Benchmarking Results Prepared for the Department of Revenue, State - - PowerPoint PPT Presentation

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May 25, 2023 165 likes •374 views

Strategic Advisors in Global Energy Benchmarking Results Prepared for the Department of Revenue, State of Alaska Torsten Wucherpfennig, Manager 20 October 2007 Methodology Data The data displayed is based on approximately 190 models run at

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Strategic Advisors in Global Energy

Benchmarking Results

Prepared for the Department of Revenue, State of Alaska Torsten Wucherpfennig, Manager 20 October 2007

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Document Title | Group Name | Page 2

Methodology

Data The data displayed is based on approximately 190 models run at price decks between $20 and $90/bbl. Prices and costs were escalated at 3% p.a. The monetary numbers displayed are in 2006 US-Dollars. Data for year 10 refers to the 10th year of production; in cases where production does not exceed 10 years, the penultimate year

f the producing field life was used.

Classification Regimes with flat tax rates have been classified tax-royalty regimes. PSC and tax-royalty regimes with variable profit rates have been classified as PSCs.

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Document Title | Group Name | Page 3

Distribution Marginal Government Take (All Projects)

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 4 % 4 5 % 5 % 5 5 % 6 % 6 5 % 7 % 7 5 % 8 % 8 5 % 9 % 9 5 % 1 % $20 - $30 $30 - $40 $40- $50 $50 - $60 $60 - $70 $70 - $80

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Document Title | Group Name | Page 4

Median Marginal Government Take in Year 10 (by regime)

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% $20 $30 $40 $50 $60 $70 $80 All Tax PSA

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Document Title | Group Name | Page 5

Median Marginal Government Take in Year 10 (Tax regimes by country)

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% $20 $30 $40 $50 $60 $70 $80 Tax GoM UK Norway Other

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Document Title | Group Name | Page 6

Marginal Government Take – high vs low prices Example Angola

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Years IRR Low Marginal Government Take Low Marginal Government Take High IRR High

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Document Title | Group Name | Page 7

Marginal vs Average Government Take Example GoM

40% 41% 42% 43% 44% 45% 46% 47% 48% $20 $30 $40 $50 $60 $70 $80 $90

Oil Price

Marginal Take Average Government Take

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Document Title | Group Name | Page 8

Median Undiscounted Government Share in DI (by regime)

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% $20 $30 $40 $50 $60 $70 $80 $90 All Tax PSA

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Document Title | Group Name | Page 9

Median Undiscounted Government Share in DI (Tax regimes by country)

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% $20 $30 $40 $50 $60 $70 $80 $90 Tax GoM UK Norway Other

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Document Title | Group Name | Page 10

Median Discounted Government Share in DI (by regime)

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% $20 $30 $40 $50 $60 $70 $80 $90 All Tax PSA

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Document Title | Group Name | Page 11

Median Discounted Government Share in DI (Tax regimes by country)

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% $20 $30 $40 $50 $60 $70 $80 $90 Tax GoM UK Norway Other

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Document Title | Group Name | Page 12

Median NPV per boe (by regime)

$0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $20 $30 $40 $50 $60 $70 $80 $90 All Tax PSA

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Document Title | Group Name | Page 13

Median NPV per boe (Tax regimes by country)

$4.00
$2.00

$0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 $20 $30 $40 $50 $60 $70 $80 $90 Tax GoM UK Norway Other

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Document Title | Group Name | Page 14

Median PVI (by regime)

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 $20 $30 $40 $50 $60 $70 $80 $90 All Tax PSA

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Document Title | Group Name | Page 15

Median PVI (Tax regimes by country)

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 $20 $30 $40 $50 $60 $70 $80 $90 Tax GoM UK Norway Other

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Document Title | Group Name | Page 16

Median NCF per boe in Year 10 (by regime)

$0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $45.00 $50.00 $55.00 $20 $30 $40 $50 $60 $70 $80 $90 All Tax PSA

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Document Title | Group Name | Page 17

Median NCF per boe in Year 10 (Tax regimes by country)

$0.00 $10.00 $20.00 $30.00 $40.00 $50.00 $60.00

$20 $30 $40 $50 $60 $70 $80 $90

Tax GoM UK Norway Other

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Document Title | Group Name | Page 18

After tax cash flow effect of $1 incremental investment

$1.00
$0.80
$0.60
$0.40
$0.20

$0.00 $0.20 $0.40 $0.60 $0.80

1 2 3 4 5 6 7

Year

Tax Shield Norwegian Uplift Tax Shield Norwegian Depreciation Incremental Cash Flow Effect US MACRS 5 Incremental Cash Flow Effect Norway

Recovery of Investment Undiscounted PV 15 Norway 93% 60% US 35% 24%

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Strategic Advisors in Global Energy

PFC Energy consultants are present in the following locations: Bahrain Beijing Buenos Aires Calgary Houston Kuala Lumpur Lausanne London Mumbai New York Paris San Francisco Washington, D.C. Main regional offices: Asia

PFC Energy, Kuala Lumpur Level 27, UBN Tower #21 10 Jalan P. Ramlee 50250 Kuala Lumpur, Malaysia Tel (60 3) 2172-3400 Fax (60 3) 2072-3599

North America

PFC Energy, Washington D.C. 1300 Connecticut Avenue, N.W. Suite 800 Washington, D.C. 20036, USA Tel (1 202) 872-1199 Fax (1 202) 872-1219 PFC Energy, Houston 4545 Post Oak Place, Suite 312 Houston, Texas 77027-3110, USA Tel (1 713) 622-4447 Fax (1 713) 622-4448

Europe

PFC Energy, France 19 rue du Général Foy 75008 Paris, France Tel (33 1) 4770-2900 Fax (33 1) 4770-5905 PFC Energy International, Lausanne 19, Boulevard de la Forêt 1009 Pully, Switzerland Tel (41 21) 721-1440 Fax: (41 21) 721-1444

Middle East

PFC Energy, Bahrain Manama Center Entrance 4 - Office 705 Kingdom of Bahrain Tel (973) 1721-5106 Fax (973) 1721-5108

www.pfcenergy.com | info@pfcenergy.com Main regional offices are shown in blue.