摘要
海外油气项目由于其相对特殊的财税条款设计,尤其是产品分成制合同,其新增投资单元效益需根据区块整体效益变化来衡量。以非洲某国家A区块为例,采用增量法,分析产品分成制合同新增投资单元的效益变化特点,发现新井效益并不总随油价增长而正向增加,少部分情形下新井产量降低,效益反而增加,新井单元实施顺序不同会导致效益有较大差异等。另外,A区块由于特殊的利润油分成机制,存在明显财税红利,即新井产量很低的情形下也能产生正向现金流。针对这些特点,对海外产品分成制合同项目新增投资单元投资决策和发展提出3点建议:一是新井效益评价应采用增量法,二是加大新增投资单元效益变化特点分析,三是提高新井单井经济极限可采储量在新井投资决策中的应用,重点分析财税红利。
Due to the relatively special design of fiscal and taxation clauses for overseas oil and gas projects,especially production sharing contract(PSC),the benefit of new investment units needs to be measured by changes in the overall benefit of the block,and the incremental method is appropriate for the evaluation method.The characteristics of benefit changes in new investment units are not entirely consistent with common perceptions.Taking Block A in a certain African country as an example,using the incremental method to analyze the benefit change characteristics of new investment units under the production sharing contract,it is found that the benefit of new wells does not always increase positively with the growth of oil prices.In some cases,the benefit increases instead when the production of new wells decreases.At the same time,the benefits vary greatly with different implementation sequences of new well units.In addition,due to the special profit oil sharing mechanism of Block A,there is an obvious fiscal and taxation dividend in Block A(positive cash flow can be generated even when the production of new wells is very low).Aiming at these characteristics,three suggestions are put forward for the investment decision-making and development of new investment units in overseas production sharing contract projects.First,the incremental method should be adopted for the benefit evaluation of new wells.Second,the analysis of the benefit change characteristics of new investment units should be strengthened.Third,the application of the ultimate EUR of new wells in new well investment decision-making should be improved,with key analysis on fiscal and taxation dividends.
作者
张礼貌
陈焕杰
Zhang Limao;Chen Huanjie(SINOPEC Petroleum Exploration and Production Research Institute,Beijing 102206,China)
出处
《当代石油石化》
2025年第5期40-47,共8页
Petroleum & Petrochemical Today
基金
中国石油化工股份有限公司科技攻关项目“中石化海外资产潜力评价及作业项目动用策略研究”(项目号:P24204)。
关键词
海外油气项目
产品分成制
新增单元效益
财税红利
overseas oil and gas project
product sharing contract
new unit benefit
fiscal and taxation dividend
