New Zealand: World Oil Report 1991

Journal Article · Thu Aug 01 00:00:00 EDT 1991 · World Oil; (United States)

OSTI ID:5675403

This paper reports that foreign oil firms may choose to leave for countries with friendlier tax climates, perhaps Southeast Asia or Papua New Guinea. New tax reform legislation became effective in October 1990 enraging the Petroleum Exploration Association of New Zealand (PEANZ) and disappointing petroleum explorers. Oil companies like Arco are already considering pulling out of future prospecting. Taxation Reform Bill 7 allows tax deductions only after prospects in a license are exhausted without success or allows costs to be written off over 10 years when a well comes on production. Exploration cost has to be capitalized, and farm-outs are taxed under the new regime.

• OSTI ID: 5675403
• Journal Information: World Oil; (United States), Vol. 212:8; ISSN 0043-8790
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
29 ENERGY PLANNING
POLICY AND ECONOMY
EXPLORATORY WELLS
COST
NEW ZEALAND
GOVERNMENT POLICIES
OIL FIELDS
EXPLORATION
PETROLEUM INDUSTRY
ECONOMIC DEVELOPMENT
LEGISLATION
PETROLEUM
PLANNING
PROSPECTING
RESOURCE DEVELOPMENT
RESOURCE POTENTIAL
REVIEWS
TAX LAWS
AUSTRALASIA
DEVELOPED COUNTRIES
DOCUMENT TYPES
ENERGY SOURCES
FOSSIL FUELS
FUELS
GEOLOGIC DEPOSITS
INDUSTRY
LAWS
MINERAL RESOURCES
PETROLEUM DEPOSITS
RESOURCES
WELLS
021000* - Petroleum- Legislation & Regulations
020700 - Petroleum- Economics
Industrial
& Business Aspects
294002 - Energy Planning & Policy- Petroleum