New Software Release

Product details

Merak Fiscal Model Library 2021.2 is a world-class collection of standardized fiscal models that support accurate economic results. The library contains more than 220 models covering most petroleum-producing countries. These customizable models can be used with the Peep module in the Merak planning, risk, and reserves software.

Merak Fiscal Model Library 2021.2 is available through an annual subscription, and custom fiscal-model solutions are available through a custom license. The easy installation format enables direct loading to machines equipped with the Peep module in Merak software, and any current Merak Fiscal Model Library models and add-ins.

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Release update

New models

The Merak Fiscal Model Library 2021.2 release includes the following new models.

Kazakhstan R/T (2018)

The Kazakhstan R/T (2018) model has been added to the library based on the code of the Republic of Kazakhstan of December 25, 2017, № 120-VI. The highlights of the model are: 

• State participation is allowed up to 50%. 
• Signature bonus, Production bonus, and surface rental are negotiable.
• Alternative tax is effective from 1 January 2018. The subsoil users are entitled to pay the alternative tax in lieu of the payment to recover historical costs, the mineral extraction tax and the excess profits tax.
• The alternative tax applies in respect of subsoil users carrying out exploration and production of hydrocarbons on: 
  
  • a contract for extraction and (or) combined exploration and extraction of hydrocarbons on the continental shelf of the Republic of Kazakhstan. 
  • a contract for extraction and (or) exploration and extraction of hydrocarbons at sites where the depth of the upper point of occurrence of hydrocarbons, specified in a mining allotment or, in case of no mining allotment, in a contract for extraction or exploration and extraction of hydrocarbons, is below 4500 meters and of the lower point of occurrence of hydrocarbons, specified in a mining allotment or, in case of no mining allotment, in a contract for extraction or exploration and extraction of hydrocarbons, is 5000 meters or lower. 
• Custom Export Duty is abolished on exported crude oil.
• The social Tax Rate is 9.5% of the Salary Fund from January 2018 onwards & 11 % of the Salary Fund from January 2025 onwards.
• The income tax rate is 20%.

Ghana R/T (2016)

The Ghana R/T (2016) model has been added to the library based on the laws Income Tax Regulations, 2016 (L.I. 2244), Petroleum Revenue Management (Amendment) Act 2015, Act 893, Petroleum (Exploration & Production) Act 2016, Act 919. The highlights of the model are: 

• Ghana National Petroleum Corporation (GNPC) takes an initial 15% carried interest through exploration and development. And will not reimburse the carried exploration costs.
• Royalty payable by the Contractors to the Government ranges from 4% to 12% of hydrocarbons produced & it depends on the petroleum agreement (PA) signed.
• Additional Profits Tax (APT) applies to a portion of the Contractor’s share of Oil and gas based on the Contractor’s After-Tax Real Rate of Return.
• The income tax rate is 35%.

Updated models

The Merak Fiscal Model Library 2021.2 release include the following fiscal update to model.

Canada Saskatchewan R/T (2009) 

A bug has been fixed such that enabling the GCA option on the SK Royalty OCX does not give an exception error.

Indonesia PSC (2017)

The following updates are made to the Indonesia PSC (2017) model:

• A bug has been fixed such that the abandonment fund deposits are calculated by straight-line accrual from production start to the anticipated end of the project.
• A bug has been fixed in the model such that the custom tab variable Prog Split Oil Price Flag is set to Flag instead of Normal.

Kazakhstan R/T (2009)

The following updates are made to the Kazakhstan R/T (2009) model:

• Social Tax Rate is 9.5% of the Salary Fund from January 2018 onwards and 11 % of the Salary Fund from January 2025 onwards.
• Income tax rate is 20% effective from 2018.

Papua New Guinea R/T (1998)

The following updates are made to the Papua New Guinea R/T (1998) model:

• The income Tax rate has been updated to 30%.
• Losses carried forward has been updated to 20 years.

Ukraine R/T (2004) 

Royalty rate has been updated for wells drilled pre and post-January 2018.

FML model locking 

An enhancement has been made such that users will have the ability to lock the FML model before exporting it to other users so that they cannot modify it.

Merak Fiscal Model Library, add-on library enhancements and fixes

Slb.Merak.Fml.PeepOcx.Canada_Shared.dll 

A bug has been fixed such that enabling GCA option on the SK Royalty OCX do not give exception error.