Flexibility in contract design - is that possible?

Camén, Carolina; Tsaxiri, Panagiota; Aldenius, Malin; Lidestam, Helene

doi:10.1016/j.retrec.2020.100899

Cited by 5 publications

(2 citation statements)

References 12 publications

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“…This can have a negative impact on new hydrocarbon field exploration and development since direct investment from the contractor is required to develop these natural resources. Literature has shown the need for government to provide a more flexible tax policy so as to encourage investments in hydrocarbon exploration and production (Camen et al, 2020). Contractors have a strong and legitimate interest in a stable and reasonably predictable fiscal environment.…”

Section: Impact Of Price Sliding Royalty On Contractor's Outputmentioning

confidence: 99%

Impact of Production Sharing Contract Price Sliding Royalty: The Case of Nigeria’s Deepwater Operation

Okoro

Okoye²,

Okafor³

et al. 2021

IJEEP

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Petroleum fiscal regime has been a controversial issue in Nigerian economy. The basic issue is which regime will lead to the greatest benefit to the government without negatively affecting the performance of the international oil companies. Nigeria has in the past used different regime and had adopted the current price sliding royalty regime in 1996. The aim of this study is to examine how the new price sliding royalty affects the stake of government and contractors. This study adopts ex-post research design approach using data from various sources between 1980 and 2019. The autoregressive distributed lag (ARDL) regression approach was adopted for the data analysis. The unit root results reveal that the time series data consists of a mix of I(1) and I(0) variables. The ARDL bound cointegration test shows that all the variables specified in the models have long run relationship. Estimates from the models indicate that the royalty regime in the Deep Offshore and Inland Basin Production Sharing Contract has positive and significant impact on the stake of government in the long and short runs, but negative impact on the stake of contractors. Furthermore, the royalty regime has negative impact on contractors' performance in the long run. However, the impact on the three fiscal indicators (oil revenue, government expenditure, and deficit-GDP ratio) is positive. The study therefore recommends the repeal of the Nigerian petroleum fiscal policy with the new price sliding royalty to encourage investment and development of the petroleum sector.

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Section: Impact Of Price Sliding Royalty On Contractor's Outputmentioning

confidence: 99%

Impact of Production Sharing Contract Price Sliding Royalty: The Case of Nigeria’s Deepwater Operation

Okoro

Okoye²,

Okafor³

et al. 2021

IJEEP

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show abstract

“…In recent studies (Schepker et al, 2014;Cam en et al, 2020;Kujala et al, 2015;Song et al, 2018), some scholars argued that contracts are both business tools and flexible processes. Particularly in long-term projects, more contractual flexibility is required to address unforeseen future events and changes in the environment (Wang et al, 2017); hence, the flexibility of the contract management function is an integral aspect of PPP projects (Nguyen and Garvin, 2019).…”

mentioning

confidence: 99%

How does contract flexibility affect the sustainability performance of public–private partnership projects? A serial multiple mediator model

Tian

et al. 2022

ECAM

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PurposeThe risks and uncertainties of public–private partnership (PPP) projects threaten their sustainability. Contract flexibility, which is based on the theory of incomplete contract and transaction cost, may be a viable solution to this issue. The purpose of this study is to investigate the relationship between contract flexibility and the sustainability performance of PPP projects. The multiple mediating roles of justice perception and cooperation efficiency are assessed, thereby allowing the pathways and conditions to be understood more comprehensively for improving the sustainability performance of PPP projects.Design/methodology/approachNine hypotheses in the proposed research model are tested via structural equation modeling using data acquired from 218 Chinese PPP professionals.FindingsResults show that contract flexibility positively affects PPP project sustainability performance. Justice perception and cooperation efficiency play direct and sequential mediating roles in this effect.Originality/valueThis study validates that contract flexibility positively impacts the sustainability performance of PPP projects, where justice perception and cooperation efficiency serve direct and sequential mediating roles. The findings of this study contribute to an improved understanding of the effect of contract flexibility on the sustainability performance of PPP projects. Furthermore, they provide important theoretical and practical insights into contract management as well as beneficial information and valuable initiatives for improving the sustainability of PPP projects.

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Impact of various methods for choosing a railway undertaking: Case evidence from the Czech Republic

Špetík

2022

Case Studies on Transport Policy

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Flexibility in contract design - is that possible?

Cited by 5 publications

References 12 publications

Impact of Production Sharing Contract Price Sliding Royalty: The Case of Nigeria’s Deepwater Operation

Impact of Production Sharing Contract Price Sliding Royalty: The Case of Nigeria’s Deepwater Operation

How does contract flexibility affect the sustainability performance of public–private partnership projects? A serial multiple mediator model

Impact of various methods for choosing a railway undertaking: Case evidence from the Czech Republic

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