Introduction

Despite the uncertainty in the current global economic environment, the continued imposition of tax on income and gain from oil and gas operations remains a certainty. The scope, impact, and makeup of such taxes, however, are far from certain, especially in a global environment of constantly evolving tax and fiscal policy. Over the past five years, oil and gas investors, international and national oil companies, and sovereign and other governmental funds have ventured (and are expected to continue to venture) into new markets (both established and emerging) for a ...