understand this new reality. In Peeking at Peak Oil Professor Kjell Aleklett, President of ASPO International and head of the world’s leading research group on Peak Oil, describes the decade-long journey of Peak Oil from extremist fringe theory to today’s accepted fact: Global oil production is entering terminal decline. He explains everything you need to know about Peak Oil and its world-changing consequences from an insider’s perspective. In simple steps, Kjell tells us how oil is formed, discovered and produced. He uses science to reveal the errors and deceit of national and international oil authorities, companies and governments too terrified to admit the truth. He describes his personal involvement in the intrigues of the past decade. What happens when a handful of giant oil fields containing two thirds of our planet’s oil become depleted? Will major oil consumers such as the EU and US face rationing within a decade? Will oil producing nations conserve their own oil when they realize that no one can export oil to them in the future? Does Peak Oil mean Peak Economic Growth? If you want to know the real story about energy today and what the future has in store, then you need to be “Peeking at Peak Oil”.