Review of Recent Changes in Petroleum Fiscal Systems
Recent years have seen an increase in contract renegotiation and changes to fiscal agreements by petroleum and mineral producing countries. According to industry consultants Wood Mackenzie, 28 countries have changed their fiscal terms, imposed new taxes, altered operation rules, or expropriated producing companies since 2002.
Revenue Watch is reviewing these shifts in policy to assess their impact and implications. Governments that respect their legal obligations, enforce contracts and safeguard private property are promoting a stable business environment and economic growth. However, governments may also have legitimate concerns over profit-sharing in a high-price environment or over how to manage and operate the petroleum sector according to their national interests.
RWI has completed an initial survey of countries that have changed their operating rules for the petroleum sectors, which includes each government's stated objectives for the change methods for managing the process.
Revenue Transparency
The linkages between resource wealth, poverty, conflict and corruption–the so-called "resource curse"–are well documented. Public information and public accountability are the best guarantee that a country's resource wealth will translate into lasting benefits for its citizens over time.
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Expenditure Transparency
It is impossible to ensure proper management of natural resource wealth by looking exclusively at revenues. Transparent and accountable management and expenditure of public funds is essential to addressing the poverty, corruption and autocracy that too often plague resource rich countries.
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Iraq
Iraq, a nation of 25 million people, holds the second largest oil reserves in the world. But the pervasive violence, mismanagement and abuse of recent years have denied its people any lasting benefits from this wealth.
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Peru
Overall, Peru performs much better than many resource abundant countries in both revenue and expenditure transparency, thanks to a legal framework that guarantees citizens access to basic information about oil, gas and mining revenues and their distribution and usage.
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 Escaping the Resource CurseToo often, developing nations with natural resource wealth face greater conflict, corruption, and poverty than developing nations without an abundance of oil, gas or minerals. There are solutions to this "resource curse," but not without fundamental political changes.Read more about Escaping the Resource Curse and order copies online ... |