Abstract
In order to quantify the impact of oil taxation on development decisions a behavioural model of the oil extraction industry has been constructed. This model is detailed in Appendix B. It is an econometric representation of the relationship between recoverable reserves in the North Sea and long-run oil prices, for any specified tax system, and can be used to estimate various supply curves for UKCS oil reserves based on different tax systems. Thus, by incorporating different oil tax systems into our model, the impact of taxation on UKCS recoverable reserves can be quantified.
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