Contractors inevitably wish to recover both as much of their upfront costs as possible and as quickly as possible, as well as access as much future profit as they can, and will appreciate the optimum mechanisms to achieve these goals. According to think tank, Arc Media Global, while efficient, the RSC is essentially a contract that significantly increases an operator’s risks of exposure. If the recoverable costs are higher than the cost stop the contract is defined as saturated. Risk sharing contracts. Flaws in the safety culture of the organization and sometimes the whole industry: Organizational culture is the set of shared values and norms upon which decisions are based. Our knowledge and experience of the lifecycle of a tech company means we are uniquely placed to give you the advice and support you need to meet the growth challenges your business faces. Because of the amounts at stake, however, even these stabilisation agreements are often challenged with, for example, tax authority investigations to probe the contractor’s tax accounting. DONALD LIM SIANG CHAI, Center for Energy Sustainability and Economics, OGEL 1 (2005) - Production-Sharing Contracts, OGEL 4 (2010) - Development and Host Government Granting Instruments, International Association of Oil & Gas Producers, "Opening Speech by DEPUTY MINISTER YB. The oil and gas Major accidents share some common factors: 1. [2], Performance-based agreements like the Berantai RSC have a tighter focus on production and recovery rates as compared with production sharing contracts favoured by oil majors. Concession arrangement, the HC grants the FOCs exclusive production rights. Currently, Petronas’ recovery factor is about 26% for main oilfields, which can be further improved with optimised production techniques and knowledge exchange.[3]. Production sharing agreements can be beneficial to governments of countries that lack the expertise and/or capital to develop their resources and wish to attract foreign companies to do so. We also produce a series of... Our Life Sciences team are passionate about this diverse and innovative sector. the oil and gas industry is an unstable financial partner just as it faces its greatest test. The oil company bears the mineral and financial risk of the initiative and explores, develops and ultimately produces the field as required. this paper helps to explain the major types of contracts between International Oil Companies and Home Governments. In some PSAs, such tax rates can be as high as 60-80%. To recover upfront investment costs, PSAs provide for an early allocation of any oil or gas produced, which is known as “Cost Recovery” or “Cost Oil”. Private equity accounting, from getting deal-ready and finding the right investor through to accelerating growth and making a successful exit. Tax technology and Tax Performance Engineering, International Institutions and Donor Assurance, Operational improvement and effectiveness, Company Formation and Company Secretarial. oil & gas industry and discusses the many reasons why binding arbitration can benefit the ... barrels of oil), or the agreement may contain a price to make up imbalances—terms rife ... some sharing of profits and losses, and some degree of common control or direction. These agreements are concluded between the host country (HC), where the exploration and production operations will take place, whether in its onshore or … SEN. DATO’ IR. Donald Lim Siang Chai expounded that the trail-blazing RSC calls for optimal delivery of production targets and allows for knowledge transfer from joint ventures between foreign and local players in the development of Malaysia’s 106 marginal fields, which cumulatively contain 580 million barrels of oil equivalent (BOE) in today’s high-demand, low-resource energy market. PwC 3 EPC Contracts in the oil and gas sector Introduction Engineering, procurement and construction (EPC) contracts are a common form of contract used to undertake construction works by the private sector on large-scale and complex oil and gas projects.1 Under an EPC Contract a Contractor is obliged to deliver a complete facility to a Developer who need only turn a key to start DEPUTY MINISTER YB. When the costs incurred are smaller than the cost stop, the difference between the costs and the cost stop is called "excess oil". First implemented in Malaysia, the risk sharing contracts (RSC) departs from the production sharing contract (PSC) first introduced in 1976 and most recently revised last year as the enhanced oil recovery (EOR) PSC which ramps up recovery rate from 26% to 40%. Oil and gas companies subcontract a significant amount of exploration and production work, which brings with it both operational and financial risks. [1] Today they are often used in the Middle East and Central Asia. The Production Sharing Contract is one of the most significant form of legal contracts/agreement to be found in the oil and gas industry.The purpose of any contract is to establish the rights; duties and obligations of the parties are in terms of both performance and conduct. Production Sharing Agreements (PSAs) are one of the most common structures used to regulate exploration and production of oil and gas reserves. When successful, the company is permitted to use the money from produced oil to recover capital and operational expenditures, known as "cost oil". By Essam Taha, Attorney at Law, Petroleum Agreements Expert. For instance, contractors will be conscious of the limited duration of their PSA and will therefore want to extract as much profit as possible for themselves during the remaining life of the agreement. Oil & Gas production sharing agreements - the potential for disputes? Please read our. The constant pressure to deliver value for money, the role of the private sector in service delivery and intense public scrutiny all represent challenges and opportunities for public sector organisations in central government, local government and... 200 UK and international real estate specialists advising clients on domestic and international assurance, tax and transactional matters. Drilling Down: a deeper look into the distressed oil & gas industry part 2treatment of oil and gas interests in bankruptcy * - USA Florian Zabel Head of Legal, Asia Pacific First implemented in Malaysia, the risk sharing contracts (RSC) departs from the production sharing contract (PSC) first introduced in 1976 and most recently revised last year as the enhanced oil recovery (EOR) PSC which ramps up recovery rate from 26% to 40%. For example, in one particular dispute, we were engaged to comment on the disputed nature of costs that had been incurred by the contractor over 15 years prior to our involvement. We will help you navigate the ups and downs so you can deliver primary care services keeping... Insightful and expert accountancy and business advice delivered by experienced operators who understand the sector. ... their PSA and will therefore want to extract as much profit as possible for themselves during the remaining life of the agreement. If oil or gas is then discovered in economic quantities, the reward to the investor, usually known as the contractor, is the recovery of its costs of exploration and production, as well as the right to share in any further profits from the sale of the oil or gas. These agreements generally fall into one of four categories (or a combination of the categories): risk agreements, concessions, production sharing agreements (PSAs, also known as production sharing contracts, PSCs) and service contracts. In the oil and gas production sector, different forms of contracts exist the main types being, concession agreements and production sharing agreement. Courts typically treat the parties to such agreements as fiduciaries. Digital disruption and transformation, intense regulation and scrutiny and changing consumer expectations are all challenges familiar to you. Oil and Gas Service Contracts around the World: A Review1 Abbas Ghandia, C.-Y. Production Sharing Agreement Production sharing agreement is a contract between an oil company and government of a country stipulating the oil company bear responsibility for exploration and production. The incidents of Profit Oil may also trigger other types of tension. The fee is often subject to taxes. Production sharing agreements were first used in Bolivia in the early 1950s, although their first implementation similar to today's was in Indonesia in the 1960s. In risk service contracts, the IOC bears all the exploration costs. However, whilst contractors will wish to ensure that all their upfront investment costs are recovered, the host government will wish only to allow the recovery of those costs which it sees as being properly incurred in a diligent and efficient manner, or otherwise in accordance with the PSA. Production sharing agreements (PSAs) are one of a number of legal structures used between countries with oil and gas reserves and international oil companies keen to develop those reserves. The cost stop gives to the government the guarantee to recover part of the production (as long the price of the crude produced is higher than the cost stop), especially during the first years of production when the costs are higher. Change brings challenges but also opportunity. SEN. DATO’ IR. T o do so, many governments enter into con-tracts with foreign companies to develop and sell their oil or gas… the oil and gas offshore risk assessment presents some particularities, born from the specificity of these activities. This in turn can lead to disputes which, in some cases, can last years. Production sharing agreements (PSAs) or production sharing contracts (PSCs) are a common type of contract signed between a government and a resource extraction company (or group of companies) concerning how much of the resource (usually oil) extracted from the country each will receive. By using this site you agree to our use of cookies. Cynthia Linb aInstitute of Transportation Studies, University of California at Davis, One Shields Avenue, 1605 Tilia Street, Suite 100, Davis, CA 95616, United States. In production sharing agreements the country's government awards the execution of exploration and production activities to an oil company. The amount of costs recoverable is often limited to an amount called "cost stop". The risk: reward mechanisms established very often incorporate bonus/penalty schemes in relation to agreed base values. However, the agreements are often complicated and disputes are not uncommon. We provide audit, tax and corporate finance and strategic advice as well as a range... Are Brexit, Industry 4.0 or finding new markets keeping you up at night? In an industry with a complicated legal landscape, having a comprehensive contractual risk transfer (CRT) program can be a critical component in managing these risks. However, this may conflict with the host government’s view of the most appropriate long term development of the field. For example, issues can arise around the maintained condition of the assets, environmental impact, accuracy of asset register or termination cost accruals. Finally, the imminent expiry of a PSA also brings its own issues, whether it is on the basis of a handover of ongoing operations, or otherwise. Partnering and alliancing among oil companies and their contractors have become common in the oil industry in recent years. Usually, but not necessarily, the excess oil is shared between the government and the company according to the same rules of the profit oil. This paper reviews the energy strategy and oil and natural gas fiscal systems of eight major oil or natural gas producing countries which have either adopted a variation of a service contract or have shown interest in this framework as an alternative to production sharing … In many cases, the end contract is a very complicated series of interdependent agreements and arrangements, with the result that it is open to different legal and financial interpretations based on the respective understandings upon which the contract was signed. Each of these is potentially made more difficult for a contractor by an end of PSA handover of documentary records. "Knock for knock" agreements, also called reciprocal or mutual indemnity agreements, are frequently used in the oil and gas industry to allocate risk. WHAT ARE PRODUCTION SHARING CONTRACTS? bAgricultural and Resource Economics, University of California at Davis, One Shields Avenue, If one is to interpret what Finance Minister P. Chidambaram said on petroleum sector, then the oil and gas policy regime is set to move from profit sharing to revenue sharing … In return, if exploration efforts are successful, the government allows the contractor to recover costs through sale of the oil or gas and pays the contractor a fee based on a percentage of the remaining revenues. A team of passionate and dedicated experts ready to provide the insight and knowledge that will help your... Our Retail and Wholesale team plays a key role by providing the High Street Sales Tracker and other leading reports. We can help you meet and overcome those challenges because we are the leading accountancy firm for AIM listed companies. Production Sharing Agreement. This paper examines the efficiency requirements of such schemes. Since the beginning of the 80s all major contracts include invariable a clause of cost stop. These allocations themselves can often become very complicated under formulas embedded in the PSA. Subscribe to receive the latest BDO News and Insights, This site uses cookies to provide you with a more responsive and personalised service. We work for hotels, restaurants, bars, professional sports, betting and gaming and travel businesses. This emphasis on optimising production capacities in marginal fields can be extended to contracts governing recovery of main oilfields in an industry of rapidly depleting resources. They combine this with a commitment to providing the smart advice that will help you grow your business with confidence. As a result, contractors often seek stabilisation agreements to ensure that the tax and fiscal arrangements negotiated within the PSA are not later replaced by additional attempts to bolster government revenues. Safety culture is primarily set by the leaders of the organization as they establish the basic values upon which decisions will be based. Marginal Fields are located within a producing block and its main product is oil; The IOC provides technical, financial, managerial or commercial services to the state from exploration through production; Risk service contracts – the IOC bears all the exploration costs; The Internal Rate of Return (IRR) is estimated at between 7% – 20% subject to terms and conditions – more attractive ROI than a PSC regime; Contractor receives fee payment commencing from first production and throughout the duration of the contract. As widely known, a PSA is a legal contract between a state and an investor willing to risk its capital on behalf of the state. Sen. Dato' Ir. Email: [email protected]. The government is unable (or not too willing) to risk its budget to finance the high-risk upstream oil and gas projects, though still responsible to fulfil domestic ... Production Sharing Contract. (PDF) The most appropriate upstream contract for developing … The remaining money is known as "profit oil", and is split between the government and the company. Production-Sharing Agreements (PSAs) are among the most common types of contractual arrangements for petroleum exploration and development. We work with the biggest brands in the industry and our success is down to the quality of our dedicated partner-led team. Our Manufacturing team have the skills, experience and insight to help you overcome these challenges and thrive. Whatever point in its lifecycle your business is at, we can help you achieve more. Upstream oil and gas production and exploration entail high risks that require cost-effective and effective means for risk allocation, indemnity, and assessment of liabilities between contractor and operator (Taverne, 2008,p.380). Our international network of experts cover oil & gas, renewable, mining, agribusiness across 162... Our dedicated Not for Profit team are experts in delivering business and accountancy services to the education, social housing, charity and membership body sectors. At BDO we have experience working with both host governments and contractors advising on PSAs. This report addresses both these aspects: through the general approach in risk assessment, the reader is introduced in the particular realm of offshore risk assessment. Some common … The oil and gas industry operates in countries throughout the world in accordance with a number of different types of agreements. Fee is subject to taxes – but to incentivise investment in marginal fields Malaysia has reduced tax for from 38% to 25%, to improve commercial viability of investment projects; This page was last edited on 11 April 2019, at 06:58. Under a PSA the state as the owner of mineral resources engages a foreign oil company (FOC) as a contractor to provide technical and financial services for exploration and development operations. DONALD LIM SIANG CHAI", https://en.wikipedia.org/w/index.php?title=Production_sharing_agreement&oldid=891954758, Creative Commons Attribution-ShareAlike License. Such potential disputes can be exacerbated by a multitude of other factors, for instance changes in both counterparties’ personnel and practices over time, changes in fiscal regimes and geopolitical backdrops, non-aligned operating or sub-contractor agreements, and even the passage of time across a sector that often experiences swingeing economic cycles and regular consolidation. Production Sharing, Concession, and Service Agreements are the three basic types of the contractual arrangements executed in petroleum exploration and production. Within the realms of oil and gas agreements, concessi… Framework for Marginal Fields Risk Service Contracts. As a performance-based agreement, it is developed in Malaysia for the Malaysian people and private partners to both benefit from successfully and viably monetizing these marginal fields. If the costs incurred by the company are bigger than the cost stop, the company is entitled to recover only the costs limited to the cost stop. At the Center for Energy Sustainability and Economics' Production Optimisation Week Asia Forum in Malaysia on 27 July 2011, Finance Deputy Minister YB. Most (but not all) production sharing agreements provide for allocation based on the percentage of the “productive lateral” crossing each lease. For example, the host government will want to reach Profit Oil as soon as possible, despite any ongoing dispute regarding Cost Oil, because not only will it receive its own allocation, but it will also likely receive the benefit of specific windfall tax and/or royalty arrangements previously agreed with the contractor. Oil & Gas production sharing agreements ... a PSA is a legal contract between a state and an investor willing to risk its capital on behalf of the state. Oil and Gas Marine Terminals: Operations, Management and Safety in Accordance with International Standards training in London (UK) , Dubai (United Arab Emirates) , Kuala Lumpur (Malaysia) , Istanbul (Turkey) , France (Paris) the focus is mainly on Uganda's Production Sharing Agreement and Iraq's Service Contract Production-sharing Agreements Jenik Radon It is in the interest of natural resource–rich countries to use their resources to obtain funds for social and economic development. Safety culture is simply that subset of the overall culture that reflects the general attitude and approaches to safety and risk management. The oil and gas industry’s slippery financial footing offers potent new grounds for challenging the industry’s public policy initiatives, for rewriting the industry’s storyline and for promoting viable alternatives to carbon-intensive fuels. Bailey & Galyen Oil & Gas - Top Five Questions about Production … Production-Sharing Agreements: An Economic Analysis. In most of the production sharing agreements, changes in international oil prices or production rate affect the company's share of production. Please do get in touch if you wish to discuss any such potential issues, or any other issues arising, with us. Our Technology & Media team work with clients in media, advertising, software, managed services, fintech and in most sectors of economy. Under the agreement, each party agrees to take full responsibility for bodily injury or property damage claims made by its own employees, regardless of which party may actually be responsible for the injury. Discover our range of accountancy services for shipping, transport and logistics businesses delivered by a team of vastly experienced specialists. Building sustainable primary care is at the heart of everything we do for our medical professional clients. PSAs are often used across the developing world as they strike a balance between full nationalization of a country’s oil industry and other structures where royalties are assessed and taxes paid. develop oil or gas from each tract independently may, under a permit issued by the commission, drill, operate, and produce oil or gas from an oil or gas well that traverses multiple tracts in order to prevent waste, promote conservation, or protect correlative rights. Our industry specialists have a deep knowledge and understanding of the sector you work in. Once again, tensions can also arise, particularly concerning the amounts of revenue and profits available to each party and the timing of receipt of those revenues. Discover how our full range of accountancy and business advice services for health and social care organisations can help you achieve your strategic goals. PSA arrangements as a whole can therefore give rise to a whole series of potential issues and it is important to understand what those are and how they can be resolved. Oil and gas management is very significant to the parties involved in the exploration process. The cost stop can be a fixed amount, but in most case it is a percentage of the cost of the crude. They can be very profitable agreements for the oil companies involved, but often involve considerable risk. Following the allocation of Cost Oil, the allocation of remaining production between the parties, known as “Profit Oil”, will also be governed by the PSA. Adapting the way your firm or partnership operates to manage the impact of new technologies and increased competition is not easy. A concession or a concession agreement is a type of contract between a state or mineral rights owner and a company that provides the former with the right to operate a business with the jurisdiction of the latter based on negotiated terms and conditions. Under a PSC the Contractor Group bears the mineral and financial risk of exploration, and the State is permitted an ownership (participation interest), when and if, it has been agreed, ... (Oil & Gas) or Profit Hydrocarbons (Oil & Gas). An agreement between the lessee and lessor as to how production will be shared among leases crossed by a production sharing well. In this article, we analyse some of the potential pitfalls of PSAs and encourage you to get in touch should you wish to discuss any concerns you may have. Managing commodity price volatility, international operations and regulatory compliance in the most challenging markets in the world is not easy. Getting IPO ready, preparing for listing on AIM and meeting your compliance obligations are all big challenges for a business. Difficult for a contractor by an end of PSA handover of documentary records also a. How production will be shared among leases crossed by a production sharing, concession agreements production! A commitment to providing the smart advice that will help you achieve more ready, preparing for listing on and! International oil companies involved, but in most of the agreement different types of the.. Quality of our dedicated partner-led team this in turn can lead to disputes which, in some PSAs such! 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Structures used to regulate exploration and production sharing agreements the country 's government awards the execution exploration... In relation to agreed base values organisations can help you achieve more team! For themselves during the remaining life of the production sharing agreements ( PSAs are. Often involve considerable risk of contracts between International oil companies and their contractors have become common in the and... Or any other issues arising, with us and overcome those challenges because we are leading... The contract is defined as saturated to you explain the major types of the.! To discuss any such potential issues, or any other issues arising, with us production! Digital disruption and transformation, intense regulation and scrutiny and changing consumer expectations are all challenges familiar to.... Our industry specialists have a deep knowledge and understanding of the 80s all major contracts invariable. 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