THE FISCAL SETTINGS THAT ARE IMPORTANT TO PETROLEUM EXPLORATION AND DEVELOPMENT IN AUSTRALIA

2003 ◽  
Vol 43 (1) ◽  
pp. 655
Author(s):  
M.J. Lawry
Keyword(s):  
High Risk ◽  
Development Economics ◽  
Petroleum Industry ◽  
Petroleum Exploration ◽  
Time Lags ◽  
Tax Legislation ◽  
Fiscal System ◽  
Tax Benefits ◽  
Fiscal Regime ◽  
Exploration Activity

A fiscal regime must reflect the underlying characteristics of the petroleum industry. Australia’s fiscal settings do not sufficiently reflect the current and future characteristics of the industry, particularly frontier deepwater exploration activity. The fiscal system can encourage greater exploration by providing more immediate access to tax benefits for exploration for all taxpayers, adjustment of the PRRT augmentation rules to better reflect time lags and improving development economics for high risk projects. Competing international regimes exhibit a greater flexibility of fiscal terms required to attract investment. Common petroleum industry arrangements, such as farm-ins should be free from any tax uncertainty. Tax legislation should be amended on a timely basis to correct technical anomalies or uncertainties.

Australian onshore petroleum acreage and releases 2017

2017 ◽  
Vol 57 (2) ◽  
pp. 345
Author(s):  
Jeff Haworth
Keyword(s):  
Petroleum Industry ◽  
Oil Prices ◽  
Oil Price ◽  
Manufacturing Industries ◽  
Petroleum Exploration ◽  
Australian State ◽  
Local Manufacturing ◽  
Low Levels ◽  
Future Policy ◽  
Exploration Activity

This paper is a compilation of material from state and territory jurisdictions regarding onshore acreage and its availability for petroleum exploration in 2017. Australian state and territory governments continue to support investment in the petroleum industry through the provision of acreage for exploration, which is promoted nationally and internationally. Updates are provided on recent upstream developments and government initiatives. Present and future policy directions that relate to onshore petroleum exploration are described, particularly for jurisdictions that are not making land available this year. When the APPEA conference was last held in Perth, in 2014, the oil price and exploration outlook were very different from today. In 2016, the petroleum industry experienced the full impact of the downturn, with the price for oil reaching a low of under $27 USD/barrel (WTI) early in the year. Several companies departed the onshore, exploration was at a fifteen-year low and much acreage has been surrendered across Australia. However, 2017 is showing signs of improvement with oil prices in the mid-50s and some hope that the industry will turn the corner this year. Low levels of exploration activity may have implications for future domestic gas supplies, and rising gas prices are of concern to local manufacturing industries and consumers throughout Australia. However, this may present marketing opportunities for successful explorers.

Onshore petroleum exploration acreage release

2013 ◽  
Vol 53 (1) ◽  
pp. 115
Author(s):  
Peter Green
Keyword(s):  
Petroleum Industry ◽  
Sedimentary Basins ◽  
Northern Territory ◽  
Petroleum Exploration ◽  
Tight Gas ◽  
Release Process ◽  
Petroleum Potential ◽  
Major Development ◽  
Under Construction ◽  
Exploration Activity

The petroleum industry in Australia is going through a major development phase with export LNG projects under construction on both the east and west coasts. Initial exploration for shale and tight gas has opened up new plays as well as increasing interest in many sedimentary basins that have been overlooked. Access to land onshore in Australia for petroleum exploration is, in some States, through a formal release process by the relevant jurisdiction. This is a compilation of material supplied by the States and Northern Territory in relation to land being made available onshore for petroleum exploration. Not all jurisdictions have new acreage available for exploration. In these cases, new initiatives being undertaken that directly relate to accessing land for exploration or the present state of exploration activity will be highlighted. Land that is being made available for exploration will generally be accompanied by information regarding its geological setting and petroleum potential. Previous exploration activity may be in summaries, including information in relation to the amount of pre-existing data available to future explorers. Exploration opportunities may include conventional and unconventional targets. The review of the areas may also include maps and sections related to the land being made available.

scholarly journals Improvement of Tax Regulation Arrangements for the Russian Stock Market

2020 ◽  
Vol 8 (16) ◽  
pp. 556-570
Author(s):  
Andrei V Koren ◽  
Tatyana E Danilovskikh ◽  
Artem A. Pustovarov
Keyword(s):  
Stock Market ◽  
Income Tax ◽  
Securities Market ◽  
Tax Base ◽  
Public Offerings ◽  
Tax Legislation ◽  
The Status ◽  
Tax Benefits ◽  
Russian Stock Market ◽  
Financial Transactions

The paper discusses various options for taxation of transactions with securities issued by Russian companies. The study aims to solve the problem of low investor activity in the Russian stock market by transforming the current tax legislation. An assessment of the factors restraining the development of the primary public offerings market is given. The problems of the existing methodology for the formation of the tax base when calculating income tax and personal income tax on transactions with exchange-traded financial assets are analysed. A methodology for providing tax benefits and tax incentives for investors is proposed. An assessment of the effectiveness of tax benefits using an individual investment account is given. A comparative analysis of the amount of taxes paid is carried out depending on the status of an investor and the type of securities. A detailed description of the methods for calculating taxes on stocks, bonds and futures is given. The results of the study consist in substantiating theoretical and practical provisions that allow us to develop an effective mechanism for taxing financial transactions in the securities market. The need is theoretically substantiated and the significance of state support in the stock market for citizens of the Russian Federation is determined. Mechanisms are proposed for cancelling separate accounting for several types of tax bases. The main problems are found and ways to improve the mechanism of taxation of transactions made on the Russian stock market are developed.

Integration of Geophysical Technologies in the Petroleum Industry

2021 ◽  
Keyword(s):  
Co2 Storage ◽  
Petroleum Industry ◽  
Petroleum Exploration ◽  
Reflection Seismology ◽  
Seismic Reflection Data ◽  
Reflection Data ◽  
Advanced Students ◽  
Storage Reservoirs ◽  
Magnetic Resistivity ◽  
Exploration And Production

The most utilized technique for exploring the Earth's subsurface for petroleum is reflection seismology. However, a sole focus on reflection seismology often misses opportunities to integrate other geophysical techniques such as gravity, magnetic, resistivity, and other seismicity techniques, which have tended to be used in isolation and by specialist teams. There is now growing appreciation that these technologies used in combination with reflection seismology can produce more accurate images of the subsurface. This book describes how these different field techniques can be used individually and in combination with each other and with seismic reflection data. World leading experts present chapters covering different techniques and describe when, where, and how to apply them to improve petroleum exploration and production. It also explores the use of such techniques in monitoring CO2 storage reservoirs. Including case studies throughout, it will be an invaluable resource for petroleum industry professionals, advanced students, and researchers.

Assessment of Petroleum Exploration Activity Performed in the Timan-Pechora Petroleum Province

2018 ◽  
Author(s):  
O. Prischepa ◽  
O. Chumakova ◽  
A. Zemlyakov ◽  
L. Orlova ◽  
E. Blinkova
Keyword(s):  
Petroleum Exploration ◽  
Exploration Activity

PESA Australian business environment review 2019

2020 ◽  
Vol 60 (2) ◽  
pp. 360
Author(s):  
Simon Molyneux
Keyword(s):  
Climate Change ◽  
Media Coverage ◽  
Petroleum Industry ◽  
Regulatory System ◽  
Business Environment ◽  
Petroleum Exploration ◽  
Co2 Injection ◽  
Net Zero ◽  
Resource Industry ◽  
First Time

This Petroleum Exploration Society of Australia review looks at the major issues that impacted the Australian petroleum business environment in 2019. While the petroleum business in 2020 has been combating an oil price slump and a global economic slowdown driven by the COVID-19 pandemic, 2019 will be remembered as a pivotal year in the petroleum industry. At a global level, climate change moved centre-stage with global protests, extensive media coverage and clear commitments from global players in the resource industry to become net-zero emitters of carbon. Oil prices averaged US$64/barrel for Brent, liquefied natural gas (LNG) prices fell and global CO2 emissions from power generation were flat for the first time. In Australia, petroleum production also increased, driven by LNG production, and Australia became the world’s largest producer of LNG, the world’s largest CO2 injection plant became operational and the regulatory system was tested by current operations and future drilling. Meanwhile, society’s relationship with the petroleum industry was reframed with the linking of extensive bushfires to climate change. This paper will describe each of these issues and frame the issues facing the industry in 2020 and beyond.

PESA Australian exploration review 2018

2019 ◽  
Vol 59 (2) ◽  
pp. 493
Author(s):  
D. Lockhart ◽  
D. Spring
Keyword(s):  
Oil And Gas ◽  
Petroleum Exploration ◽  
3D Seismic ◽  
The North ◽  
Second Year ◽  
Gippsland Basin ◽  
2D And 3D ◽  
Conventional Oil ◽  
Exploration Activity ◽  
Offshore Petroleum

Available data for 2018 indicates that exploration activity is on the rise in Australia, compared to 2017, and this represents a second year of growth in exploration activity in Australia. There has been an increase in area under licence by 92 000 km2, reversing the downward trend in area under licence that commenced in 2014. Since 2016, exploratory drilling within Australia has seen a continued upward trend in both the number of wells drilled and the percentage of total worldwide. Onshore, 77 conventional exploration and appraisal wells were spudded during the year. Offshore, exploration and appraisal drilling matched that seen in 2017, with five new wells spudded: two in the Roebuck Basin, two in the Gippsland Basin and one in the North Carnarvon Basin. Almost 1500 km of 2D seismic and over 10 000 km2 of 3D seismic were acquired within Australia during 2018, accounting for 2.4% and 3.9% of global acquisition, respectively. This represents an increase in the amount of both 2D and 3D seismic acquired in Australia compared with 2017. Once the 2017 Offshore Petroleum Acreage Release was finalised, seven new offshore exploration permits were awarded as a result. A total of 12 bids were received for round one of the 2018 Offshore Petroleum Exploration Release, demonstrating an increase in momentum for offshore exploration in Australia. The permits are in Commonwealth waters off Western Australia, Victoria and the Ashmore and Cartier islands. In June 2018, the Queensland Government announced the release of 11 areas for petroleum exploration acreage in onshore Queensland, with tenders closing in February/March 2019; a further 11 areas will be released in early 2019. The acreage is a mix of coal seam gas and conventional oil and gas. Victoria released five areas in the offshore Otway Basin within State waters. In the Northern Territory, the moratorium on fracking was lifted in April, clearing the way for exploration to recommence in the 2019 dry season. With the increase in exploration has come an increase in success, with total reserves discovered within Australia during 2018 at just under 400 million barrels of oil equivalent, representing a significant increase from 2017. In 2018, onshore drilling resulted in 18 new discoveries, while offshore, two new discoveries were made. The most notable exploration success of 2018 was Dorado-1 drilled in March by Quadrant and Carnarvon Petroleum in the underexplored Bedout Sub-basin. Dorado is the largest oil discovery in Australia of 100 million barrels, or over, since 1996 and has the potential to reinvigorate exploration in the region.

Australian onshore petroleum acreage release 2016

2016 ◽  
Vol 56 (1) ◽  
pp. 495
Author(s):  
Justin Gorton
Keyword(s):  
Coastal Waters ◽  
Petroleum Industry ◽  
Petroleum Exploration ◽  
Resource Potential ◽  
Gas Industry ◽  
Unconventional Resources ◽  
Australian State ◽  
Global Demand ◽  
Future Policy ◽  
Significant Opportunity

This paper compiles material from state and territory jurisdictions describing the location and resource potential of Australian onshore and coastal waters acreage to be made available for petroleum exploration in 2016. The Australian state and territory governments continue to support investment in the petroleum industry through the annual provision of land for exploration, which is promoted nationally and internationally. Technical assessments are provided with the release, which detail the potential for conventional and/or unconventional resources. The level of assessment will depend on exploration maturity, but may include a description of the geological setting, review of exploration history, summary of key results, and subsurface maps/sections. In addition to this, any updates on recent upstream developments and government initiatives, as well as present and future policy directions that relate to onshore petroleum exploration, may be described, particularly for jurisdictions that are not making land available this year. With global demand for gas—led by Asia—expected to grow at 2.6% annually between 2015 and 2025, investing in Australia’s petroleum and gas industry presents a significant opportunity to supply into this growing market.

TRENDS IN DATA ANALYSIS FOR PETROLEUM EXPLORATION AND DEVELOPMENT

1985 ◽  
Vol 25 (1) ◽  
pp. 382
Author(s):  
R.O. Lindseth
Keyword(s):  
Petroleum Industry ◽  
Petroleum Exploration ◽  
Precise Form ◽  
Fifth Generation ◽  
Power And Control ◽  
And Control ◽  
Generation Computer ◽  
Analytical Power ◽  
Operations Systems ◽  
Exploration And Development

The computer world is presently locked in a race to produce the futuristic fifth generation computer, one which will simulate some parts of human intelligence. At the back of this is the current interest in expert systems and their adaptation to petroleum exploration and development. Converging hardware and software technologies, combined with industry requirements, show a definite trend to move from the emphasis on hardware and operations systems toward software and informational systems. It is not possible to predict the precise form in which this will impact petroleum industry operations but it is certain that much greater analytical power and control will rest in the hands of the interpreters enabling much higher rates of productivity and effectiveness in the location of hydrocarbon reservoirs.

AUSTRALIA'S ECONOMIC RESTRUCTURING AND ITS POTENTIAL IMPACT ON PETROLEUM EXPLORATION

1988 ◽  
Vol 28 (1) ◽  
pp. 344
Author(s):  
M.G. D'Arcy
Keyword(s):  
State Government ◽  
Public Funding ◽  
Petroleum Industry ◽  
Mining Industry ◽  
Economic Restructuring ◽  
Petroleum Exploration ◽  
Equal Treatment ◽  
Uniform Structure ◽  
Market Signals ◽  
The World

Changes in the structure of a modern economy are a natural function of altered world and domestic economic circumstances. It is important that the instrument of change be the marketplace. Governments around the world have not demonstrated a superior ability to 'pick winners'. There are many instances where governments have used public funds to foster the development of particular industries only to find that, as a result of economic circumstances, the favoured industries' reliance on public funding becomes chronic. The Government's role should be to ensure that market signals are transmitted and received clearly.In Australia structural change in the economy has been a fairly slow process. This has been brought about by the numerous obstacles that have existed in the marketplace. These have meant that, not only were market signals distorted or delayed, but when received did not motivate appropriate responses. For example, labour market rigidities, inequitable taxation policies, a fixed exchange rate, together with State Government charges, have posed real impediments to implementing the necessary adjustments to the Australian economy.The Australian mining industry and the petroleum industry, in particular, have always been geared to the world market and have increasingly constituted an important component of the nation's export receipts. With regard specifically the petroleum industry, the world price downturn of the past few years and the Government's decision to drop its import parity pricing will result in major changes in the Australian industry, particularly in the exploration sector. These signals suggest a world oversupply of petroleum with the corollary that additional reserves are not needed. A resultant downturn in exploration could develop into an irrevocable reversal and jeopardise the nation's strategically important petroleum industry.In light of the diminished circumstances of the sector it is essential that the petroleum industry receives equal treatment regarding taxation and other Government imposts. Failure to remove the discriminations against petroleum and to impose a uniform structure will result in a misallocation of resources and the possibility of a permanent winding down in exploration.

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