A. Pedro van Meurs Van Meurs & Associates Ltd.Calgary During the last decade there has been significant change in fiscal terms and conditions applicable to petroleum exploration and production. An analysis of 226 fiscal systems in 144 countries indicates that there has been a substantial downward trend in government take. Of the 226 fiscal systems analyzed, 130 were changed during the last decade. The changes resulted in a lower government take in almost all cases. During the last decade the supply of exploration acreage has increased due to the fact that a large number of countries decided to open new areas. These countrie...

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