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Modifying the Libyan fiscal regime to optimise its oil reserves and attract more foreign capital part 1: LEPSA I proposal

机译:修改利比亚财政体制以优化其石油储备并吸引更多的外资,第1部分:LEPSA I提案

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The current Exploration and Production Sharing Agreement IV (EPSA IV) has deficiencies that militate against increased capital investment in Libya's petroleum industry. This paper proposes an improved technique for determining the equity split called the 'share equation'. The proposed share equation would simplify the Libyan fiscal regime and will provide an incentive for foreign oil companies to invest more during the contract period by raising their percentage share of production when they increase their capital expenditure. More capital expenditure will lead to increasing the recoverable reserves and will subsequently improve the oil recovery for individual fields and for the entire country. The share equation will change the percentage share of production automatically with any change in the oil price. It will increase the percentage share of production of the Libyan National Oil Corporation when the price goes up, and increase the percentage share of production of the foreign oil companies when the oil price goes down. Furthermore, the share equation takes into consideration the probability of success in each of the Libyan basins. The foreign oil companies will get an increased reward when deciding to take more risks by exploration in unknown basins such as the Kufra basin and Cyrenaica platform. But, the share equation will eliminate the restrictive parameters like A and B factors, base factor and R ratio in the current EPSA IV model. This proposal for modifying the Libyan fiscal oil regime aims to increase Libyan oil reserves and attract more foreign capital. By giving more flexibility to the foreign oil companies, the Libyan oil sector will get more contributions of foreign capital and technology. This will improve Libyan oil production and increase the remaining oil reserves. We call this new agreement the Libyan Exploration and Production Sharing Agreement I.
机译:当前的《勘探与生产共享协议IV》(EPSA IV)存在缺陷,不利于增加对利比亚石油行业的资本投资。本文提出了一种确定股权分配的改进技术,称为“份额方程”。拟议的份额等式将简化利比亚的财政制度,并通过增加资本支出增加外国石油公司的生产百分比,从而激励外国石油公司在合同期内进行更多投资。更多的资本支出将导致可采储量的增加,并随后改善单个油田和整个国家的石油采收率。份额方程将随着油价的任何变化自动改变生产的百分比份额。当价格上涨时,它将增加利比亚国家石油公司的产量百分比,而当石油价格下跌时,将增加外国石油公司的产量百分比。此外,份额方程式考虑了每个利比亚盆地成功的可能性。当决定通过在Kufra盆地和Cyrenaica平台等未知盆地进行勘探承担更多风险时,外国石油公司将获得更大的回报。但是,份额方程将消除当前EPSA IV模型中的限制性参数,例如A和B因子,基本因子和R比。修改利比亚财政石油体制的这项提议旨在增加利比亚石油储备并吸引更多的外资。通过给予外国石油公司更多的灵活性,利比亚石油部门将获得更多的外资和技术贡献。这将改善利比亚的石油产量并增加剩余的石油储备。我们将此新协议称为“利比亚勘探与生产共享协议I”。

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  • 来源
    《OPEC energy review》 |2013年第2期|220-242|共23页
  • 作者单位

    PhD candidate, Chemical and Petroleum Engineering Department, University of Wyoming, College of Engineering and Applied Science, Department of Chemical & Petroleum Engineering Dept. 3295. 1000 E. University Avenue Laramie, WY 82071, USA;

    Professor of Chemical and Petroleum Engineering, CES Fellow for Hydrocarbon Energy Research, University of Wyoming, Laramie, WY, USA;

    Associate Professor, Petroleum Engineering Department, Colorado School of Mines, Golden, CO, USA;

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