are being raised modestly, due to weaker overall gas and NGL prices in relation to crude oil prices, as a percentage of sales.
Humphrey compared what had been proposed to production taxes
that have been collected for years on oil and gas.
"The money from the oil and natural gas production taxes
just goes back to the state - and they redistribute it," said former Nueces County Judge Richard Borchard, who lives in DeWitt County.
Part I of this Note divides the history of oil production taxes
in Alaska into five periods and examines the legislative histories behind each.
It was estimated to bring in $500 million to the state, $400 million of that in reduced and deferred tax credit spending and $100 million in additional oil production taxes
. It didn't get a warm reception at the Legislature, however.
But industry body Oil and Gas UK said: "Despite the projected fall in production taxes
, the industry will remain a significant employer, provider of energy security, hub of innovation and leader in exports."
Benjamin Bridgman, an economist at the Bureau of Economic Analysis, recently explored this issue in a recent study, taking a look at the role of depreciation and production taxes
JKX Oil & Gas said it would substantially reduce its capital expenditure to offset the impact of higher production taxes
introduced by the Ukrainian government last month.Shares in company fell more than 12.5 per cent in early trading, making the stock one of the top per centage losers on the London Stock Exchange.JKX, which has most of its production assets in Ukraine and Russia, said last month that it would take "operational and financial measures" after Ukraine almost doubled its gas production tax rate to 55 per cent between August 1 and the end of the year.
EVEP's share of reserves and production include estimated proved reserves of 62.3 BCF and estimated probable reserves of 30.7 BCF; 100% natural gas and 58.4% proved developed; 71 identified low-risk proved and probable drilling locations, with an estimated average drilling and completion cost of USD0.85 to USD0.90 per MCF; net daily production of 13.1 MMCF/D; current lease operating costs, including ad valorem taxes, of USD0.65 to USD0.75 per MCF of production and production taxes
of 1.7% to 2.1% of revenue.
These costs are lease operating expenditure and production taxes
, excluding overheads, corporate costs and capital expenditure.
The utility giant said higher wholesale prices, weak consumption and higher North Sea production taxes
will all hit its financial performance.