技术经济学英文版演示文稿C43.pptVIP

After five years of production, the contractor is obliged to sell oil to the domestic market at a reduced price(折扣价格). In 1992, the selling price to the Indonesian market was set at 15% of the international market price for conventional(常规的) production sharing contracts. This obligation to the domestic market is called Domestic Market Obligation (DMO). DMO is subject to a maximum of 25% of the contractor’s share of production. Therefore, taxable income after five years can be calculated as, (4.43) where, (4.44) Eq.(4.44) assumes that the contractor is selling the oil at an international market price. Since the contractor is receiving only 15% of the price for the DMO, 85% of the share associated with DMO is a loss to the contractor. This is deducted for the taxable income purposes. The income tax can be calculated as. (4.45) 48% is the tax rate for PSC (Production Sharing Contract) contracts. Knowing that depreciation, expensed investment and investment tax credit are the amounts deducted from gross revenue only for tax purposes, we can calculate the net revenue as, Using the net revenue, we can carry out economic analysis. The schematic of the calculation procedure is shown in Figure 4.16. The government gets its share through FTP, profit oil, domestic market obligation and income taxes. The contractor gets its share through FTP and profit oil. The host countrys share is 71l.9 out of 800 of revenue after subtracting the costs. This is equivalent to 89%. Conversely, the contractor gets 11% of the share. Minus Plus Gross Revenue 1,000 FTP(20%) 200 FTP Pertamina @ 71.1538%=142.31 Contractor @ 28.8462%=57.69 Cost Recovery 200 Profit Oil 600 Profit Oil Contractor @ 28.8462%=173.08 Profit Oil Pertamina @ 71.1538%=426.92 DMO 61.30 DMO 61.30 DMO @ 25% of Contractor’s Share @ 85% =0.85*0.25*0.288463 *1000=61.30 Tax 81.35 Taxable Income 169.47 Tax @ 48% =81.35 Host Country’s Share 711.87 Contractor’s Share 88.13 Plus Plus Plus Minus