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Deepwater Petroleum Exploration And Production In The Gulf Of Guinea
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The countries of the Gulf of Guinea, an area in the West and Central
Africa coast are made up of Nigeria, Equatorial Guinea, Gabon, Ghana,
Liberia, Togo, Cameroon, Benin, Ivory Coast, Angola, Congo, Guinea, and
the islands of Sao Tome and Principe. Islands in the GOG that are part
of Equatorial Guinea are Annobon, Bioko, Corisco, Elobey Grande and
Elobey Chico (Wikipedia, 2011). Some countries like Nigeria and Angola
are already producing from offshore areas in the GOG, while others are
starting to conduct exploration activities. By some estimates, West
Africa already has up to 547 major offshore oil and gas structures.
Currently,
offshore production accounts for up to 30% of the world's oil and gas
production. That percentage is expected to rise in the future. Estimates
indicate that the GOG and African countries already supplies about 11%
of world’s oil and gas needs and holds about 10% of the world’s proven
reserves (PWC, 2010). However, this number is expected to grow, given
that exploration is only now commencing in some offshore areas.
1.2. STATEMENT OF THE PROBLEM
Several
studies have been done on the comparative competitiveness of Petroleum
Fiscal Systems (PFS) in the Gulf of Mexico (GOM), Brazil, Australia,
Malaysia, etc., but none has been done for the GOG. Though Merak
Projects PEEP has fiscal models for some GOG countries, they are in
isolation for commercial purposes. Therefore, in this study, an
integrated PFS of various fiscal regimes in the GOG will be modelled;
implemented and proposed PFS in countries in the GOG will be analyzed as
well as the uniqueness of each country. The same field data
(hypothetical or real) will be used to forecast production and costs.
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ABSRACT - [ Total Page(s): 1 ]Petroleum Fiscal System (PFS) is a major determinant of investment decision in the exploration and production of oil and gas in any country. It basically describes the profitability relationship between the host government of the producing community and the International Oil Companies (IOCs). The comparative analysis of the performance of the fiscal regimes becomes imperative as it affects the interest of the investor and the production of oil and gas. During the formulation of any fiscal regime ... Continue reading---
