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CONVENIENT, 1/2 DAY SESSION 

This course is about the basic economic, financial, and accounting aspects of international petroleum fiscal systems, production sharing contracts, and service agreements particularly with respect to “booking barrels.” The history of this issue (reserve disclosure) is explained and numerous examples of different fiscal/contractual arrangements are provided to show the impact on oil company lifting entitlements and the impact on reserve disclosure. The objective is to show the similarities and differences between royalty/tax (concessionary) systems and production sharing contracts (the two main families of business structure between oil companies and governments) from an economic/financial/accounting point of view and from the point of view of lifting entitlements, economic interests, and booking barrels. Another objective is to cover the diversity of industry language and terminology associated with these subjects.