*4.2. Data*

If the fiscal regimes such as royalties, profit split, and cost recovery are in a sliding scale system, the average values of parameters in the whole project life are considered in the calculation6. The data for fiscal regimes of Myanmar, Cambodia, Indonesia, and Vietnam are collected from the paper presented by the international consultant at a research and training meeting at the Ministry of Energy, Myanmar. The main fiscal parameters for the remaining countries: the U.S., Canada, Australia, and Mozambique are from the Global Oil and Tax Guide (Ernst & Young 2015). The data for each indicator used in the evaluation techniques are collected from primary sources (survey questionnaire), secondary sources (government documents) and assumptions from previous studies.

Table 2 presents the sources of data and the assumptions based on previous studies. All the upstream petroleum fiscal regime packages for the four countries which applies the PSC system are presented in Table 3. The main fiscal parameters—royalty, tax, profit split, cost recovery limits, host governmen<sup>t</sup> participations—of Myanmar, Cambodia, Indonesia, and Cambodia for the calculation of PSC system are shown in Table 4. Moreover, the main fiscal parameters for the U.S., Canada, Australia, and Mozambique for the calculation of the concessionary system are presented in Supplementary Material 9. A summary of the main fiscal parameters for all countries is depicted in Table 5, while a summary of concessionary and PSC are presented in Table 6.

Oil production data for the cash flow model are retrieved from Kaiser (2007), since the study deals with the effects of fiscal parameters for a favorable investment climate regardless of the project scale7. Similarly, since it is difficult to retrieve capital cost, operating cost, tangible cost, an intangible cost for every project in eight different countries, costs are also assumed in the same source as for other studies. Current Brent oil price (\$/bbl) was retrieved from the U.S. Energy Information Administration (United States Energy Information Administration (EIA ) 2014) as most of the countries in the comparative analysis in this study use the Brent crude oil price. Depletion, depreciation, and amortization (DD & A) and tax losses are taken from the *Global Oil and Gas Tax Guide* (Ernst & Young 2015). Nakhle (2004) also asserted that an assumption of oil price and relevant taxes is sufficient to calculate expected cash flows to determine the investor's return and governmen<sup>t</sup> take (GT).

<sup>6</sup> Luo and Yan (2010) also made an average assumption for the sliding scales of petroleum fiscal regimes.

<sup>7</sup> Likewise, Bindemann (1999) also made the same assumptions for the study of upstream fiscal regime comparison. This production profile came from the sample cash flow sheet by Johnston (1994).


**Table 2.** Data Sources for each Indicator.







**Table 6.** Summary of Main Fiscal Parameters in Concessionary and PSC.

Source: "PSC Features for Offshore Petroleum Exploration", paper presented at a research and training meeting in Ministry of Energy, Myanmar. www.vdb-loi.com, and *Global Oil and Gas Tax Guide* (Ernst & Young 2015).

The discount rate for the discounted cash model is assumed as 10% in real terms, as it was applied in most published studies to mirror the industry's discount rate. The weights for the CS linear weighting method are collected from experts of Korean energy companies through survey technique8. Scores and Weightings are determined using techniques such as Delphin or peer review or a questionnaire (Henriksen and Traynor 1999). Moreover, the countries that should be compared with Myanmar for their petroleum fiscal regimes are also based on the respondents' choice through a survey questionnaire9.
