1. The document discusses fiscal systems for oil and gas exploration including concessionary and contractual systems. It provides details on fiscal terms like royalty rates, bonus payments, and government take percentages. 2. Key fiscal elements explained are surface fees, royalty schemes, bonus payments, and production sharing agreements. Production sharing is outlined as cost oil, profit oil, and government take percentages. 3. Risk analysis and valuation techniques for oil and gas projects are reviewed, including CAPM and discounted cash flow models. Target internal rates of return and royalty rates over different price ranges are presented.

1. 2010

2. 2222
¯,
.
¯ ¯,,
,., ¯
. ¯¯,
¯.
.
¯¯ ,
¯¯ .
¯ ¯,¯
.
,
¯. ,
¯¯¯¯
.122010
).(
.: ¯ , ¯
",,,,
¯¯ ,¯¯ ,¯¯ ,¯¯ ,
¯ ¯ ¯ .¯ ¯ ¯ .¯ ¯ ¯ .¯ ¯ ¯ .
....
, ¯, ¯, ¯, ¯, ¯ ) ¯, ¯ ) ¯, ¯ ) ¯, ¯ ) ¯
¯ (¯ (¯ (¯ (
, ¯, ¯, ¯, ¯1952195219521952¯ ¯ ; ¯ ,¯ ¯ ; ¯ ,¯ ¯ ; ¯ ,¯ ¯ ; ¯ ,
¯¯¯¯¯ .¯ .¯ .¯ .
, ¯ ¯ ¯, ¯ ¯ ¯, ¯ ¯ ¯, ¯ ¯ ¯
,,,,
....

3. 3333
¯ ¯ ,¯ ¯ ,¯ ¯ ,¯ ¯ ,
""""
::::
1111...., ¯ ¯, ¯ ¯, ¯ ¯, ¯ ¯
, ¯ ¯, ¯ ¯, ¯ ¯, ¯ ¯¯ ¯¯ ¯¯ ¯¯ ¯
¯ ¯ ,¯ ¯ ,¯ ¯ ,¯ ¯ ,
....
2222...., ¯, ¯, ¯, ¯
....
3333....¯ ¯¯ ¯¯ ¯¯ ¯
. ¯ ¯. ¯ ¯. ¯ ¯. ¯ ¯
, ¯
¯ ¯ ¯ .
. , ¯
¯ ¯ ¯
¯ ¯ ¯.
, ¯ ,
. ¯ , ¯ ¯
¯¯
. ¯ ¯ ¯
¯ ¯¯¯ ¯ ¯
)
.( ¯¯
,¯,
.¯ , ¯
¯¯ ,
., ¯¯,
¯.¯
. ¯ ¯¯ ¯
¯ ¯ , ¯ ,,¯
¯.

4. 4444
, ¯ , ¯ ¯ , ¯
,¯,
,¯
. , ¯
¯ , ¯,¯¯
.
: ¯: ¯: ¯: ¯,
¯ ,.
....
:
•–
¯¯ .
¯ , ¯
¯,
. ¯
¯ ¯ ,
¯ ,
¯ ,
.
•¯¯¯¯–, ¯ ¯
¯ ¯. ¯¯
¯ ¯.
•.
, : ¯ ¯
¯ . ¯ ,
1.5)
50%,.(20%
60%.
•R:
¯¯¯¯====R

5. 5555
•¯
1.5. ¯ ¯
•¯ ¯
.
•
, ¯ . ¯¯
,
. ¯ ,
•–,¯,¯
.
¯ ¯ ¯
, ¯ ¯ .
.
,
¯.
¯¯, ¯
.¯
¯ ¯
. ¯
, ¯. ¯ ,
¯¯ ¯
.
¯
.
¯¯ .
¯
¯ .¯
¯ ¯
.

6. 6666
¯,
.¯,¯¯
¯,,, ¯
.
::::
–"
' '–¯ ¯
–"¯
"–
–
"–
:
¯ "–¯ ¯)–(
"–( )

7. 7777
.122010
).(
." : ¯–¯ ¯
;–" ;–
' ' ;–; ¯ ¯–
"¯"–
¯ ;–¯ ¯)–(
¯"
( ) ¯.
.: ¯ ¯
",,,,
¯¯ ,¯¯ ,¯¯ ,¯¯ ,
¯ .¯ .¯ .¯ .¯ ¯¯ ¯¯ ¯¯ ¯
....
, ¯ ) ¯ , ¯, ¯ ) ¯ , ¯, ¯ ) ¯ , ¯, ¯ ) ¯ , ¯
¯ (¯ (¯ (¯ (
, ¯, ¯, ¯, ¯1952195219521952¯ ; ¯ ,¯ ; ¯ ,¯ ; ¯ ,¯ ; ¯ ,¯¯¯¯
¯¯¯¯¯ .¯ .¯ .¯ .
, ¯ ¯ ¯, ¯ ¯ ¯, ¯ ¯ ¯, ¯ ¯ ¯
,,,,
....
,,,,¯ ¯¯ ¯¯ ¯¯ ¯
....
::::
1111...., ¯ ¯, ¯ ¯, ¯ ¯, ¯ ¯
, ¯ ¯, ¯ ¯, ¯ ¯, ¯ ¯¯ ¯¯ ¯¯ ¯¯ ¯

8. 8888
,,,,¯ ¯¯ ¯¯ ¯¯ ¯
....
2222...., ¯, ¯, ¯, ¯
....
3333....¯ ¯¯ ¯¯ ¯¯ ¯
. ¯ ¯. ¯ ¯. ¯ ¯. ¯ ¯
, ,, ,, ,, ,
,,,,––––".."..".."..
., , ,
.¯
. ¯ ¯ ¯
¯ ¯ ¯ ¯
.
, ¯ ,
. ¯ ¯¯ , ¯ ¯
.312010.
.,
, ¯ ¯ ,
¯,.
.¯ , ¯:
'¯ ¯ .
¯.
'¯
¯ ,
.
'–¯
¯ ¯ ,. ¯ ¯
¯
. ¯
'–¯ ¯
.
. ¯ ¯

9. 9999
'–
¯. ¯
4:
', ¯ "
. ¯ ¯ ,
''
'¯ ¯
'¯
. ¯. ¯. ¯. ¯

10. 10101010
''''
–
¯ ¯ ¯ ¯ . ¯
¯ ¯.
¯ ¯ , ¯,
., ¯
. ¯ . ¯
¯,¯
. ¯,
, ¯, ¯
, ¯ ¯
.
....
¯,
.
1999
)1.(" ,B,"2004
¯ ¯ )171
BCM10
13BCM.(
¯.
¯¯ .2008
¯ ." "90",¯1.5
",¯240BCM–
2009 2008.¯,
,¯ ¯ " "15BCM.
1
Billion Cubic Meters

11. 11111111
.¯
¯2
.¯
¯¯
¯ .""¯ ,
50%¯450BCM¯¯"".
, ,
¯ .
¯. ¯
,. ¯
) ¯In place(¯4303
BCM.
¯)USGS,(2010,
¯) ¯ ¯¯ (
3400BCM.¯ ¯
¯ ¯.
2011"""")347
348()332(
"., ¯ ,
.2013 2012)387) ,(387(
)383(.
. ¯
....
¯
, ,¯ ¯¯
. ¯
. ,
. ,
,
2
"–1952¯ , ,
¯ ¯ .¯¯ ,¯,
.
3
. ¯

12. 12121212
,¯¯,
¯ ¯.
¯ ¯1.3.
¯ ¯ ¯ ¯ ,
–.
2004,2010
¯5BCM¯ ,¯3, "¯35%
.¯ .
¯¯
, ¯¯ .
¯¯10BCM¯2015.
¯¯¯17BCM
.
¯,
¯ ¯.
,
¯
4
.,
¯.
.
....
,
" .–1952)
, : ¯ .(
¯ .,
¯ ,.
4) ' ¯Noble Energy()
) ¯ ¯ , , (B,
, ' .( ,¯.

13. 13131313
¯: ¯ ,
1.––––.
¯ ,
.18¯.
, , ¯
¯( ¯) ¯
¯ , ¯ ¯ .
.
2.¯¯
¯ ,
¯
.,¯
¯ ¯¯
.
,400. ",
¯¯.
¯ , ¯ ¯
¯
.
3.–¯ ¯
. ¯
¯ ¯ , .
, ¯ ,
¯ ,
.250. "
,
. ¯30
¯20.

14. 14141414
¯¯¯¯::::
¯ ,
)
¯ .(
¯ ,
: .
¯7
.¯"
¯¯¯¯
–¯ ¯ ¯
–¯
¯
¯
.30
¯–20.(
¯ ¯
, ¯
)7.(
¯ ,
¯ .
¯18
)7.(

15. 15151515
¯ ¯¯ ) ¯ ¯
¯, ) ,(
¯ ,¯ ¯
.(
¯¯
.,–
.
¯ ¯
).(
¯.
¯,
¯ ¯.

16. 16161616
¯¯¯¯5555
::::
5
:http://www.mni.gov.il/mni/he-il/NaturalResources/OilSearch/OSMaping/default.htm

17. 17171717
....¯¯¯¯
¯¯
¯¯¯¯,¯¯,¯
.¯,
,.
¯.
,
.¯
¯.¯
¯.,
.
¯¯¯:.
¯¯'¯'¯,,
¯.
¯,¯¯
..'¯'¯
¯,,.
1111....
,¯.,
, ¯¯
¯¯ .,
¯ ¯ ¯. ¯¯ ¯
¯. ¯
, ¯¯
. ¯ ¯
¯
¯ ,
. ¯

18. 18181818
,¯
,,
,
¯:
1.11.11.11.1....
. ¯,¯
. ¯¯
¯10 20.
¯ ,. ¯
¯15 10–¯100.
¯,
. ¯
¯
19932002,31313131%%%%6
.
,
. ¯ ¯
,¯7
,¯
. ¯¯ ¯
, , ,
¯.
1.21.21.21.2....
: ¯ ,
,,,,¯ ¯
. ¯ . ¯
¯ ¯ ¯ ¯ ¯ , ¯ ¯ ¯
¯ . ¯,
,¯,¯ ¯
6:http://www.ogel.org/article.asp?key=1270Global Deepwater Terms – The state of Play. Graham Kellas
--
7
" '–¯ ", . ¯
MIT.

19. 19191919
, ¯ , ¯ .
. ¯
" '¯
. ¯'
)Pindyck(, ¯ ,.
,¯,
,.
¯
,¯
–. ¯
¯ ¯¯ ¯¯ ¯¯ ¯
¯ ¯¯ ¯
.
. ¯¯ ¯
. ¯ ¯
.¯
,¯, ¯
¯ ¯¯¯ .
, ¯.,
) ,
/ ¯Bonus Payment,( ,
.

20. 20202020
''''
¯¯¯¯
¯ ¯
,
¯¯ .
,
¯ ¯ ., ' ,
, , ¯
.'. " ' ¯
....¯¯¯¯
¯ ¯
: ¯ ¯
1111....) ¯ ¯) ¯ ¯) ¯ ¯) ¯ ¯Concessionary System((((
,
¯ , .
¯ ,
.) / ¯ ,R/T,(
. , , " , ¯
2222....) ¯) ¯) ¯) ¯Contractual System((((
. ¯ ¯ ¯
¯." "PSCProduction)
Sharing Agreements, ¯ .(
. ¯ ¯ ¯ ,
:¯
¯ )Cost Oil¯ ¯ ¯ ,(
¯¯ ,( ¯ ) ¯
¯¯ ¯ )
¯ ) , .(Profit Oil(

21. 21212121
Cost Oil. ,
, ,
8
.
. ¯ ¯ ,
....¯¯¯¯
¯
"Government take) "GT,(
¯ .
" "–Government Take)GT¯ ¯ , .(
, ¯ ¯ , ¯
, ¯ ¯
¯9
.
¯:
1111..../ ¯/ ¯/ ¯/ ¯
¯ ¯ : ¯ / ¯
. ¯ ¯ ,¯ ¯
¯.
: ¯
1.11.11.11.1....))))Surface Fees((((
¯ ¯.
. ¯ ¯
8
' / ¯ ¯ ¯
. "
9
–GT" '–. ' "

22. 22222222
.¯ , ¯¯
.¯ , ¯
. ¯ ¯
1.21.21.21.2....) / ¯) / ¯) / ¯) / ¯Bonus Payment((((
¯, ¯ ,
¯ .
,¯ . ¯
¯ .( )
¯ ¯ .¯ ,
¯ , ¯
, , . ¯
¯ ¯¯ ,' ¯ , ¯
, ¯ .
( ¯ ¯ ¯ ) , ¯
,, ¯ . ¯ ¯
. ¯
, ".
,¯,¯ ". ¯ ¯
1953" ,10
65¯
11
¯ ¯ .
, , . ¯ ¯ , "
¯¯....
. ¯ ¯
, ,¯
, ¯ ¯ ,.
¯ ¯ ¯ ¯,
¯¯ ¯¯ , .
10
Changing Fiscal Landscape, Daniel Johnston, Oxford Journals, Journal of World Energy Law
and Business
11
Government Take" . ,¯
¯. ¯

23. 23232323
¯ ¯ ,
¯¯ , .
¯¯.
2222....
¯ ¯,,¯ ¯¯
¯ , ¯ .
¯ . ¯ ¯
.
) ¯ ¯"Ad Valorem" Royalties.(
¯ , ¯
, . ¯ , , . ¯
¯ , ¯ ¯ ,
¯. ¯
¯ ¯ ¯ , , ¯ ¯ . ¯
. ¯
2.12.12.12.1....
¯¯¯¯¯ ¯¯ ,
¯ . ¯ ¯ ¯
, ¯ . ¯ ¯
¯¯, ¯ ,
12
. ,
¯ , ¯ ,
, ¯ . ¯
¯ ,
.
,
12

24. 24242424
¯ .
, ¯ ¯ . ¯ ,
, ¯ ¯,,¯
¯
.
,¯ , ¯ , ¯
. ¯¯ ,¯¯
¯ .
,
¯ ¯ , ¯ ¯ .,
, . ,
¯¯ ,
.
2.22.22.22.2....
. ¯ ,(Sliding
Scale)¯; :
; ¯ ;.
: , ,
1%5%,.25%40%
. ¯ ¯
¯ ¯ ,
. ¯
2.32.32.32.3....
¯70%¯75%
) ¯ / ¯Concessionary Systems,(
, . ¯

25. 25252525
0%20%¯
¯ /10%13
.
3333....
, ¯ ¯, ¯
¯¯ ¯ ,.
¯ ,
, ., ¯ ¯
¯.¯¯
.¯
, , .20
. ¯
, ¯ ,
¯ ¯ . ¯
. , ¯
.
¯¯¯ ¯
. ¯, ¯
.
¯¯
¯, ¯ ¯
)(.¯ ¯
,¯¯,¯–
.,
¯ ¯ ¯¯ ,
, ¯ , , ¯¯ .
¯ ,, ¯ ¯ ,
.
13
.'

26. 26262626
3.13.13.13.1....
¯ ¯ ¯
¯ . ¯¯ .
: ¯ ¯
•CAPM (Capital Asset Pricing Model),
. ¯ ¯
•¯ ¯ , ¯
•
•
•. ¯
3.23.23.23.2....
,¯ ¯)(
¯ ¯.¯
, ¯ ¯, ,
,. ¯
¯,
¯.
¯ , ¯ ¯
. ¯ ¯ , ¯ ¯¯¯¯¯
:
3.2.13.2.13.2.13.2.1....––––
¯¯.
.
¯ . ¯
,
¯.

27. 27272727
3.2.23.2.23.2.23.2.2....¯ ¯¯ ¯¯ ¯¯ ¯––––
.¯
702008
130¯ , ,
2009¯ ,
, ¯ .¯
.
¯ , ¯
. ¯ ¯
, ¯ , ¯
.,,
.
3.2.33.2.33.2.33.2.3
¯¯
¯ ¯,, ¯ .
¯,, , ¯ ¯
–, ¯
, ¯ ¯ ¯ , .
.
, ¯,
¯¯¯ ,
.¯
, ,
¯ , ¯ ,
. ¯ ¯
¯¯
:25%¯–30.
0.4%¯14
., ¯
14
Changing Fiscal Landscape, Daniel Johnston, Oxford Journals, Journal of World Energy Law and
Business

28. 28282828
, ¯ ¯ ¯
. ¯
3.33.33.33.3....
, ¯ ¯
¯ , ¯
¯ ¯ ¯ ¯
:
3.3.13.3.13.3.13.3.1....¯ ¯¯ ¯¯ ¯¯ ¯
¯ ¯
¯ . ¯¯
, ¯ ¯
¯¯.
: ¯ ¯)ROR(
) ¯R.(
))))ROR((((
. ¯ ( )
. ¯¯ ,
,¯.
¯ROR¯1975,
.80
.¯10%15%¯ ¯.
¯
.:,,
,',,,,,,.
, ,,ROR
1984.,40%.
¯ " "

29. 29292929
"( ¯ " )
¯.¯15%¯
. ,¯
5%,¯¯
.
ROR.25%
¯15%,
25%.
90¯¯
¯ ¯.,
,,,
¯ ¯8%. ¯
¯ ¯¯
15
, ¯ ¯ ." "
" " ¯ . ¯
,¯¯
¯ ¯ .") "Gold plating.(
3.3.23.3.23.3.23.3.2....) ¯) ¯) ¯) ¯R((((
.,¯ ¯
¯ .,
¯.
,," "¯1.3,
¯¯¯
30%.
15
IMF conference, Emil Sunley, Thomas Baunsgaard & Dominique Simard, Revenue from the
Oil and Gas Sector: Issues and country experience, 2002.

30. 30303030
R.,
¯
., ¯
¯ ¯¯.
R,
¯,¯¯¯.¯¯
ROR¯
¯.¯R
¯ ,
ROR.
3.43.43.43.4....
, ¯ ¯
...., ,
¯¯
., ¯ ¯.,
, , ¯ ¯ , ¯
.
:
3.4.13.4.13.4.13.4.1....
, ¯,
,¯¯ ¯
, ¯ .¯ , ¯¯ ,¯ .
, ¯
,.
¯ ,
¯ ¯ , . ¯ ¯
¯ ¯ ¯.
¯ ,
. ¯

31. 31313131
3.4.23.4.23.4.23.4.2....¯¯¯¯
. , ¯
,
¯ , . ¯
¯ , ¯ . ¯ ¯
. ¯ ¯ ¯, ,
, ¯ ¯
, ¯ . ,
. ¯
3.4.33.4.33.4.33.4.3....––––
¯ ¯ ¯ ¯ ,
.,
,
., ,
.
¯.
3.4.43.4.43.4.43.4.4....))))Ring-fencing((((
,, ¯¯¯
¯¯, ¯,
,¯¯
, ¯ ¯ .""¯
, ¯ . ¯ ,
¯
¯ ¯
. ¯

32. 32323232
4444....¯¯¯¯
¯¯
¯–¯
. ¯ / ¯ ¯
¯ ",, ¯ /
¯ ¯ ¯ .
¯¯ .,
, ¯ ¯
.
¯ROR,
,R-Factor
¯ ) ¯(.
, ¯ ¯
¯ ¯¯ ¯ , ¯ ¯
¯ .
¯ ¯, ¯
¯ , ¯ ¯ ¯
¯. ¯ ¯
, ¯ , ¯,¯ ¯
¯¯ ,
¯¯ ¯ . ¯¯ ¯
.

33. 33333333
''''
¯¯¯¯
, ¯
. ¯ ¯ , ¯ ,
¯ ¯ ¯,
¯ ¯ , ¯ ¯ ¯ ¯
¯
.
¯ .¯ .¯ .¯ .
: ¯
•" ,1952)(
•" ,–1953)–(
•) [ ] ¯–¯¯¯¯(
•¯ ) ¯" ,( ¯ ¯–1956)
¯¯¯¯.(
•¯ ¯) ¯
" ,(1988)(.
1111....
. ¯ ¯ ¯. ¯
: ¯
) ¯) ¯) ¯) ¯5555( '( '( '( '¯
60¯ "1,000.

34. 34343434
))))11111111( '( '( '( '
:
•67¯ "1,000.
•––––101336, "
¯ ,1,000, .
1,008. ¯ "
))))37373737( '( '( '( '––––1,010¯ "
1,000.
¯ ¯¯ ¯¯ ¯¯ ¯
400,000¯ , ¯ ,67"1000,
¯ ¯27. ¯
250,000¯ , ¯1,010¯1000,
¯252¯ , ¯ . ¯
¯.
2222....
¯ ¯
¯ ¯ , . ¯ ¯
¯ ¯ ..
32:
32323232....))))((((¯¯¯¯
¯ ,¯ ,¯ ,¯ ,
¯ ,¯ ,¯ ,¯ ,
19191919....
))))((((,,,,
,,,,....
¯12.5%
.,

35. 35353535
, ¯ ¯ ,
. ¯
¯ , ¯
.
. ¯
¯70%
)60%; ( ¯60%100%
¯ ¯ . ¯
¯ ,,B
20042010, ¯10.6%.
¯, ¯ .,
¯ ¯ ¯
10%¯ , ¯ .
¯ ¯ ,
. ¯
3333....
, ¯195616
¯.¯ ,
¯. ¯1988
,,
¯( )
.
:
•¯–. ¯ ¯ ¯
•¯¯–¯
. ¯
•¯ ¯–. ¯
•¯–. ¯ ¯

36. 36363636
•¯–¯
.
•8¯ ¯ ¯
.
•–¯
. ¯
: ¯: ¯: ¯: ¯
3.13.13.13.1¯ .¯ .¯ .¯ .
3¯¯¯¯ .
" ¯ , ¯ ¯ . ¯
¯ ¯ . "
. ¯
: ¯ ¯
.¯27.5%¯17
,50%
¯18
) ¯¯ "
.("
.¯
,
,¯.
¯
¯ , ¯ ¯ . ¯
,––.
:
17
¯ ¯ ¯ ¯ ¯
, ¯ ¯ ,¯ ,
. ¯ ¯
18
¯–¯ ¯17
¯. ¯

37. 37373737
, ¯ . ¯ , ¯
¯ ¯¯ , . ¯
¯ ¯,, ¯
. ¯ ¯ ¯
¯ , ¯¯ ¯ ¯
. ¯ ¯
, ¯¯ ¯ . ¯
¯27.5%¯,, ¯50%
. ¯ ¯) : ¯ ¯1(
¯ ¯ ,27.5%) ; ¯2¯ ¯ (
¯ ¯ ,50%) ; ¯ ¯3¯ (
¯ ¯ ¯ ¯ , ¯
,¯ ¯
) ;4¯ , ¯ (
. ¯ ¯ ¯
¯ ¯27.5%*87.5%¯24%,
12.5%, . ¯ ¯
¯ , ¯ , ¯
¯ , , ¯ . ¯¯
25%.
, ,¯ , ¯ , ¯
:
¯
¯*
45%¯ )2010(11.3%
39%¯ )2016(9.8%
25%)2010(6.3%
18%)2016(4.5%
*¯ ¯¯
¯.

38. 38383838
3.23.23.23.2¯ ¯ ¯ .¯ ¯ ¯ .¯ ¯ ¯ .¯ ¯ ¯ .
4¯¯19
¯¯¯ .
¯ ¯ , ¯ ¯ , ¯.
, ¯ ¯ ¯ ¯
,¯ ¯ .
. ¯ ¯¯,
, ¯ ¯ , ¯
, ¯ . ¯
, ¯ ¯ ,
¯ ¯ ¯ ¯ ¯ .
.
, . ¯ ¯ , , ¯
¯ ¯ , ¯¯
¯ , ¯ ¯ . ¯¯ ¯
¯ ¯ ¯ , ¯ , .
¯ . ¯¯ ,
, ¯ ¯
. ¯ ¯
3.33.33.33.3....¯¯¯¯
5¯ ¯ ¯ , ¯40¯ ,
, ¯ ¯ , ¯
¯ )
, .( ¯¯,¯ ¯
,¯¯¯ .
¯ , ¯ ¯ ¯ ¯ ¯ ¯
¯4. ¯ ,
19
" " :¯
¯¯ ¯ , , , ¯ ,
¯ ¯,( ) ¯1941.

39. 39393939
3.43.43.43.4¯ ¯ .¯ ¯ .¯ ¯ .¯ ¯ .
6¯ , , ¯ ¯ ¯
, ¯ ¯ , ¯ ¯ ¯
. ¯ ¯ ¯
3.53.53.53.5¯ .¯ .¯ .¯ .
7¯ ¯ , , ¯ , ¯
¯ ¯ ¯ , ¯
. ¯ ¯
,
¯¯ ¯ ,
¯4. ¯ ¯
,¯¯
¯ , ¯ ¯ ¯
. ¯ ¯ ¯
3.63.63.63.6....
8¯ ¯,
. ¯
3.73.73.73.7¯ .¯ .¯ .¯ .
, ¯ ¯46¯¯
¯ , ¯ ,,¯, , ¯
¯ , , ¯ ¯ , , ,
¯ ' ,[ ] ¯ ,
¯¯ , ¯ .¯ ¯
. ¯46¯ ¯ '
¯ ¯ , , , ¯
¯ ¯ ,.

40. 40404040
3.83.83.83.8....
. ¯
¯ ,
,. ¯
. ¯
¯ , ¯ ¯ ¯
.
,.
, ¯ , ¯,
. ¯
198820
,,¯
.
. ¯
,.
. ¯ ¯ ¯
¯¯ ,.
¯ ,
,( ¯ ) , ,
.
¯ ¯ ¯
¯ .. ¯ ¯
¯ ¯ , ¯ ,
.
: , ¯
¯ , ¯ ¯¯ ,
¯ ¯ , ¯ . ¯ ¯
¯ ¯ ,
: ¯ ¯ .
¯ ¯ ¯ ¯ ¯
¯ , , ¯
, .
20
,, ¯¯ ¯
¯.

41. 41414141
,,,,¯
.
....¯¯¯¯
¯¯¯¯
¯ ¯¯,.
¯
. ¯ ¯
,
¯ .
¯ .,
¯.
¯ :
¯ ¯ ¯ , , ¯
: ¯ ¯ , ¯ .
. , ¯ ¯ ,
,. ¯ ¯ ¯ ¯
, ¯ . ¯
¯GT: ¯ ¯
. ¯ ,GT
¯ ¯ . , ¯GT¯
¯2016¯24%¯31%.
¯,
. ¯ ¯
: ¯
¯.
,¯ , ¯¯
¯ , , ¯
. , ¯ , . ¯

42. 42424242
¯,
,
. ¯
,. ¯
,¯, ¯ , ¯
.
: ¯
••••: ¯: ¯: ¯: ¯¯ ¯
, ¯¯.
¯ ¯ ¯ , ¯ ¯¯
.¯20%.
••••::::¯
. ¯¯11%,
.
.
••••::::
: .
. ,
2010¯70%)
25%(30%)45%.(
¯31%.

43. 43434343
: ¯ ¯: ¯ ¯: ¯ ¯: ¯ ¯
¯¯¯¯¯¯¯¯
1111¯¯¯¯100100
2¯ /(20)(20)
3
)
¯–
(
(11)
4
¯
27.527.527.527.5%%%%))*))*))*))*3333(((())))1111{(({(({(({(( }(24.5)
5555
¯¯¯¯
))))4444(((())))3333(((())))2222(((())))1111{({({({( }44.580.0
6
¯
)31%(
}}}}31313131%%%%) *) *) *) *5555{({({({(
(14)(25)
7
))))6666)+()+()+()+(3333{({({({( }2525
¯
)})})})}1111 2222/(/(/(/(7777{{{{31%31%
:
•¯ :100/¯20,
¯80¯ .31%,
25.
•,¯ ¯
¯ , ¯ , . ¯
¯. ¯,. ¯
11¯ ,24.531%.
¯¯(11+24.5)*31%¯ .
11. ¯ , ¯ ,, ¯¯
31%.
¯¯
¯¯
¯ ¯ ¯ , .

44. 44444444
,
¯
. ¯
,¯
.,
¯–,
¯.¯ ¯
.
¯¯¯¯
. ¯
¯ , ¯¯
. ¯ ¯ ,
, ¯ ,
¯,
. ¯ ¯ ¯ ¯ .
¯,
¯¯
,80%21
¯ .¯
.
21
:
( ) '47.059%
( )25.5%
( )23.0%
)(4.441%

45. 45454545
¯ :,¯
2004 2009649. "
¯ ¯¯)
(:
¯
¯
¯
¯
200435%49%38%1305671
200534%49%37%1757392
200631%49%35%246102122
200729%48%33%277120131
200827%47%31%337144149
200926%46%30%333153146
¯"¯"¯"¯"1498649710
¯¯ ¯ ¯
¯ ¯¯710. "
¯ , ¯
)710,()649
.(¯ ,¯,
)(
200456
200573
2006102
2007120
2008144
2009153
¯"¯"¯"¯"649

46. 46464646
¯ ¯
¯ ,
¯–,¯
. ¯¯
,.
, ¯¯
. ¯ ¯ ¯
¯ , ¯ . ¯ ¯ ¯ ¯
, ¯ ¯ .¯,
,
¯ ' .
.¯, ,
. ¯
GT¯ .
. .¯
GT¯ ¯¯ ¯ .GT.
. ¯ ¯

47. 47474747
....¯¯¯¯
¯
¯ .
.
") "Government Take –
GT(.
¯ .GT, ¯ ,
¯ ,,
. , ¯ . ', ¯¯GT¯
¯ ¯ ,
.
22
GT:
GT¯ .
)ERR(23
¯¯ ,
. ¯ ¯¯
. ¯GT-. ¯
12.5%.12.5%,
¯ , ¯24
.¯
¯ ,
¯25
¯ ¯ ,
.
.
, ¯ ,
.¯ ¯
22
:Oil & Gas Journal 18 April, 2005')
( "
23
.'
24
79)2001(,3012.5%.
¯:60%10%15%.
25
30( ' , ) ,
¯ , ,
.

48. 48484848
¯ ,'.
¯¯ ,GT.
GT67%72%, .
,GT,
24%31%.

49. 49494949
,, ¯¯
¯.
¯
,. ¯,. "
"GT43%
50%.,¯ ¯
, ¯ "GT¯ "26
70%.
¯ , ¯
.¯ , ¯ ¯
¯,¯
, ¯.
26
Changing Fiscal Landscape, Daniel Johnston, Oxford Journals, Journal of World Energy Law
and Business

50. 50505050
''''
¯ ¯ '
¯¯.¯ '
¯¯ ¯¯
¯.
. ¯
¯ ¯
,
¯ ¯¯ ¯
.
. ¯
¯ .¯ .¯ .¯ .
¯¯
. ,
¯
.
,.
¯
¯ , ¯¯ . ¯
¯ ¯
, ¯ ¯
,,¯ .
¯,¯¯,¯ ¯
.
¯,: ¯
,¯
.

51. 51515151
¯ ¯¯:
1111....
, ¯ , . ¯ ¯
¯ ¯ ¯ . ¯
. , ¯ , ,
¯
¯ .
¯¯ ¯ .
,
. ¯
2222....
¯ ¯¯
¯ ¯ . ,
¯ ¯ ¯ ¯ . ¯
¯ , .
, , ¯ , ¯ ¯,
¯ , ¯ ¯ ¯ .
. ¯ ¯ ¯,¯
¯ ¯ ¯ , ¯ ¯ ¯
.
3333....
¯
¯ . ¯¯ ¯
, ¯ ¯
.
, ¯ ¯ ¯
.

52. 52525252
4444....
, , ¯¯ ¯ ¯
, ¯ ¯ ¯¯ , . ¯¯
¯ ,
¯ ¯ .
¯ , ¯ ¯
,,¯ ¯
. , ,
5555....
¯ ¯ ,¯ ¯
, ¯ ¯ , ¯ . ¯
, , ¯ , ¯
, ¯ .
¯ , .
¯ ¯ .
¯ ," " ¯ ,
, ¯ , ¯ .
, ¯ ¯
¯ ¯ , ¯
¯ ¯ ¯ .
. ¯ ¯ ¯¯ , ,
¯ ¯
. ¯
6666....
¯ ¯ ¯
. ¯ ¯ , ¯
¯ ,. ¯ ¯
, ¯ , ¯, ¯
, ¯ ¯
¯ ¯ ¯

53. 53535353
¯ , ¯ ¯ .
¯¯ ¯ , .
¯ ¯ , ¯ ,
.
7777....
,¯
, ¯ . ¯
¯¯ ¯
, , ,
. ,
¯ ¯ .¯ ¯ .¯ ¯ .¯ ¯ .
, ¯ ¯
¯
¯ . ¯ ,
¯ ¯
, ,
.
: ¯ ¯ ¯
•
•¯¯¯¯
•....
¯,. ¯ , ,
¯ ¯30%27
35%¯60%70%¯ ,
,,. ,
27
. ¯ ¯ ¯
¯ ¯28%.

54. 54545454
¯ ¯
.,
¯¯ .
¯ ,
¯ ¯ .
. ¯ ¯
, ¯ ¯ ¯ , ¯ ,
.
¯ ¯ , ¯
, ¯ . ¯
¯ . ¯
.
:
1111....
, ¯ , ¯ ,
¯ , .
, , ¯ .
. ¯ ¯ ¯ ,
¯ ¯, ¯
, , . ¯ ¯
, ¯ , ¯¯
¯ ¯,, ¯ .
¯ , ,
¯ .
¯, ¯ .
¯ ¯ ¯ , ¯
¯ . ¯ ¯ ,
¯,
¯
.

55. 55555555
2222....¯¯¯¯
, ¯¯¯ ,¯
. ¯
¯ ¯ .¯
¯ , ¯ ¯ , ¯ .
¯ , . ¯ ¯ ,¯
, ¯ , ¯ ,¯
. ¯
, ¯ , ¯ ,' ¯
¯ ¯ , ,
, ¯¯¯ , ,
.,¯
, ¯ ¯ ,,
, ¯ . ¯ ¯ ¯ , ¯ , ¯ ¯¯
¯ ¯¯ ¯ ¯ ¯
¯ . ¯,1956,
,¯¯
.. ¯ ¯ , ¯
¯.
. ¯ ¯ ¯
4,5–6¯¯
¯, ¯ .
.
3333....
¯
¯ ¯ ¯ ¯28
¯ .,
¯ ¯
¯ .
¯ . ¯ ¯ ¯
28
'

56. 56565656
)ROR¯ (.
ROR. ¯ ¯ ¯
,
. ' ¯
,–R.
¯ , ¯ ¯
,( ¯ )
, ¯, ¯ , ¯ . ¯
. .
¯¯¯ .
,
. ¯
¯
¯,
¯ . ¯, ¯
,¯
, ¯ ¯
¯ , . " ¯
¯ , ¯ , ¯
.¯ ,¯ ¯ ¯
, ¯¯¯¯¯¯
.
:
•....
•
....
•¯¯¯¯
....
•....

57. 57575757
3.13.13.13.1....
¯, . ¯
. ¯ ¯
¯ ¯ ¯ ,
¯ ,
.¯
. ¯
3.2.
.¯R29
¯
¯ , . ¯ ,
, ¯ ,
,,
¯ . ¯ ¯
.R:
II
I
R
tdevelopmenloration
t t
other
t
levyroyaltiesopexincome
+
−−−−
=
∑ ∑
−
5.1*
)(
exp
1
1
1
Rt
=t
income¯ =
opex=
royalties=
levy=
I lorationexp
=
I tdevelopmen
=
Iother
=
29
R–Ratio–.

58. 58585858
¯. ,
,
,
¯ ¯ ,.
, ¯ ," " ¯ ,
¯ ¯," " " .
. ,
¯ ," ".
: ¯ ,
R))))R-min((((–
.
R-max.
R))))R-max((((–
.
::::

59. 59595959
3.33.33.33.3....
,
¯ ¯¯ . ,
, .R.
, ¯ ,R-min,
R,R-max.
¯¯¯¯––––¯¯¯¯
¯1,
¯
.
R))))R-min((((
¯ ,
.1¯ ,
,¯ ,
. , ¯ ¯ .
, ,
¯ ,, ¯
¯: )
.( ¯ ¯R-min
1.5¯ ¯ .
R, ¯ ,R-min1.5.
, ¯ ¯ ,
30
¯ , .
R¯ .R-,
¯ ¯ ¯¯
.
30
''

60. 60606060
R))))R-max((((
¯
, ¯ ,
R-max2.3.
¯
.
¯
¯ , ¯ ¯ ¯
.
20%60%.
.
::::

61. 61616161
.¯
:
R))))H((((
R<1.5H=0%
1.5<R<2.3H=20% + (R – 1.5)/0.8 * 40%
R>2.3H=60%
¯ .
¯ , ¯
¯ . ¯ ¯
. ¯
¯ ¯ ¯ ¯ ,
¯ ,"
¯
, , , ¯ ¯¯ .
.
¯, ¯ ,.
1.5, .
¯
, .¯
, ¯ . ,
¯ , ¯
¯1.5, , .
¯ ¯10%¯,
¯.
¯ ,( )

62. 62626262
,R1.5,
. ¯
––––
¯ ¯
¯ ¯ ,
.
3.43.43.43.4....))))Ring-Fence((((
, ¯
, ¯ . ¯ ¯ ¯ ¯
/ ¯ ,
, ¯ , ¯ ,
. ¯
,
, . ,
,
.
¯
¯ ¯ .
. ¯ "
. ¯
¯
, . ¯
¯ ,
, ¯ ,¯
. ¯ ,
, ¯ ,
. ¯
¯ ,.

63. 63636363
¯ , ¯ ¯
Downstream, ¯ ,LNG
.¯¯ ¯
¯ ,,
, ¯. ¯
¯ ¯ ¯ ¯ ¯
¯ .LNG
, , ¯
¯ .
.
: ¯
•¯
•
•
•Downstream.
, ¯ ¯
¯ ¯ ,
.
( )( )( )( )
."
)Operator. ¯ ¯ (
. ¯
. ¯
¯, ,
¯.
¯ ¯ ¯¯ ¯ ¯¯ ¯ ¯¯ ¯ ¯
¯¯ ¯¯ ¯....

64. 64646464
3.53.53.53.5....
3.5.13.5.13.5.13.5.1....
,R–.
3.5.23.5.23.5.23.5.2....––––
, ¯
,
. ¯ ¯
4444....––––
'1¯ ,
,. ¯ ¯
¯ ¯ .
¯¯,¯ , ¯ .
¯ , ,
¯ ¯ , ¯ , .
.

65. 65656565
''''¯¯¯¯
¯ ,
¯ ¯ .
¯ ¯ . ¯ ¯ ¯ ¯, ¯
. ¯
Government take. ,
.¯
, ¯ ., ¯
. ¯
. ¯,
.
. ¯
, ¯ , ,.. ¯
, ¯ ¯3
¯ . .
, ,
2016, ¯ .
.
::::
¯Government take¯
, ¯ .
¯ .GT.

66. 66666666
, ¯Government take¯ ¯
¯ ¯¯ : ¯ ¯ , ¯ ¯ ¯ .
. , ¯¯ , ,
¯ ¯¯ .Government
take¯ :6 8%,
. ¯
Government take/ ¯. , ,
. , ¯
/ ¯1¯ ¯ ,
, ¯ .
¯GT¯ .
Government take60-70%
'31
.
31
" '

67. 67676767
: ¯: ¯: ¯: ¯
¯
¯ ¯ ¯ , ¯ ¯
.
¯ : ¯BCM250
¯35 BCM¯)2.2(
.B,
. ¯ ¯ ¯
'32
,
( )( )( )( )250250250250BCM
)250 BCM¯ (.
¯24%¯ .
¯21%¯ , ¯ ¯ .16.5%.
¯,
¯ ¯ . ¯
. ¯ ¯16.5%
.
32
'–

68. 68686868
))))((((––––BCM35353535
) , ¯IRR(¯ ¯
¯ ¯ , ¯¯ .
.¯
¯1.1%¯ ¯ .
¯ ¯ ¯ . ¯
3)14.5%11.5%.(
¯
¯ , ¯ . ¯ ¯
. ¯ ,
. ¯ ¯
::::
¯
¯ , . ¯ ¯
.
.
. ' ,

69. 69696969
BCM35353535¯ ¯
¯ ,8,
).( ¯ ¯
11,14. ¯
¯9%)8.9%,(
.¯30%
¯ .10.4%¯ ,
1.1%. ¯
.¯4.
. ¯
BCM100100100100
BCM100¯11.7,¯
)2.(
¯10¯ ,9.2%,
.18
,22¯ . ¯ ,
16.6%13.3%¯ .
¯ ,4
. ¯
BCM250250250250.
11.7,2.5.
¯9.¯10%.
¯13¯
¯32.
13%.20.4%, ¯
¯ ¯16.6%.
¯ ,4¯
.
¯¯ , ¯¯ .
¯¯ ¯ .

70. 70707070
, ¯ .
.¯
.
. ¯¯ ¯

71. 71717171
''''
,.
, ¯
¯ , ¯ ¯
.
¯,
¯ . ¯ , ¯ ¯
, ¯ ¯
¯
, .
.
, ¯ ¯ ¯.
"33
,
. ¯
, ¯ ,' ¯
.,
. ¯ ¯ ¯ ¯ , ¯ ¯
¯ ,¯ ¯ ¯
." "
.¯ ¯ ¯
:
•:
2004¯ ¯ .30BCM¯17BCM.
¯6BCM.
•–¯ ¯2,009¯370BCM¯ ,
¯240BCM
34
. ¯ .¯
¯ ¯35%¯107BCM.
2009¯ .
33
" '
34
¯ ¯ ¯, '65%.

72. 72727272
¯150.¯ ¯
, ,¯ ,
. ¯ ¯
•¯ ¯2009¯ .15BCM.
¯ ¯
¯ .
.
. ¯ ¯ , ¯
¯ ¯ ¯ ¯
¯.¯ ¯ ,
, ¯ . ¯ ¯ ¯
¯ , ¯ ¯
2011¯
.
¯ ¯ ¯ ¯ ,' ¯
¯ . ¯, ,
, ¯ ., ¯ ¯¯
¯¯.
, ¯ ¯ ¯ ¯¯
¯, , ¯ .
. ¯ ¯
, ¯¯ , ¯ ¯¯
,' ¯ . ¯
¯ ¯ ¯
.
. ¯
¯ ¯ . ¯
, ¯ . ¯
,¯¯ ,¯ .¯,
, ¯ ¯ ¯
¯10%. ¯ ¯

73. 73737373
, ¯ ¯
,130¯ "
, ¯ . ¯ .
¯ ,11"¯ ¯4"
. ¯ ¯ ,
, ¯
. ¯ " ',
¯ ¯ . , ¯ ¯ ¯ ¯ ¯
,
¯ ,. ¯
. ¯ ¯ ¯ , ¯
, ¯ ¯ ¯ ¯
¯¯
.
,
. ¯¯ , ¯
¯ ¯ ¯
¯ ¯ . ¯
¯ , . ¯ ,
. ,
150%¯ ,
,
¯ , ¯ , .
¯ ¯8"
, . ,
. ¯
,¯
.¯ ¯
,
¯ , ,
¯ ¯.
,35%

74. 74747474
¯10735
BCM, , ¯ .
¯ ¯.
. ¯ ¯" '
,.,
, ¯ .
¯ , ¯
¯. ¯
,
,
¯ .¯ '
, ¯¯ , ¯¯.
, ¯ . ¯ ¯
, ¯ .
¯ ¯ .
¯ , ¯ , ,
, .
¯ . ¯ ¯ ,
'. ¯ ,
¯15 14
¯ ¯ .
¯ , ¯
.
•¯¯ ¯
. ¯ ¯,¯
. ¯
¯ , ¯
, ,
. ¯
, ¯–¯ ¯ , ¯ ,
¯ ¯, . ¯
35

75. 75757575
36
: ,
¯2.6"37
. ,2009
¯6.4, ¯ . "
¯ ,4.9¯ ¯ ¯ , "
¯ ¯ . ¯2010,
. ¯" ,
¯ ¯ , ¯
.R,
2. ¯
¯ ¯ , , ¯
15%. ¯ ¯ ¯ ,
, ¯ ¯
¯13BCM¯ , ¯ .
¯ , ¯¯ .
¯7. ¯ , ¯ , "¯
¯ ¯ , , ¯ ¯
¯ ¯ ¯ ¯ , ¯ ¯
¯ . ¯¯
,36%.
. ¯
2013
2011¯23%. .
¯ ¯ ¯
, ¯ ¯ ¯
¯ ¯ , ¯ .
. , ¯ ¯¯¯
¯ , ¯ , ¯ ¯
¯ ¯ . ¯ ¯
36
, "
37¯ ¯ ¯ ¯ ¯ ¯
"

76. 76767676
,
.
¯38
,20082002
, , ¯ ¯
( ).
, , ' , , ¯),(¯)
.( , , " ,¯ ,
¯ . , ¯
¯¯20¯ ¯
. ,¯28
¯¯ , ¯ .
,.
¯ ¯ ¯ ¯ ¯ , ¯.
, ¯¯ , "
, .
¯ ¯ ,,,
¯ ¯.
38
Wood Mackenzie2008

77. 77777777
¯2002 2008