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  1. Thailand to ease concession terms

    By an OGJ correspondent BANGKOK, Mar. 15 -- Thailand wants to make its participation terms more attractive to international producers and might cut royalty and income taxes in a bid to promote oil and gas production from marginal wells. The proposal followed a recent finding by Chulalongkorn University (CU) that terms provided by the Thai Petroleum Act of 1971 and five amendments are not attractive enough to encourage new exploration and production. The basic regime under Thailand's concession system, with 12.5% royalty and 50% income tax, was viewed as stringent in comparison with production-sharing terms offered by neighboring countries such as Viet Nam. The Thai Energy Ministry commissioned CU, in collaboration with overseas legal experts, to study possible amendments and develop recommendations by yearend. Ministry officials hope that amended terms, expected to be in place next year, would improve the economics of several marginal fields, including Pearl Energy Pte.'s idle Busabong gas and condensate field in the Gulf of Thailand. They said relaxed terms would raise recovery factors and reserves, estimated at yearend 2004 by the Department of Mineral Fuels at 14.754 tcf of natural gas, 319 million bbl of condensate, and 291 million bbl of crude oil. Average production last year rose to 509,402 boe/d from 471,790 boe/d in 2003. As of last month, Thailand had issued 43 concession blocks, including 26 in the gulf and 17 onshore.

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    Tue, 15 Mar 2005

  2. U.S. INDUSTRY GIRDING FOR BATTLE AGAINST CLINTON ENERGY TAX PLAN

    The U.S. petroleum industry is preparing for a campaign to head off proposed energy taxes in President Clinton's economic recovery package. In the course of 5 years, the package is designed to raise $79.3 billion from a BTU tax on energy, $126 billion from higher individual income taxes , and $30.6 ...

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    Mon, 1 Mar 1993

  3. Pakistan adopts offshore E&D incentives

    The Pakistan government approved a package of offshore exploration and development incentives Jan. 17. The incentives will apply to new and existing licenses for 5 years. The government hopes alterations of exploration periods, import duties and taxes, corporate income taxes , and royalties will ...

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    Thu, 18 Jan 2001

  4. OGJ Newsletter

    International news for oil and gas professionals

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    Mon, 27 Jul 2015

  1. BC bill advances Pacific Northwest LNG

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    Wed, 22 Jul 2015

  2. Watching Government: Ohio's severance tax battle

    Ohio Gov. John R. Kasich praised already enacted tax cuts in his Feb. 24 State of the State address. "Let's keep going, and let the common sense growth strategy of cutting taxes strengthen Ohio, as well as helping us attract the best and brightest to our state," he urged the state's lawmakers.

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    Mon, 23 Mar 2015

  3. Contests of fairness

    While sidling toward a sensible-sounding appeal for tax reform recently, President Barack Obama couldn't resist a swerve into populism. "You don't get to pick which rules you play by or which tax rate you pay," Obama said in his weekly address on July 26. "And neither should these companies."

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    Mon, 4 Aug 2014

  4. Mongolian petroleum law passage aims to boost foreign investment

    Wolf Petroleum Ltd., Perth, reported the passing of a new petroleum law in Mongolia designed to boost foreign investment in the country.

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    Tue, 8 Jul 2014

  5. US, Canadian oil, gas firms' fourth-quarter 2013 earnings slip

    A sample of 53 US-based oil and gas producers and refiners posted a collective decrease of 2% in fourth quarter earnings and an 11% decrease in full year 2013 earnings compared with the same periods in 2012.

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    Mon, 31 Mar 2014

  6. Oxy to spinoff California business

    Occidental Petroleum Corp.’s board has authorized the separation of its California assets into an independent and separately traded company.

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    Fri, 14 Feb 2014

  7. OGJ Newsletter

    International news for oil and gas professionals

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    Mon, 24 Feb 2014

  8. EPRINC: Cap and trade will hurt and help oil industry

    A carbon cap and trade system and other initiatives to curb greenhouse gas (GHG) emissions will hurt the petroleum industry overall but also will create opportunities for some oil companies to cash in, said officials at Energy Policy Research Foundation Inc. (EPRINC), Washington, DC.

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    Magazine Articles

    Mon, 18 Aug 2008

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