The petroleum fiscal system for a country is essentially the taxation structure, including royalty payments, that has been established by legislation. More broadly, the fiscal system includes all aspects of the contractual and taxation framework that governs the relationship between the host...

By convention, the petroleum industry relies on thermal equivalence to summarize the results of upstream oil and gas operations — measuring outputs in terms of barrels of “oil equivalent.” This despite the fact that the two commodities trade at nothing like thermal parity. Drawing on a...