*6.3. Further Studies*

Based on the discounted cash flow model, it would be interesting to extend the study to analyses other economic indicators—such as NPV, internal rate of return, etc.—with a view to assisting the project selection phase for the investor. Furthermore, this research shows that the PSC system is more attractive than the concessionary system solely in terms of fiscal regimes. However, according to previous studies, there are lots of advantages in the concessionary system such as simplicity and no governmen<sup>t</sup> intervention, which are beyond the scope of this study. Therefore, it would be interesting to make a comparative analysis of contract systems in the oil and gas E&P industry. This study shows that there are several factors in addition to fiscal regimes which affect the investment decision. Hence, future study can explore the attractiveness rank of petroleum investment, considering the effects of all competing factors on the IOC's investment decision such as political stability, resource potential, location, project scale, and impact of oil price.

**Supplementary Materials:** The following are available online at http://www.mdpi.com/1911-8074/11/4/85/s1, Table S1: PSC Myanmar Cash Flow Projection of Petroleum Exploration & Production, Table S2: PSC Myanmar Cash Flow Projection of Petroleum Exploration & Production (Cont.), Table S3: PSC Cambodia Cash Flow Projection of Petroleum Exploration & Production, Table S4: PSC Cambodia Cash Flow Projection of Petroleum Exploration & Production (Cont.), Table S5: PSC Indonesia Cash Flow Projection of Petroleum Exploration & Production, Table S6: PSC Indonesia Cash Flow Projection of Petroleum Exploration & Production (Cont.), Table S7: PSC Vietnam Cash Flow Projection of Petroleum Exploration & Production, Table S8: PSC Vietnam Cash Flow Projection of Petroleum Exploration & Production (Cont.), Table S9: Concessionary U.S Cash Flow Projection of Petroleum Exploration & Production, Table S10: Concessionary U.S Cash Flow Projection of Petroleum Exploration & Production (Cont.), Table S11: Concessionary Mozambique Cash Flow Projection of Petroleum Exploration & Production, Table S12: Concessionary Mozambique Cash Flow Projection of Petroleum Exploration & Production

<sup>21</sup> Cost Recovery—50% in Myanmar, 100% in Indonesia, 90% in Cambodia, 70% in Vietnam (Table 7). Cost recovery regime is used only in the PSC system.

<sup>22</sup> The stability of the fiscal regime is also considered to maintain the investor's confidence.

<sup>23</sup> Assessment and comparison of fiscal terms in different countries can help the IOC in selection of investment areas and adjust its business strategy according to its own situation, to achieve greater operational efficiency and secure and increase the value of assets.

(Cont.), Table S13: Concessionary Australia Cash Flow Projection of Petroleum Exploration & Production, Table S14: Concessionary Australia Cash Flow Projection of Petroleum Exploration & Production (Cont.), Table S15: Concessionary Canada Cash Flow Projection of Petroleum Exploration & Production, Table S16: Concessionary Canada Cash Flow Projection of Petroleum Exploration & Production (Cont.), Table S17: Petroleum Fiscal Regimes of Concessionary System.

**Author Contributions:** Conceptualization, methodology, formal analysis, writing—original draft preparation, W.T.S.; Writing—review and editing, N.V.E.

**Funding:** This research received no external funding.

**Acknowledgments:** The authors would like to acknowledge the support and supervision of Eunnyeong Heo and Kyungjin Boo of the Department of Technology Management Economics and Policy Program, College of Engineering, Seoul National University, Seoul, Republic of Korea, as well as U Win Maw and U Tin Zaw Myint of the Department of Oil and Gas Planning Department, Ministry of Electricity and Energy, Myanmar.

**Conflicts of Interest:** The authors declare no conflict of interest.
