Abstract
One of the most fundamental aspects of any business relationship is the division of profits. The oil industry is no different in this respect, but the subject is burdened and confused by a jargonistic mass of terms and inconsistent definitions. The most common term associated with the subject is ‘Government Take’. Unfortunately, this term is only one of many that deal with the subject and it is used in numerous ways. Furthermore, there is no single, consistent definition for the term or the many other terms that are or appear to be related. As a result, parties to any discussion about fiscal architecture or analysis must establish common ground with respect to terminology, definitions and interpretation. This is because it is almost always the case that parties will come to the table with views based on a different sets of terms and definitions. This article outlines 45 examples from various sources. It reveals a stark lack of consistency.
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