Create a Fiscal Regime

You can copy a regime and edit it or create a new regime. If you are creating a new regime, you must add the country and currency to the project if they do not already exist. See Countries and Currencies Overview.

This procedure is performed on the Edit tab in the Fiscal Regimes Editor. To open the editor, click the Tools menu, point to Global Project Data and select Fiscal Regimes.

To create a regime

  1. Do one of the following:
    2. To Do this
    Create a new regime Click Add in the left corner, beneath the regime list.
    Create a copy of an existing regime, From the regime list on the left, select the regime you want to copy and click Copy.
  2. Type a regime name.
  3. If you copied a regime, go to the next step. If you are creating a new regime, select one of the following: Before Tax Regime, Tax Regime, Ring fence before tax regime, or ring fence tax regime.
  4. Click OK.
  5. Complete the following fields:
    6. Field Description
    Country The regime can be applied to all entities in this country.
    State/Province The regime can be applied to all entities in this state/province.
    Currency Currency for economic calculations.
    Regime Type Concession: The governing body provides the producer a concession to the rights to recover the oil and gas (and by-products) within a lease. Economic rent in the form of royalty, severance, and tax is typically claimed by the government as repayment of this concession. Contract: The producer does not own the oil and gas within the lease. The producer enters a contract with the governing body in which the producer agrees to develop and produce the property and receives various forms of revenue as repayment. Common terms in contract regimes include cost recovery and profit sharing.
    Categories Optional. Production categories available for selection when creating inputs and variables in the regimes.
    Subcategories Optional. Production subcategories available for selection when creating inputs and variables in the regimes.
  6. Click OK or go to the next step, Add Entity-level Regime Inputs or Add Regime-level Inputs.