Upstream Petroleum Fiscal and Valuation Modeling in Excel: A Worked Examples Approach
“This book is a terrific addition to the existing literature on the subject, and will be invaluable to a wide range of professionals, from Energy Ministry staff through NOCs to energy company economists, advisors and consultants. By far the best way to understand all the subtleties of fiscal regimes is to build one’s own models of them, and then to play ‘what if?’ games with them. This is what the book encourages, by being set out so clearly and well, and a thorough study will take the reader from beginner to near expert status.”—Graeme Simpson, Honorary Professor in Petroleum Geology, the University of Aberdeen, Scotland / former Business Manager, Exxon / former Professor of Energy Industry Management“This book is both a reference for the various types of fiscal regimes and a how-to guide for spreadsheet modeling.   Practitioners at every level will find it to be a valuable resource.”—Dan Olds, Senior Vice President – International, Ryder Scott Petroleum Consultants / Past President, Society of Petroleum Evaluation Engineers“This book gives a comprehensive and in-depth discussion of petroleum economics. It provides a step-by-step guide to understanding fiscal models similar to what many residential courses offer. The excel sheets and formulas are extremely helpful for the novice and users of economic software such as PEEP to start modeling fiscal regimes. As an experienced economist, the book has helped fill gaps in my knowledge and I would personally recommend it as a reference guide for those in commercial disciplines in the industry.”—Aditya Mukherjee, Economics Analyst, Global New Business Development,Hess Services UK Limited"Kasriel and Wood have produced a monumental set of materials for understanding how to model and analyze the impacts of upstream petroleum fiscal terms on project economics. Unique to their approach is a step-by-step guide on using Microsoft Excel that provides users with a kind of x-ray vision into the complex and sometimes unanticipated outcomes associated with various sorts of taxes, royalties, and production sharing contracts. It is a brilliant practitioner's guide to the subject."—Graham A. Davis, Professor, Division of Economics and Business, Colorado School of Mines"I find the book a great tool for anyone who intends to initiate his/her career into the world of petroleum economics. Furthermore, I think experienced economists should always have this book on their desk/tablet for quick consultation/reference as it is very comprehensive around the modeling of oil and gas deals. This book is a must-have in every economists book shelf!"—Germán Beckmann, Business Analyst, Premier Oil PLC"This book will be a useful, practical tool for the petroleum economics practitioner.  Practitioners will find the practical spreadsheet tips, delivered in an easy-to-read, conversational style, particularly helpful."—Roy Kelly, Managing Director, Kerogen Capital"This book fills a gap in the existing literature - a valuable work for anyone confronted with the complexities of Upstream Petroleum Fiscal and Valuation Modeling. I am impressed by the quantity of data and detailed explanations that guide the reader through the calculations. I really appreciate the authors' step-by-step approach which makes for a practical 'hands-on' tool that can be easily adapted to ones' own need"—Nadine Bret-Rouzaut, IFP School, Director of the Centre for Economics & Management, Professor, Upstream management“This is a very enlightening textbook on Petroleum Economics. It puts a lot of financial decision making in the oil industry in perspective. The descriptions of typical economical terms such as Royalty, Abandonment and Production Sharing Contracts (PSC's) are very well explained and come to life with the abundance of examples. A must-have for every E&P professional.”—Michiel Stofferis, Field Reserves Manager, CEPSA“In this book Kasriel and Wood lay bare the complex world of petroleum fiscal systems. By leading the reader through carefully worked examples, supported by extensive Excel documentation, they share their experience to create a resource useful to the beginner and the experienced practitioner alike. Building from first principles they lay the foundation for an understanding of the differing systems in use today, whilst also acknowledging the likelihood of evolution and the need for flexibility in application.”—Dr Julian A. Fennema, Lecturer in Petroleum Economics, Institute of Petroleum Engineering, Heriot-Watt University“Kasriel and Wood have pulled together a comprehensive, well thought through and clear guide to the topic of Upstream Petroleum Fiscal Analysis and Valuation.  Their use of explanation, examples and reference material makes it a very accessible guide for both beginners and experienced practioners alike. This is a very useful addition to the repertoire of writing in this area.”—Tom Morris, Commercial Manager, Cairin Energy"This clearly written, well-organized book is a valuable tool to assist governments in fiscal design and to assist investors and financiers to determine and analyze government take and its effect on the rates of cost recovery and overall profitability.” —Owen L. Anderson,  Eugene Kuntz Chair in Oil, Gas & Natural Resources, George Lynn Cross Research Professor, The University of Oklahoma College of Law“Upstream Petroleum Fiscal and Valuation Modelling by Ken Kasriel and David Wood presents a carefully worked out set of examples that deal with a complex topic of importance for all who are engaged in the oil extraction business.  The chapters lend clarity to a variety of complex topics, each of which is explained clearly and illustrated with an appropriate Excel spreadsheet.  This book will prove invaluable to industry participants and analysts.”—Simon Benninga, Author, Principles of Finance with Excel / Visiting Professor of Finance, Wharton School, University of Pennsylvania / Professor of Finance, Faculty of Management, Tel Aviv University"This book is one of the most comprehensive I’ve read, that provides a generic illustrative roadmap for evaluating fiscal systems in all their intricacies that will no doubt become the reference material for those involved in understanding, applying and negotiating global fiscal systems."—Gerry F. Donnelly, Director, Institutional Research, FirstEnergy Capital LLP