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Modeling the Impact of Taxes on Petroleum Exploration and Development

  • James L. Smith

We present a simple model of petroleum exploration and development that can be applied to study the performance of alternative tax systems and identify potential distortions. Although the model is a highly simplified, it incorporates many factors and some of the key tradeoffs that would influence an investor’s investment behavior. The model recognizes the role of enhanced oil recovery and treats the impact of taxation on exploration and development in an integrated manner consistent with an investor’s joint optimization of investments at both stages of the process. The model is simple and user-friendly, which facilitates application to a broad range of problems.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 12/278.

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Length: 46
Date of creation: 27 Nov 2012
Date of revision:
Handle: RePEc:imf:imfwpa:12/278
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  1. James Poterba, 2010. "The Challenge of Tax Reform and Expanding the Tax Base," The Economic and Social Review, Economic and Social Studies, vol. 41(2), pages 133-148.
  2. Henry D. Jacoby & James L. Smith, 1985. "Effects of Taxes and Price Regulation on Offshore Gas," The Energy Journal, International Association for Energy Economics, vol. 0(Special I).
  3. Helmi-Oskoui, B. & Narayanan, R. & Glover, T. & Lyon, K. S. & Sinha, M., 1992. "Optimal extraction of petroleum resources : An empirical approach," Resources and Energy, Elsevier, vol. 14(3), pages 267-285, September.
  4. Lund, Diderik, 1992. "Petroleum taxation under uncertainty: contingent claims analysis with an application to Norway," Energy Economics, Elsevier, vol. 14(1), pages 23-31, January.
  5. Adelman, M A, 1990. "Mineral Depletion, with Special Reference to Petroleum," The Review of Economics and Statistics, MIT Press, vol. 72(1), pages 1-10, February.
  6. Paolo Panteghini, 2002. "Asymmetric Taxation under Incremental and Sequential Investment," CESifo Working Paper Series 717, CESifo Group Munich.
  7. Zhang, Lei, 1997. "Neutrality and Efficiency of Petroleum Revenue Tax: A Theoretical Assessment," Economic Journal, Royal Economic Society, vol. 107(443), pages 1106-20, July.
  8. James L. Smith, 1995. "On the Cost of Lost Production from Russian Oil Fields," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2), pages 25-58.
  9. Blake, Andon J. & Roberts, Mark C., 2006. "Comparing petroleum fiscal regimes under oil price uncertainty," Resources Policy, Elsevier, vol. 31(2), pages 95-105, June.
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