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User's Guide: Merak Fiscal Model Library For World Peep

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441 views61 pages

User's Guide: Merak Fiscal Model Library For World Peep

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Tripoli Mano

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User’s Guide

Merak Fiscal Model Library

For
World Peep

Copyright © 2007 Schlumberger.

Fiscal Model Library

The information in this document is subject to change without notice. The software in this document
is furnished under a license agreement. This software may be used or copied only in accordance
with the terms of such agreement.

Merak Peep® is a registered trademark of Schlumberger.

User’s Guide – Merak Fiscal Model Library V3.3 i

Copyright © 2007 Schlumberger.
All rights reserved.
April 2007
Merak Fiscal Model Library
Support
Phone: (713) 621-1165 (Code 1813)
E-mail: [email protected]

User’s Guide – Merak Fiscal Model Library V3.3 ii

Copyright © 2007 Schlumberger.
All rights reserved.
April 2007
Table of Contents
1 Overview..................................................................................................................................... 1
1.1 Introduction ........................................................................................................................ 1
1.2 Model Design..................................................................................................................... 1
1.3 Add-in Functions................................................................................................................ 3
1.4 Model Assumptions ........................................................................................................... 3

2 How to Use the Models ............................................................................................................. 5

2.1 Creating a New Case ........................................................................................................ 5
2.2 Selecting a Model .............................................................................................................. 5
2.3 Entering Production, Prices, Opcosts, Capital .................................................................. 6
2.4 Entering Working Interests ................................................................................................ 6
2.4.1 Company Interests ............................................................................................... 6
2.4.2 Company Interests Reversion .............................................................................. 7
2.4.3 Company Interests – US Producing models ........................................................ 9
2.4.4 NOC and Partner Participation ........................................................................... 10
2.5 Carry Payback ................................................................................................................. 12
2.6 Setting in Participation Add-in When Carry Payback is a Loan Repayment................... 13
2.7 Setting Participation Add-in in a PSC with FIFO Cost Recovery Allocation.................... 14
2.8 Fuel and Shrinkage ......................................................................................................... 15
2.9 Drilling Cost Scheduling .................................................................................................. 16
2.10 Tangible / Intangible Splits .............................................................................................. 16
2.11 View/Change Fiscal Terms.............................................................................................. 16
2.12 Net Reserve Additions ..................................................................................................... 18
2.13 Opening Balance ............................................................................................................. 21
2.14 Opening Balance Input for Depreciation Add-in .............................................................. 21

3 Reporting.................................................................................................................................. 23
3.1 Report Types ................................................................................................................... 23
3.1.1 Level 1 Reports .................................................................................................. 23
3.1.2 Level 2 Reports .................................................................................................. 24
3.1.3 Level 3 Reports .................................................................................................. 27
3.2 Full Cycle vs. Point-Forward Economics......................................................................... 27

4 Ring Fencing and Consolidations ......................................................................................... 29

4.1 Ring Fencing – Input Consolidations............................................................................... 29
4.1.1 Key aspects of Input consolidations: .................................................................. 29
4.2 Ring Fencing – Tax Recalculation Consolidations .......................................................... 29

User’s Guide – Merak Fiscal Model Library V3.3 iii

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April 2007
4.3 Aggregation Consolidations – Incremental Value ........................................................... 30
4.3.1 Incremental Economics ...................................................................................... 30
4.4 Consolidation Examples: ................................................................................................. 30
4.4.1 Input Consolidation............................................................................................. 31
4.4.2 Tax Recalculation – Consolidation ..................................................................... 32
4.4.3 Aggregation Consolidation – Incremental Value ................................................ 34

5 Fiscal Model Library Standards ............................................................................................. 35

5.1 Input Standards ............................................................................................................... 35
5.1.1 Operating Costs (Opcost tab)............................................................................. 35
5.1.2 Capital Costs (Capital tab).................................................................................. 36
5.2 Modeling/Output Standards............................................................................................. 36
5.2.1 Project Level Variables (Burden tab).................................................................. 36
5.2.2 Company Level Variables (for Capital Planning) ............................................... 37

6 Definitions and Description of Economic Indicators .......................................................... 40

7 FML Add-In Functions ............................................................................................................ 41

7.1 FML Add-in Functions – Lookups.................................................................................... 41
7.2 FML Add-in Functions – Data Input................................................................................. 41
7.3 FML Add-in Functions – Links to data files ..................................................................... 42
7.4 FML Add-in Functions – Data Control ............................................................................. 43
7.5 FML Add-in Functions – Data Management.................................................................... 43
7.6 FML Add-in Functions – Cost Recovery.......................................................................... 44
7.7 FML Add-in Functions – Depreciation ............................................................................. 44
7.8 FML Add-in Functions – Income Tax .............................................................................. 45
7.9 FML Add-in Functions – Loan Calculations..................................................................... 45
7.10 FML Add-in Functions – Other ........................................................................................ 46
7.11 FML Add-in Functions – Contract Specific ...................................................................... 46

8 FML Model Utilization and Model Management System ..................................................... 47

8.1 FML Models or Generic Models ...................................................................................... 47
8.1.1 Usage of the Generic Models ............................................................................. 47
8.1.2 Naming Convention of FML Generic Models ..................................................... 47
8.2 Client-Specific Models ..................................................................................................... 47
8.2.1 Usage of the Client-Specific Models .................................................................. 48
8.2.2 Naming Convention of Client Specific Models ................................................... 48
8.2.3 Client Model Conversion Process for FML Subscribers..................................... 48
8.3 Custom Models and Consulting Models .......................................................................... 48
8.3.1 Custom Models................................................................................................... 48

User’s Guide – Merak Fiscal Model Library V3.3 iv

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April 2007
8.3.2 Consulting Models .............................................................................................. 49

9 Sample Reports and Graphs .................................................................................................. 49

User’s Guide – Merak Fiscal Model Library V3.3 v

Copyright © 2007 Schlumberger.
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April 2007
List of Figures
Figure 1 Product Grouping................................................................................................................. 2
Figure 2 Model Structure.................................................................................................................... 2
Figure 3 Add-in Columns ................................................................................................................... 3
Figure 4 FML Assumption Sheet Sample .......................................................................................... 4
Figure 5 Adding a new Peep Case .................................................................................................... 5
Figure 6 Selecting the Model ............................................................................................................. 6
Figure 7 Use of Peep’s Interest tab for Company Interests............................................................... 7
Figure 8 Interest Reversions using Triggers or Array ........................................................................ 8
Figure 9 Interest Settings for US Producing models.......................................................................... 9
Figure 10 Overriding Royalty Settings. ............................................................................................ 10
Figure 11 Participation Columns...................................................................................................... 10
Figure 12 NOC Participation Settings .............................................................................................. 11
Figure 13 Partner Participation Settings ........................................................................................... 12
Figure 14 Carry Payback Columns ................................................................................................... 13
Figure 15 Carry/Loan Setting in Participation Add-in........................................................................ 14
Figure 16 Cost Recovery Allocation Add-in (FIFO) and Participation Settings ................................ 15
Figure 17 Percent Tangible Settings................................................................................................. 16
Figure 18 View/Change Fiscal Terms............................................................................................... 17
Figure 19 Sample Fiscal Term Settings............................................................................................ 17
Figure 20 Net Reserves Additions Column....................................................................................... 18
Figure 21 Net Reserve Additions Settings ........................................................................................ 19
Figure 22 Manual Reserves Scheduling Options ............................................................................. 20
Figure 23 Manual Reserve Additions on the Custom Tab ................................................................ 20
Figure 24 Opening Balance Input Example ...................................................................................... 21
Figure 25 Opening Balance Examples in Depreciation Add-in......................................................... 22
Figure 26 Selecting Level I Reports.................................................................................................. 24
Figure 27 Selecting Level II Reports................................................................................................. 25
Figure 28 Reporting Structure........................................................................................................... 26
Figure 29 Setting Report Start Date for Point Forward Economics .................................................. 28
Figure 30 Selecting Cases for Consolidation.................................................................................... 31
Figure 31 Consolidation Settings ...................................................................................................... 31
Figure 32 Selecting Cases for Tax Recalculation ............................................................................. 32
Figure 33 Consolidation Settings for Tax Recalculation ................................................................... 32
Figure 34 Tax Treatment................................................................................................................... 33
Figure 35 Aggregation....................................................................................................................... 34

User’s Guide – Merak Fiscal Model Library V3.3 vi

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April 2007
Figure 36 Aggregation Settings ........................................................................................................ 35
Figure 37 Sample Graphics Report (Company Economics)............................................................. 50
Figure 38 Sample Graphics Report (Fiscal Regime Analysis).......................................................... 51

User’s Guide – Merak Fiscal Model Library V3.3 vii

Copyright © 2007 Schlumberger.
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April 2007
1 Overview
1.1 Introduction
This User’s Guide is divided into several sections that cover the general structure and features of the
Models, and how to use them. Merak Fiscal Model Library (FML) models are very flexible and allow
users to modify fiscal terms inside a Peep Case (instead of having to maintain multiple models).
Fiscal Model Library models are based on a very detailed set of standards, ensuring that a high level of
quality and consistency is achieved and maintained. Some of the model features are:
• Standardized Inputs & Outputs
• Standardized modeling approach gives all models the same look and feel
• Tracking of Net Entitlements, Reserves, and Revenues for Oil, Gas, NGL
• Ability to report economics (Cash Flows, Indicators, Reserves) for Contractor, NOC, Company,
Partner, and State
• NOC and Partner Carries/Promotes
• Automated PDP Reserve Booking (based on well count, drilling capital)
• Opening Balances for Cost Recovery, Depreciation, Tax Losses, Carried Costs
• One model can be used for multiple blocks with different contractual terms
• Model design (material balance approach) makes the models easy to audit

1.2 Model Design

All Fiscal Model Library models are built within a framework that enables standardization across the wide
variety of petroleum fiscal regimes. There are 3 types of standards in the models (see Section 5 for more
detail):
1. Input Standards – Operating and Capital Cost Categories for linking to engineering systems
2. Modeling Standards – Rigorous naming conventions that give all models same look and feel
3. Output Standards – Net Revenue, Net Reserves, Cash Flows for linking to planning
Fiscal Model Library input and output standards are a foundation and do not limit the ability to add
additional standard variables (e.g. financial reporting) as part of a custom solution for a client.
To facilitate tracking of net revenues and reserves for Oil, Gas and NGL, the Fiscal Model Library
simplifies Peep’s numerous products in to these 3 streams (see Figure 1). All fiscal calculations are then
performed against these product groupings.

User’s Guide - Merak Fiscal Model Library V3.3 1

FML
Peep Products
Product Groups
Oil
Oil
Condensate

Gas1
Gas
Gas2

Propane
NGL
Butane

Ethane

As part of the modeling standards, the FML utilizes a strict naming convention to make the variable
names intuitive and clearly defined. This makes report building much easier. Project-level variables are
assigned the prefix “Proj.” Variables pertaining to the Host Country are assigned the prefix “NOC,” “Govt”
or “State.” Variables pertaining to the Contractor Group are assigned the prefix “Contr,” “Comp” or “Part.”
The following flow chart illustrates the model structure and the relationship between the parties:

Figure 2 Model Structure

Project (Proj)

Contractor National Oil Company

(Contr) (NOC)

Company Partner
(Comp) (Part)

“Govt” and “State” variables do not appear in the flow chart since they do not represent a discrete portion
of the project’s cash flow, but rather a combination of the NOC cash flow, Profit Share and Taxes. These
variables are primarily used for reporting purposes.
In general, go to the Burden and Tax tabs of a Case to view/change the Fiscal terms

User’s Guide - Merak Fiscal Model Library V3.3 2

Copyright © 2007 Schlumberger.
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April 2007
1.3 Add-in Functions
The add-ins represent a library of coded modules that perform complex functions and provide user
interfaces which enhance Peep’s modeling capabilities and present a user-friendly vehicle for viewing or
changing fiscal terms. In addition, they enable fiscal data to be stored in a Peep Case, so each Case can
represent a different set of fiscal terms. Hence, add-ins extend Peep’s usability beyond producing assets
and into exploration and business development groups.
Any column with the notation “(Add-in)” in the column title (see Figure 3) will access Add-in settings and
the relevant definition and help text. These columns manage the core calculations of any of the FML
models. To view or modify the settings, click the Properties… button (see Figure 3) at the top of the case
column. This will display a secondary menu where the user must select Add-in Settings… Please note
that the Edit Holiday… option does not apply to FML models and will NOT work with the (Add-in)
columns. Holidays are easily modeled by modifying the rate-time tables in the Add-in Settings….

Figure 3 Add-in Columns

Column heading
indicating an Add-
in is used to make
the calculation.

Click this button to

modify the Add-in
settings from the
case. Select Properties…,
then Add-in Settings…
to modify the settings
(see Figure 2).

The window (often referred to as the “User Interface” in this user’s guide) that is displayed after clicking
the Add-in Settings… option is dependent upon the type of calculation the Add-in is performing. The
interface will have a title indicating which fiscal term is being exposed.
The Add-in functions display the model default settings when first opened. To override these settings,
select the Override Model Defaults option. Users can add new tiers and delete existing tiers using the
buttons. To edit existing tiers, double click on a specific cell. User-modified settings are stored with the
Case and do not have an impact on the model. This allows multiple Cases to represent different contract
terms, which is particularly useful for contract negotiations, or for simply using a single model with multiple
producing blocks.

1.4 Model Assumptions

Assumption sheets are provided for each model. The assumption sheet summarizes the model’s fiscal
terms and default settings. An example is provided below. The entire set of assumptions is included in
your installation CD – in the “Assumptions” folder. The Assumption sheets for client’s specific models
are also available with the customized models distributed with the delivery for client’s models.

User’s Guide - Merak Fiscal Model Library V3.3 3

User’s Guide - Merak Fiscal Model Library V3.3 4

2.1 Creating a New Case

To create a new Peep case:
1. From the File menu select New > Case, OR In the Peep Select window, click the Cases tab, then
right click on the All Cases folder. Choose New Case Document (see Figure 5).

Figure 5 Adding a new Peep Case

The New Case dialog box opens.

2. Type the name of the new case. Give each case a unique name up to thirty characters in length,
and then click OK. The dialog box closes and the new case opens, displaying the tabs that are
the containers for the economic data.
3. On the Parms tab and the General side tab of the new case, click the Model Select… button to
link the case to a model.
4. Users can then enter the pertinent production, price, operating costs, capital costs, burdens and
so on.

2.2 Selecting a Model

Select a model by clicking on the Model Tab within the Peep Select Window (see Figure 6) and
expanding the folder entitled All Models. Double click on a specific model to open it.

User’s Guide - Merak Fiscal Model Library V3.3 5

2.3 Entering Production, Prices, Opcosts, Capital

Refer to Peep’s Help Manual for general instructions on how to enter data.
Please note the following points carefully:
• It is very important that users always include a price for each product stream entered in the case.
This is because FML models back-calculate the Prices that are used for modeling and reporting.
If there is no price associated with a given production stream, the back-calculated price with be
incorrect.
• The ‘Delay’ depreciation setting on the Capital Detail tab does not work with FML models since
the FML models do not use Peep’s depreciation.
The FML Models include the ability to schedule depreciation in the Add-in setting on the Tax tab.
• FML models do not always support Peep’s feature of automatically scheduling abandonment at
the economic limit of the case*. If a model calculates an abandonment fund on the Burden tab to
which contributions are made throughout the life of the project, or Abandonment costs are cost
recoverable, then Peep does not calculate the Economic Limit early enough in the calculation
sequence for Abandonment to be scheduled and included. In these models, the FML treats
abandonment as a normal capital expenditure, and the 0000 00 date feature will not work.
*The FML Model description (in Parms - User Parm side tab) will indicate whether the model does
or does not support this feature.

2.4 Entering Working Interests

Fiscal Model Library models track the interests of several parties, including the NOC, Company,
Contractor Group and one other Partner. To do this, an add-in is used to provide Participation settings for
the NOC and a Partner.

2.4.1 Company Interests

Company interests are entered in the Interests tab of a Peep Case. Type the interest percentage in the
Initial (%) column for each product (see Figure 7).

NOTE: Company Interests are entered as a % of the foreign Contractor group (which may have
less than 100% of the contract if the NOC participates). The model automatically adjusts the
Company and Partner effective interests based on the NOC Participation settings.

User’s Guide - Merak Fiscal Model Library V3.3 6

Copyright © 2007 Schlumberger.
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April 2007
The following interests on the Interests tab are used by FML models:
Operating Interest: Applies to all Operating Costs, Bonuses and Fees, etc. (called ‘Comp
Working Interest Opex’ in our model standards and reporting)
Oil Interest: Applies to the revenue from ALL products. Due to the structure of the
International contracts, it is very rare that companies have differing
interests in the different products. (called ‘Comp Revenue Interest’ in our
model standards and reporting)
Capital Interest: Applies to all development capital items including facilities, pipelines and
abandonment. (called ‘Comp Working Interest Dev’ in our model standards
and reporting)
Exploration Cap: Applies to all Exploration and Appraisal capital items (called ‘Comp
Working Interest Expl’ in our model standards and reporting)

Figure 7 Use of Peep’s Interest tab for Company Interests

Represents ‘Comp Working

Represents ‘Comp
Interest Opex’
Revenue Interest’

Interests not used

by FML models

Represents ‘Comp Represents ‘Comp

Working Interest Dev’ Working Interest Expl’

2.4.2 Company Interests Reversion

The Interest inputs can be set to change over time by changing the ‘Revert’ column to ‘Yes’, or ‘Array’
using the dropdown menu (see figure 8).
st nd rd
If the ‘Yes’ option is selected, the interest reversions then can be set by entering the 1 , 2 , and 3
Reversion Rates in the next columns on the tab. The condition for the triggers can be set based on % of
Capital, Capital Amount, Produced Volume, and Specific Date on the ‘Triggers’ side tab. If the ‘ARRAY’
option is selected, the interest reversion is then controlled by the Int. Array side tab. In the bottom
picture, the Operating Interest % column becomes editable after the ‘ARRAY’ column is selected on the
Reversion tab.
NOTE: Peep’s Interest Reversions DO NOT WORK with INPUT CONSOLIDATIONS (‘sum inputs first’
option). This is not a function of FML models but an issue with Peep.

User’s Guide - Merak Fiscal Model Library V3.3 7

User’s Guide - Merak Fiscal Model Library V3.3 8

Copyright © 2007 Schlumberger.
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April 2007
2.4.3 Company Interests – US Producing models
There are certain models that do not conform to the FML standards concerning the inputs of Company
Interests. The US Royalty/Tax fiscal regime models are tailored for specific needs of companies that have
producing assets.
Interests Settings and Net Revenue Interests (Interests tab)
The Interests settings for Company’s share of gross revenues and costs are set on the Interests tab.
Figure 9 shows the summary of the interests input on the Interests tab and the usage of each interest
input.
The interest settings for the US Producing models differ from the standard FML Interests input for the
Revenue and Operating Interests. The applications of interests are listed below.
- Oil, Gas1, and Byproduct Interests are used for the Net Revenue Interest (NRI) (Definition: NRI
Revenue = Working Interest Revenue – Royalties)
Oil Interest is applied to NRI for Oil Product Group.
Gas1 Interest is applied to NRI for Gas Product Group.
Byproduct Interest is applied to NRI for Byproduct Product Group.
- Operating Interest is used for both Revenue Interest (used for ORR Calculation) and Operating
Cost Interest.

Other interest inputs adhere to the FML standard. Those interest inputs are same as the usual FML
interests, which are listed below.
- Capital Interest – used for Development Capital Interest.
- Exploration Cap – used for Exploration Capital Interest.
- *Other Inc. Interest and Royalty Interest are not used.

Figure 9 Interest Settings for US Producing models.

User’s Guide - Merak Fiscal Model Library V3.3 9

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April 2007
Overriding Royalty (ORR side tab in Interests tab)
The Overriding Royalty Interest can be entered on the ORR side tab of the Interests tab if a company is
receiving or paying the ORR. The ORR Received and ORR Paid can be input as % of Sales Revenue
(Gross or Net) separately for Oil, gas, and Byproduct. The ORR rate for each product can also be
reverted using the settings on the ‘Trigger’ side tab if the ‘Revert’ checkbox is checked.

Figure 10 Overriding Royalty Settings.

2.4.4 NOC and Partner Participation

The NOC and Partner participation settings are entered using an Add-in designed to provide a straight-
forward user-interface to enter these values and options on a single screen. These settings can be found
on the Burden – Custom side tab as illustrated below:

Figure 11 Participation Columns

Selecting Add-in Settings will display the user interface provided:

User’s Guide - Merak Fiscal Model Library V3.3 10

Notes on the User Interface:

Display Mode
The ‘Basic’ option reduces the interest options to three columns; Revenue, Working and Carried. The
“Advanced’ option allows interests to be different for Exploration, Development and Operating Costs.
Selecting ‘Basic’ will automatically set Exploration, Development and Operating interests (Working &
Carried) to be the same.
Party Type
The Party Type is set in the model and allows the generic Participation add-in to be used for both NOC
and Partner calculations. The only difference between the NOC and Partner is that the NOC Participation
only allows the Carried Interest to represent the Contractor carrying the NOC (i.e. it is assumed the NOC
would never carry the Contractor group). You will notice that when the Partner is selected as the Party
type there are additional comments and an option to control who is carrying who (see below).

User’s Guide - Merak Fiscal Model Library V3.3 11

Initial Interest
These are the NOC or Partner interest positions as of the Evaluation Date of the Peep Case.

Interest Changes
These refer to the changes to the Initial Interests as defined by a number of Trigger options. FML models
currently support the following Triggers in this interface: Date, Prod Vol >, Prod Rate >, Cum Prod Vol >.
The default production stream used by the triggers is Project level total production (BOE). The order of
the changes entered has no impact on the calculations. The interface will honor each interest reversion
regardless of how it is entered.
Refer to the following reports to view Participation settings:
• NOC Participation
• Comp/Part Participation

2.5 Carry Payback

The payback of carries is defined by two additional settings on the Burden Tab. The two relevant
columns are the % of Revenue for Carry Payback and the Carry Payback.
The Carry Payback calculation determines the recovery of Carried costs. The carried costs are
determined by the Participation settings for the NOC and/or Partner on the Custom side tab of the Burden

User’s Guide - Merak Fiscal Model Library V3.3 12

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tab. The result returned to this column is a % of the revenue available for payback. Users can apply
interest to the carried costs balance either from the date of expenditure start or the date of repayment
start.
The revenue used for payback is defaulted in the model to the Net Revenue of the party, before
deducting that party’s share of costs. If users need to modify the carry payback calculation please contact
FML support.

Figure 14 Carry Payback Columns

The four carry

payback columns
seen in this
screen capture
are at the far right
of the Burden
Tab in the case.

Refer to the following reports to view Carry Payback settings and calculations:
• Contr NOC Carried Costs
• Contr NOC Carry Payback
• Comp/Part Carry Payback
• Comp Carried Costs
• Part Carried Costs

2.6 Setting in Participation Add-in When Carry Payback is a Loan Repayment

The Participation add-in includes an option for Carried Costs and Carry Payback to be calculated as loan
repayment or as revenue to the carrying party.
The effect of the Carry/Loan option is on the reserve entitlement and the Taxable Revenue of each party.
If the ‘Treat Carry as a Loan’ option is checked (as shown in Figure 12), the carry payback revenues will
be considered as a loan repayment, while the equivalent volume from the repayment is considered as
reserves for the carried party.
On the other hand, if the option ‘Treat Carry As A Loan’ is not checked, the carry payback revenues will
be considered as a revenue for the carrying party, thus the reserves volume equivalent is considered to
be the reserves of the party that paid the carried costs (FML Default for Carry Interest is: Contractor
carries NOC and Company carries Partner). Note that most of the models handle the carry payback as
revenue for the carrying party by default. Figure 12 shows an example of the Participation settings
screen and the cash flow report.
Important!: *If the “Treat Carry As A Loan” option is checked, the Working Interest input(s) must
be entered with the same rate as the Carried Interest input(s) in the carried periods. This ‘working
interest = carried interest’ setting is required for proper calculation of the Contr/Comp (and Part) Loan
Costs and Loan Revenues. For the periods where there is no carry, set the Carried interests to 0%.

User’s Guide - Merak Fiscal Model Library V3.3 13

*If the “Treat Carry As A Loan” option is checked, the Working

Interest value(s) must be entered with the same rate(s) as the
Carried Interest inputs.

Carried Costs and Payback Revenues will be reported in “Other Inc

(Exp)” Column in Cash Flow Report if the option “Treat Carry As A
Loan” is checked.
If the option is not checked, the carried costs will be included in
Bonuses/Capex/Operating Costs columns where the payback
revenues will be included in Net Revenues column (and will be
considered as reserve entitlement for Company).

2.7 Setting Participation Add-in in a PSC with FIFO Cost Recovery Allocation
In PSC models, if the Cost Recovery Allocation method is set to First-In-First-Out (FIFO) method, the
Carried Interests for the carried party must be set to 0%. Also, the ‘Treat Carry As A Loan’ option has
to be unchecked (as the carried costs are recovered from cost recovery allocation as a revenue for the
carrying party). No error will be reported if these parameters are not correctly set. However, the
Contractor and Company Net Revenues will be overstated due to the double counting of Carried Costs by
means of Cost Recovery and NOC Payback Revenue.

User’s Guide - Merak Fiscal Model Library V3.3 14

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April 2007
Figure 16 Cost Recovery Allocation Add-in (FIFO) and Participation Settings

If set the Cost Rec Allocation method to FIFO;

a) Do Not Enter Carried Interests.

2.8 Fuel and Shrinkage

Fuel Volume and Fuel Shrinkage Percent for Oil, Gas and NGL are entered in the Custom tab.
Gas shrinkage can also be entered as a percentage or as a volume in the Product tab for Gas 1 and
Gas 2. Entries in more than one of these columns are added together.

User’s Guide - Merak Fiscal Model Library V3.3 15

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April 2007
Unless the model contract specifically states otherwise, sales volumes (i.e. produced volumes less
shrinkage) are used as the basis for royalties and other production-dependent terms in the models.

2.9 Drilling Cost Scheduling

Users can enter drilling capital as a dollar amount in the Capital Tab for Exploration Drilling (Success/Dry
Hole), Appraisal Drilling (Success/Dry Hole), and Development Drilling (Success/Dry Hole).
Refer to the following reports to check drilling capital input:
• “Proj Capital – Appr Drilling”
• “Proj Capital – Dev Drilling”
• “Proj Capital – E&A Drilling”
• “Proj Capital – Expl Drilling”

2.10 Tangible / Intangible Splits

For income tax purposes, some models will require users to differentiate between Tangible and Intangible
capital. The splitting of Capital categories (e.g. Drilling) between Tangible and Intangible is done in the
Custom tab (on the far right). FML models assume that this split is primarily required for drilling and
assumes all other development capital is Tangible, and other Exploration is Intangible. Generally, tangible
capital is depreciated and intangible capital is expensed, depending on the specific regime. The following
image from the Custom Tab of a Case shows the Tangible split settings for successful E&A Drilling and
Dev Drilling. Dry Holes are assumed to be 100% intangible.

Figure 17 Percent Tangible Settings

2.11 View/Change Fiscal Terms

FML models are designed to expose majority of relevant fiscal terms at the Case level in Peep. They are
located on either the Burden Tab or the Tax Tab of the case and can be viewed/modified by clicking the
Properties… button (see Figure 13) at the top of the case column. This will display a secondary menu
where the user must select Add-in Settings…

User’s Guide - Merak Fiscal Model Library V3.3 16

Click on this button

to modify the Fiscal
Term settings from
the case. Select Properties…,
then Add-in Settings…
to modify the settings.

Figure 15 below illustrates how to view or change the settings, using the Profit Sharing Rate fiscal term as
an example. A general description for each fiscal term’s settings is provided in the help text which can be
viewed by making the right-click on a column header and choosing Display Model Help Text ….

Figure 19 Sample Fiscal Term Settings

Click to add or
remove a tier.

Input the values

for specific tiers
Select “Override Model Defaults”
to modify any settings

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NOTE: If the Fiscal Term column returns a rate (%, $/Bbl, or flag (1 or 0)), then this will be displayed in
the Burden or Tax column immediately after running the Case. This is useful to see what fiscal terms
you have set.

2.12 Net Reserve Additions

The Reserves Add-in allows users to schedule Company Net Reserves Additions by a variety of methods,
automated or manual. This Add-in is located on the Tax Tab.

Figure 20 Net Reserves Additions Column

Click to edit or view

settings (see Figure
18).

User’s Guide - Merak Fiscal Model Library V3.3 18

Click to access the

Calculations can be Manual Entry settings.
turned off at the
case or
consolidation level.
This is useful if net
reserve additions
are based on case-
level settings, but
UOP based
depreciation is
recalculated at a
higher level.

The option Manual must be

selected in the Add-in if users
wish to input reserve
additions manually.

Use the drop down menu to select the method of adding reserves. The option Pro-rate Based on
Successful Drilling is the default setting. If users wish to add reserves manually, the option Manual
must be selected.

Click the Detail… button (Activated If the Manual option is selected) to select a method of Manual Entry (see
figure 19).

User’s Guide - Merak Fiscal Model Library V3.3 19

Choose whether to use the

automated Add-in settings
or the Custom Column
(see Figure 20) for Manual
Entry.

Figure 23 Manual Reserve Additions on the Custom Tab

For manual entry using

the Custom Column,
insert reserve additions

Refer to the “Comp Net Reserve Additions” report to check results.

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2.13 Opening Balance
The Fiscal Model Library Add-ins allow users to enter opening balances for Cost Recovery, Depreciation,
Tax and Carry calculations. This gives the ability to calculate point-forward economics without having to
enter historical time series data. The opening balance is applied at the Evaluation Date of the Case or
Consolidation.

Figure 24 Opening Balance Input Example

Enter
Opening
Balance for
un-recovered
costs.

2.14 Opening Balance Input for Depreciation Add-in

The Capital depreciation for fiscal calculations such as Cost Recovery depreciation or Income Tax
deduction is handled by the FML Depreciation add-in. The FML Depreciation add-in has multiple
opening-balance input capability that expands the flexibility of the FML models to be able to handle the
evaluation for cases that has historical costs prior to the start of the case. The implication of the historical
costs is that they do not affect cash flow as a capital investment in the project, but applied as Tax
Deduction or Cost Recoverable items in the economic evaluation. Figure 22 shows an example for
Opening Balance input and Manual Depreciation input in depreciation add-in.
The Depreciation add-in uses the Opening Balance and the Manual Depreciation inputs differently,
which serves different adjustment purposes in point-forward evaluation of existing projects with limited
historical information or for individual projects that use book value depreciation method.
The Opening Balance input (Gross or Net) for each tier will be added to that tier’s depreciation balance
and will be depreciated as per the depreciation setting for the tier. If there are values input in the Manual
Depreciation column on Burden-Custom side tab these are considered to be the additional depreciation
value of that period. Both the opening balance and the sum of manual depreciation input column would
be added to the Opening Balance of year 0.

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(1) Opening Balance – Enter Net Balance for Company Income Tax Depreciation, or
Gross Balance for Project Cost Recovery Depreciation. Balance entered will be
added to the balance in the year 0 and will be depreciated as per the depreciation
schedule for its tier that is set in the add-in.

(2) Manual Depreciation Input – (Burden-Custom side tab) is the column for users to
manually input depreciation schedule for the depreciation group. Values input in this
column will be calculated as the value depreciated in the year it is entered. Total
value will be added into the depreciation balance in the year 0.

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3 Reporting
3.1 Report Types
The FML standard reports are divided into 4 major categories, each one adding another level of detail to
the previous level. Level 1 reports include economic summary and general input reports. Level 2 reports
break down the Level 1 cash flow report for the Company interest. Level 3 reports include summaries of
all fiscal calculations in the models, and details of any carries. These reports exist at the level of the
calculation (Project, Contractor, or Company). Level 4 reports constitute the detailed breakdown of the
level 3 summaries and any other reports.
Reports are categorized as either “Any Model” or “Regime Specific.” “Any Model” reports utilize the FML
standards, and will work with any FML model though in some cases a report may exist as a Regime
Specific report for a particular model.

3.1.1 Level 1 Reports

It is recommended that users always use Level 1 Reports. These reports summarize the key inputs and
outputs and present the after-tax cash flow for all the different parties (Company, Contractor, NOC, and
Partner). Level 1 reports are Peep Sectional reports, and the recommended selections are:
• Input Summary
• Economic Summary (Comp)
Economic Summary reports are also available for different parties (Contr, NOC, Partner, State), but users
often only need to use these when negotiating.
Note: The Economic Summaries for Company and Contractor should yield identical results when
Company is 100% of Contractor group.
To select level I reports (in a case or consolidation), choose the Select Reports… option from the
Reports menu OR by right clicking on any report OR by clicking the Select Reports icon. Click the Add…
button and select the desired reports listed under Sectional Reports - Any Model (see Figure 23 below).

User’s Guide - Merak Fiscal Model Library V3.3 23

3.1.2 Level 2 Reports

Level 2 reports breakdown the company cash flow elements, and allow users to understand what is
included in each column of the Company Cash Flow report. These reports only exist at the Company
interest. They include reports that verify the consistency of the cash and production balance between the
parties, and are as follows:
• Comp Net Revenue
• Comp Bonuses & Fees
• Comp Operating Costs
• Comp Tariffs
• Comp Production & Asset Taxes
• Comp Capital Costs
• Comp Other Income & Expense
• Comp Income Taxes
• Comp Net Reserves
• Who Gets The Money? - a material balance of project revenues
• Who Gets The Production? – a material balance of project volumes

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Level I Level II Level III Level IV

Economic Summary (Party) Comp Net Revenue Proj Royalty Proj Profit Sharing - Oil

Comp Participation Comp Bonuses & Fees Proj Profit Sharing Proj Profit Sharing - Gas

Comp Operating
Input Summary Proj Cost Recovery Proj Profit Sharing - Rate
Costs

Proj Production
Comp Tariffs Proj Cost Rec - Opcost
Bonus

Comp Prod/Asset
Party Property Tax Proj Cost Rec - Expl
Taxes

Comp Capital Costs Party Income Tax Proj Cost Rec - Dev

Comp Other Inc/Exp Party Withholding Proj Cost Rec - Other

Comp Income Taxes Comp/Part Carry Comp Inc Tax - Deduct

Comp Net Reserves Contr NOC Carry Comp Inc Tax - Revenue

Who Gets The

Comp Inc Tax - Depr
Money?

Who Gets The Any Model

Production?
Model Specific

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3.1.3 Level 3 Reports
Level 3 reports are used to audit the fiscal calculations in the model. A report will exist outlining each
fiscal calculation in the model. It will be defined at the level of interest that the calculation is being
performed. If the Royalty is at the Project level, then it will be a “Proj Royalty” report. If the asset based
tax is done at the Company level then it will be a “Comp Asset Tax” report. Many of these reports will
need to be run at the same periodicity as the fiscal calculation i.e., when auditing a quarterly model, it is
important to look at these reports on a quarterly basis.

3.2 Full Cycle vs. Point-Forward Economics

Peep’s partial reporting features allow users to report on a full cycle basis (Peep’s default) or a point-
forward basis. Users can set specific report dates using the Select Reports… command, according to
the following steps:
1. Choose the Select Reports… option from the Reports menu OR by right clicking on any report
OR by clicking the Select Reports icon.
2. Click the More>> button.
3. Select the option to Specify Dates.
4. Click the Dates… button.
5. Select the “at specific date (Year/Month)” option and enter desired dates (see figure 24).

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Figure 29 Setting Report Start Date for Point Forward Economics

Enter Point Forward Date

here. Don’t forget to modify
your Discount Date also!

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4 Ring Fencing and Consolidations
Fiscal Model Library models are designed to handle most ring fencing issues using Peep’s Consolidation
documents. Peep has 2 modes of consolidations, “Input Consolidations” and “Regular Consolidations”.
An input consolidation sums all the individual case inputs, and then calculates the fiscal model on the
combined inputs, whereas a regular consolidation calculates each case or consolidation and adds the
results together. A regular consolidation can, however, recalculate just the “Tax” section of the model.
This recalculation allows for a calculation of “Burden” fiscal terms at one level, while tax or depreciation
terms are recalculated at a higher level. This functionality is described in detail in the following sections.

4.1 Ring Fencing – Input Consolidations

Input consolidations are used to sum inputs from various Peep Cases, and then calculate the fiscal terms.
This is required when the user wishes to manage input data at a level smaller then the fiscal definition.
For example, input consolidation should be used when Cost Recovery is at Block Level and if the user
has several platforms in the block. Users may want to enter production, operating cost and capital data at
the platform level in the individual case documents. However, the fiscal calculation must be done on the
sum of all the input cases.

4.1.1 Key aspects of Input consolidations:

1. The cases are added in the order they appear in the consolidation document.
2. The add-in settings and WI values from the FIRST case (top of the list) will be used for the
calculation, and all the WI and add-in settings from other cases are IGNORED.
3. Cases in an input consolidation must have a common WI.
4. All cases after the first case should only have basic inputs (production, capital and operating
costs, other revenue or expenses).
5. Peep will add all items together. If a custom column (not connected to an add-in) contains a
percentage in more than one case, Peep will add them: 5% + 5% = 10%. This is one area in
which the FML add-ins provide more accurate evaluation, as only the value from the first case is
used, thus eliminating the problem.
6. Interest Reversions defined on the Interests Tab DO NOT WORK with Input Consolidations.
Users must use the Array feature to manually schedule the interest changes for the Company.
These features allow users to create a single case with all the fiscal information (Interest information, cost
recovery settings, tax rates, depreciation methods), and use it as the first case in a consolidation that
controls all the fiscal settings.

4.2 Ring Fencing – Tax Recalculation Consolidations

The cases (or consolidations) included in a tax recalculation consolidation are run individually to generate
before and after tax value, and the results are added together. The items on the Tax Tab are then
recalculated based on the sum of the Pre-Tax consolidated cash flows. FML models allow the user to
specify which items on the Tax Tab are recalculated. Items that can be recalculated at the consolidated
level include: depreciation, income tax, financials, and any other item on the tax tab.

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This ability to control which items are recalculated, and to create consolidations from both cases or
previous consolidations, allows the user to apply different calculations at different consolidation levels.
For example, Input Consolidations could be used to do field-level Cost Recovery on a cluster of several
platforms. Then an initial Tax Recalculation consolidation of several fields could be used to calculate
Profit Tax at a block level. This could be followed by another Tax Recalculation consolidation that
recalculates the financials at the country level, based on the field level cost recovery, and block level
Profit Tax.

4.3 Aggregation Consolidations – Incremental Value

The cases (or consolidations) included in the Aggregation Consolidation are run individually to generate
results before and after tax, then the results are added together or subtracted. This type of consolidation
is used to generate incremental values and to add values together above all fiscal calculations, as in a
summation of all the countries within a company, when financials are at the country level.

4.3.1 Incremental Economics

In order to calculate the value of a part of a project within a fiscal ring fence properly, incremental values
must be used. For example, a user might need to determine the value of adding another well to a
platform that has a field level ring fence for cost recovery, and a country level ring fence for in-country
income tax.
To do this, the user would create a Peep case or Input Consolidation that contained all the economic
information for each field. (S)he would then create a Tax Recalculation consolidation to get the
consolidated value at a country level of all the fields. (S)he would then create a new input consolidation
for the field in question that contained the production and costs associated with the new well. (S)he
would create a new Tax Recalculation that included all the same fields, except it would use the new Input
Consolidation for the field in question.
The Tax Recalculation Consolidation without the incremental well would then be subtracted from the
Consolidation with the incremental well using an Aggregation Consolidation to calculate the incremental
value of the well. This incremental value would include all the effects of the field level ring fence on cost
recovery, and the impact on the country level tax situation.

4.4 Consolidation Examples:

The following section shows how to set up the different kinds of consolidations, and outlines which items
must be selected.

User’s Guide - Merak Fiscal Model Library V3.3 30

Figure 30 Selecting Cases for Consolidation

Select “Sum
case input
values, then
calculate.”

The first Case in the list should

contain all the fiscal settings. This
includes both Add-in Settings and
any custom columns like reserves
additions or fuel percentages.
If other cases contain data in custom
columns, they will be added to the
values from the first case.

Figure 31 Consolidation Settings

Users must select the correct model

and global parameter files. These are
NOT read from the first case.
This will be the discount date for
reporting of the results. It is
important that this is set correctly.

Input Consolidations can usually be saved as

cases very successfully. However there is
usually no need as Peep can use an input
consolidation in the same manner as a case.

User’s Guide - Merak Fiscal Model Library V3.3 31

Figure 32 Selecting Cases for Tax Recalculation

Select “Calculate Cases, then sum results”

The order of the cases makes

no difference. All items must
share a common tax model.

Cases, Input Consolidations

and Regular Consolidations
can be included in a Tax
Recalculation Consolidation.

Figure 33 Consolidation Settings for Tax Recalculation

Users must select the correct

model and global parameter files.

This will be the discount date for

reporting of the results. It is
important that this is set correctly.

Regular Consolidations CANNOT usually be saved as cases

successfully. Peep must back-calculate values, and due to
the complexity of international contracts it normally does not
result in a usable case. However, there is usually no need
as Peep can use any consolidation the same as a case.

User’s Guide - Merak Fiscal Model Library V3.3 32

Select the Tax Tab of the

consolidation document

Select any items (taxes or

depreciations) that you do
NOT want to be recalculated
in this consolidation.

Click on Properties… Add-in

Settings…

Select “Turn Calculations OFF.”

This will force the consolidation to
use the values calculated in the
individual cases or consolidations,
and add them together. It can be
used to stop certain taxes from
recalculating or depreciations from
being re-done.

User’s Guide - Merak Fiscal Model Library V3.3 33

Figure 35 Aggregation
Select “Calculate Cases, then sum results.”

Set the factor of the

base evaluation to –1.
To adjust the factor,
double click on the
case/cons name.

The order of the cases makes no

difference. Items can use
different models (models should
be based on the same
standards).

Cases, Input Consolidations and

Regular Consolidations can be
included in an Incremental Value
Consolidation.

User’s Guide - Merak Fiscal Model Library V3.3 34

Select the model for

report selection.

This will be the discount date for

reporting of the results. It is
important that this is set correctly.

Leave ALL Recalculate

options turned OFF.

5 Fiscal Model Library Standards

• Most of the listed variables exist at several Interest Levels (Company, Partner, Contractor and
NOC)
• The Input category lists below for Operating Costs and Capital Costs are comprehensive.
• The other lists below represent reduced subsets of the standard variables, and display variables
that are normally used for reporting and planning functions, and for integration with other
systems.

5.1 Input Standards

5.1.1 Operating Costs (Opcost tab)
• Overhead
• Comp Overhead Home Office*
• Fixed
• Variable Oil
• Well Oil
• Variable Gas1
• Variable Gas2
• Well Gas
• Variable Cond

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• Water Disposal
• Variable Propane (Optional Column)**
• Variable Butane (Optional Column)**
• Variable Ethane (Optional Column)**
• Variable Sulphur (Optional Column)**
• Variable Other (Optional Column)**
• Water Injection (Optional Column)**

*Comp Overhead Home Office opcost group is Company’s level operating cost that has no effect on the Company’s
Income Tax position, but to the After Tax Cash Flow only.
**Optional Columns are the columns that do not appear in new cases, but can be added by selecting the menu, “Edit
Add Column…” The variable operating costs ($/Bbl) for Propane, Butane, Ethane, Sulphur, Other, and Water Injection
are set to be optional columns since they are rarely used. These optional columns input are reported in the “Proj Opcosts
– Other” Any Model column report.

5.1.2 Capital Costs (Capital tab)

• Acquisition
• Expl G&A
• Expl G&G
• Expl Drilling Success
• Expl Drilling Dry Hole
• Appr Drilling Success
• Appr Drilling Dry Hole
• Dev G&A
• Dev G&G
• Dev Drilling Success
• Dev Drilling Dry Hole
• Facilities
• Platforms
• Plants and Gathering
• Pipelines
• Abandonment

5.2 Modeling/Output Standards

5.2.1 Project Level Variables (Burden tab)
• Proj Prod Revenue Oil
• Proj Prod Revenue Gas
• Proj Prod Revenue NGL
• Proj Prod Revenue Total
• Proj Prod Volume Oil
• Proj Prod Volume Gas
• Proj Prod Volume Gas BOE
• Proj Prod Volume NGL
• Proj Prod Volume Total

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• Proj Sales Revenue Oil
• Proj Sales Revenue Gas
• Proj Sales Revenue NGL
• Proj Sales Revenue Total
• Proj Sales Volume Oil
• Proj Sales Volume Gas
• Proj Sales Volume Gas BOE
• Proj Sales Volume NGL
• Proj Sales Volume Total
• Price Oil
• Price Gas
• Price NGL
• Price Total
• Proj Operating Costs Total
• Proj Capital Expl G&A
• Proj Capital Dev G&A
• Proj Capital G&A
• Proj Capital Expl G&G
• Proj Capital Dev G&G
• Proj Capital G&G
• Proj Capital E&A Drilling
• Proj Capital Dev Drilling
• Proj Capital Construction
• Proj Capital Pipelines
• Proj Capital Expl Total
• Proj Capital Dev Total
• Proj Capital Total Excl Aband
• Proj Capital Total

5.2.2 Company Level Variables (for Capital Planning)

Costs (Burden tab)

• Comp Operating Costs Total
• Comp Capital Acquisition Total
• Comp Capital Expl G&A
• Comp Capital Dev G&A
• Comp Capital G&A
• Comp Capital Expl G&G
• Comp Capital Dev G&G
• Comp Capital G&G
• Comp Capital E&A Drilling
• Comp Capital Dev Drilling
• Comp Capital Construction

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Costs (Tax tab)

• Comp Capital Total
• Comp F&D Costs Total

Net Revenue & Volumes (Burden tab)

• Comp Net Revenue Oil
• Comp Net Revenue Gas
• Comp Net Revenue NGL
• Comp Net Revenue Total
• Comp Net Volume Oil
• Comp Net Volume Gas
• Comp Net Volume Gas BOE
• Comp Net Volume NGL
• Comp Net Volume Total

Cash Flow (Tax tab)

• Comp Bonuses & Fees Total
• Comp Operating Costs Total
• Comp Tariffs Total
• Comp Production Taxes Total
• Comp Other Income-Exp Total
• Comp Operating Income
• Comp Capital Total
• Comp BTCF
• Comp Income Taxes Total
• Comp ATCF

Net Reserves (Tax tab)

• Comp Net Reserves Tax
• Comp Net Reserves Oil
• Comp Net Reserves Gas
• Comp Net Reserves Gas BOE
• Comp Net Reserves NGL
• Comp Net Reserves Total
• Comp Net Reserves Balance

Net Reserve Additions (Custom tab)

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Definitions of key items found in the models are as follows:

Net Revenue Sales Revenue – Royalty

(Royalty/Tax Contract)
Net Revenue Cost Recovery + Profit Oil + Payback from NOC/Partners
(PSC Contract)
Net Volume Net Revenue / Price
Net Reserves Net Production + Fuel + Tax Barrels (in US)
F&D Costs Capital AND Bonuses & Fees

Descriptions of economic indicators and items found in the Economic Summary Report are as follows:

Economic Description
Indicator
BTCF Before – Tax Discounted Cash Flow
ATCF After – Tax Discounted Cash Flow
NPV Net Present Value: ∑ ( ATCF ) or ∑ ( BTCF )
PIR Profit/Investment Ratio: NPV Discounted Capital
ME Maximum Exposure: Maximum Cumulative cash outlay
IE Investment Efficiency: NPV ME

AT ROR After Tax Rate of Return: Discount rate at which AT NPV = 0

AT Payout After Tax Payout period: Point at which non-discounted cumulative CF becomes positive
Project profit received by Contractor (%):
Contr Take Contr ( Net Re venue − Op cos ts − Capital − Bonuses & Fees − Pr oduction & Asset Taxes − Income Taxes )
Project profit received by NOC (%):
NOC Take NOC ( Net Re venue − Op cos ts − Capital − Bonuses & Fees − Pr oduction & Asset Taxes − Income Taxes)
Project profit received by Government (%):
Govt Take Govt Re venue + Bonuses & Fees (Contr , NOC ) + Income Taxes (Contr , NOC ) + Pr oduction & Asset Taxes (Contr , NOC )

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7 FML Add-In Functions
There FML Add-ins include over 30 generic Peep add-ins and approximately 20 fiscal regime specific
add-ins to handle the wide variety of fiscal regime calculations. These add-ins provide an interactive
interface for transparency and give users’ confidence in the model calculations as they can easily change
terms and see the results change. The add-in functions allow a single model to be used for multiple
blocks as the add-ins represents ‘fiscal data’.

7.1 FML Add-in Functions – Lookups

All these functions are used to return a single array to the column that the add-in is connected to. This
array is typically a percentage used in other calculations. The exception is when the bonus payment
feature is used, and then the value returned is a payment amount. All lookups support direct, linear, and
incremental lookup options.
Add-in File Name Description
FML_TimeValue.dll Sets rates that change on specific dates, includes ability to use production
start, escalation date and evaluation date.
FML_Lookup.dll Used to lookup any type of data from a defined input column (overhead %,
R-Factors, etc)
FML_Lookup2D.dll Similar to the lookup function, but uses 2 input variables to perform a 2
dimensional lookup ( Ex. Price and R-Factor).
FML_LookupProd.dll A pre-configured lookup that automatically provides access to the FML fiscal
products (oil, gas, NGL, Total BOE) at different levels (sales and produced
volumes and rates).
FML_LookupROR.dll Calculates the ROR based rate by discounting a supplied cash flow at each
of the discount tiers. If the cumulative discounted cash flow is positive then
the ROR is greater than that %. Typically used on the tax tab based on total
AT cash flow.
FML_LookupROR2D.dll Similar to lookup ROR function, but uses 2 input variables (Ex. price and
ROR, Prod Rate and ROR)

7.2 FML Add-in Functions – Data Input

Add-in File Name Description
FML_Constants.dll This is a user configurable input function that allows user to enter scalar
values, or use drop down lists to select items. Typically used to control a set
of calculations. It returns each value to a specific Custom Column. These
values can then be used in future calculations. These include opening
balances for depreciations, abandonment accrual, start dates for calculations
etc. Very common to define all the setting for a financial overlay calculation
for example.
FML_ReservesBasic.dll A reserves booking scheduler that supports both automated prorated and
manual scheduling of future reserves additions. It supports a single product
and a single reserves category. Returns both the reserves balance and the
changes in any given period to custom columns. Uses a defined BOE
volume as an input. Typically used for Comp Net Reserves Total input
column.

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Add-in File Name Description
FML_ReservesAdvanced.dll An advanced reserves booking system similar to the ReservesBasic, but
allows for a user definable number of products and reserve categories.
Automated scheduling is prorated on user definable options, and the
methods of scheduling can be easily added to meet any client specific
needs. Typically used in client specific financial or reserve reporting overlays.
FML_Participation.dll A pre-configured input interface that returns the WI% for Revenue, Opex,
Dev, and Expl Capital, as well as the carried interest. These results are then
used in the logic to calculate the partner or NOC’s share of any variable. The
add-in is used to give a single interface to all the inputs needed to define a
particular participation in a contract.
FML_TariffPayments.dll This is a user configurable input function that allows users to define a
payable tariff. It has the ability to link to price files and global data files to get
the tariff price, and to link to any of the input volumes for throughput. It
returns all the details required to report how the tariff value was calculated. It
also has an option to include UK PRT specific settings to track both PRT
volume allowances and % self interest in the tariff receiver to properly
calculate PRT deductibility of the tariff.
FML_TariffReceipts.dll This is a user configurable input function that allows users to define a
receivable tariff. It has the ability to link to price files and global data files to
get the tariff price, and to link to other cases to get the volumes for the
throughput. It returns all the details required to report how the tariff value was
calculated. It also has an option to include UK PRT specific settings to track
both PRT volume allowances and % self interest in the tariff payer to
properly calculate PRT deductibility of the tariff.

7.3 FML Add-in Functions – Links to data files

Add-in File Name Description
Peep calculates many columns internally and several are not available to
logic in older versions of Peep, but are available to reports. This function
“echoes” the report only functions back to the result of the linked column or a
specified custom column.
It also has the ability to echo the BOE factors, which were not available in
Logic in older versions of Peep.
This add-in supports sending data to the custom tab, and enabling the
“On/Off” features to control what data is recalculated on a tax recalculation
FML_EchoAdv.dll consolidation.
An advanced function that can take any result from the current case and
send it out to a global data file. This is used to pass data between cases
where the data is used by more than one case. This can be use to pas
effective tax rates from a consolidation, back to all the cases in the
consolidation to effect a “ring fenced” tax rate.
This is very useful in advanced workflow solutions involving complex ring
FML_EchoToGlobalData.dll fences or tariffing.

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7.4 FML Add-in Functions – Data Control
Add-in File Name Description
FML_CostSplit.dll This add-in determines the portion of the total production (Volume or
Revenue ) attributed to the OIL and GAS (incl. NGL) fiscal production
streams
Prior to production, the total cumulative values will be used
The resulting splits are used to allocate costs between OIL and GAS streams
for cost recovery of other fiscal terms.
FML_Escalation.dll Used to convert escalation arrays as percentages into simple monthly factors
that can be used in logic to get inflated or escalated results. Input column X
the factor = escalated results.
It can use both percentage inputs and index values. When defining an index
value, you can supply the base reference value.
Very useful for giving user interfaces to rates or indexes in logic calculations.
FML_PeriodConv.dll This is used to move data between different periodicities in Peep. When
Peep sets a variable periodicity it puts the data in the last month of that
period. This function can define the behavior of that change. It can use the
value from the last period, sum the values, use the value in the first period
(when reverse cumulative column exists)
This add-in can also divide the annual numbers back into months by simple
division, or can prorate the values based on some prorating column. For
example, this can be sued to prorate annual tax back to the months based
on the monthly taxable revenue.

7.5 FML Add-in Functions – Data Management

Add-in File Name Description
FML_ProductGroups.dll This add-in takes all the Peep revenue and production calculations,
combines them with custom tab revenues and adjustments (such as fuel
volumes) and returns the Fiscal Product Groups (OIL, GAS, & NGL)
produced and sales, volumes, rates and revenues.
FML_Days.dll This add-in returns the number of days in any given month. Deals with leap
years, etc.
The result is used in peep logic to convert volumes to daily rates
Required in older versions of peep where the number of days was not
available to logic functions
.FML_Unity.dll This is used to set a column equal to one.
Rarely used in the FML models as Peep Logic can be sued to return the
same result.
FML_Zero.dll This is used to set a column that is not used in the current model to zero.
This add-in only returns zero.
This add-in is used to ensure that if an input is hidden in a given model, that
the column no longer has any data that may cause incorrect results.

User’s Guide - Merak Fiscal Model Library V3.3 43

Copyright © 2007 Schlumberger.
All rights reserved.
April 2007
Add-in File Name Description
Inputs are hidden if they many be used in the future, but under he current
model they are not used, or columns that are associated with reporting and
consolidation requirements but have no impact on the current fiscal model.

7.6 FML Add-in Functions – Cost Recovery

Add-in File Name Description
This add-in is a 4 tier (Opex, Dev Capex, Expl Capex, Other) cost recovery
calculation. It calculates the recovery, carry forward balances, interest/uplifts
and losses.
It deals with items that have delayed recovery schedules (capital recoverable
on a 4 year SL basis) where interest is applied to the total balance including
FML_CostRec.dll the amount not available to be recovered.
Similar to the CostRec function, but only calculates the results for a single
tier. It is used in models where the specific cost recovered (exploration) is
ring fenced at a different level than other costs.
To duplicate the CostRec function this would be added 4 times, along with 4
FML_CostRecSimple.dll time values that set the cost limits between tiers.
Allocates the results form CostRec add-in to individual partners. This allows
for model to easily switch between first in first out cost recovery and revenue
or cost share division of cost recovery.
It is used in the model 2 times, once for NOC/Contractor allocation and again
FML_CostRecAlloc.dll for Company/Partner allocation.
Allows the inclusion of actual historic cost recovery amounts to be included in
cost recovery function. This deals with full cycle economics when the actual
allowable recovery was delayed or potentially disallowed in the past
This is used in client specific production models where history matching is a
FML_CostRecAct.dll requirement.

7.7 FML Add-in Functions – Depreciation

Add-in File Name Description
FML_Depr.dll This add-in calculates depreciation. It can handle multiple tiers where
depreciation changes over time, does any method of depreciation
including abandonment accruals from end of life. IT can do UOP
depreciation based on an internal UOP balance (total volume booked at
production start), or it can use an external balance calculated in one of
the reserve scheduling add-ins.
The results can be adjusted by manual input columns, and the opening
balances can be entered here.
It can be controlled from the FML_Constants add-in allowing of single
location inputs of all the opening balances
Can calculated based on different inputs at both the lease and WI level.
Typically calculates contractor depreciation at the lease level and

User’s Guide - Merak Fiscal Model Library V3.3 44

Copyright © 2007 Schlumberger.
All rights reserved.
April 2007
Add-in File Name Description
company depreciation at the WI level.
FML_AbandAccrual_FAS143.dll This is a dedicated depreciation add-in that calculates the abandonment
accrual and accretion based on the FAS 143 rules. It is used in client
specific financial calculations.
It can be controlled from the FML_Constants add-in allowing single
location inputs off all the opening balances.

7.8 FML Add-in Functions – Income Tax

Add-in File Name Description

Calculates income tax as revenue less deductions times a given rate

Handles carry forward limitations (number of periods) and any expired
deductions and/or any interest earned on the carry forward amounts.
Allows for the definition of a maximum taxable income offset that limits how
much taxable income can be offset by prior losses
Supports both stand alone (NOL carried forward) and flow through
(negative tax paid) calculations
Supports carry back losses, including separating abandonment losses
from other losses
FML_IncomeTax.dll Supports fiscal year end at months other than December.
Calculates country specific income tax payment schedules. These are
schedules that are more complex than Peep’s built in scheduling can
FML_IncomeTaxPaySched.dll handle.

7.9 FML Add-in Functions – Loan Calculations

Add-in File Name Description
FML_CarryPayback.dll Calculates the payback and interest on carried amounts. Users specify the
interest rate, and the % of revenue available to be paid back. Payment is
made as revenue is available, and money borrowed as spent. There is no
fixed payment plan option.
Used in all FML models to calculate the NOC and Partner carries.
FML_LoanFixed.dll Calculates a fixed term loan (annuity) and returns the loan payment (P&I)
to the linked variable.
FML_LoanBasic.dll Calculates project level financing. Includes calculation of Interest During
Construction (IDC) and allowed for refinancing of the loan. Several
repayment and interest calculation basis are supported.
This add-in handles most bank based project financing options
The FML group will make modifications to these calculations as new
financing approaches are identified or requested by users.

User’s Guide - Merak Fiscal Model Library V3.3 45

Copyright © 2007 Schlumberger.
All rights reserved.
April 2007
7.10 FML Add-in Functions – Other
Add-in File Name Description
FML_PayoutFlag.dll Calculates the payout point based on a given cash flow input. Returns a
value of 1 after the payout date, returns zero prior to payout.
Used in conjunction with logic to deal with more advance interest
reversions.
FML_Error_Messages.dll This add-in will send an error log back to the case reports, or open a
message box, when a defined condition is not met.
This is use in conjunction with logic columns that test for invalid data
conditions. If any value in the logic column is non-zero, then the message
is displayed.
Users can define as many validation tests as required in a single add-in,
and can define the messages with up to 6 lines of information.

7.11 FML Add-in Functions – Contract Specific

These add-ins are used to handle regime specific calculations that require user interfaces, or are too
complex for the older Peep logic calculations. The calculations are described in the specific model
assumption sheets. All these add-in names start with a double underscore to separate them from the
generic add-ins.
Add-in File Name
FML__Angola1997_CostRec.dll
FML__AustPRRT1991_AbandCredit.dll
FML__AustPRRT1991_ProdLic.dll
FML__CanNovaScotiaRT1999_Royalty.dll
FML__Colombia2000_RFactor.dll
FML__Ecuador_PriceQualityAdj.dll
FML__Ecuador_PSQualityAdj.dll
FML__GhanaRT1997_APT.dll
FML__PeruLicense2003_Royalty.dll
FML__UK_IncomeTax.dll
FML__UK_PRT.dll
FML__UK_TariffPayments.dll
FML__UK_Tariffreceipts.dll
FML__USAlaska_Severance.dll
FML__VenezuelaOSA1994_OpFee.dll
FML__VenezuelaOSA1997_MIRR.dll

User’s Guide - Merak Fiscal Model Library V3.3 46

Copyright © 2007 Schlumberger.
All rights reserved.
April 2007
8 FML Model Utilization and Model Management System
The FML model utilization and model management system is the recommended practice for clients’
model database maintenance. It is also the process by which generic library models are converted to
client-specific models. Three types of fiscal models are classified in this section. They are:
1) Generic Models,
2) Client-Specific Models, and
3) Custom & Consulting Models.
Definitions and management system practices are described below. Additionally, this section describes
our services relating to custom models (FML models integrated with client’s overlay) and consulting
models (financial models, or downstream models).

8.1 FML Models or Generic Models

The generic FML models are the models in the FML Releases. These models are built based on the
generic fiscal terms of each international petroleum regime. Default fiscal terms set in these models such
as royalty rate, cost recovery limit, profit sharing rate, or income tax rate, may not be the same as the
actual terms in the client’s agreements with the governments. Users can modify the fiscal terms in the
Case documents linked to a generic model by checking the ‘Override Model Default’ option inside the
add-in functions, and changing the rates/limits.

8.1.1 Usage of the Generic Models

Clients can easily create scoping models for new negotiations or bid rounds using the Generic FML
models, by linking a case to the model and changing the fiscal terms at the case level. Depreciation
methods, tax, profit sharing and cost recovery rates and any other add-in functions can be set to match
the actual fiscal terms in the contract being evaluated or under negotiation.
It is recommended that the generic models are used only on a temporary basis only. For a contract with
specific terms that will be used for ongoing economic evaluations for business planning or portfolio
analysis, the model should be converted to a Client-Specific model. See section 7.2 for our free service to
FML subscribers on Client-Specific model management and model naming conventions.

8.1.2 Naming Convention of FML Generic Models

The naming convention of the FML Generic models is as follow;
Country + Regime + (YYYY)
[{Country Name} {Regime Type} (the first year that the terms in the model are applicable)]
Example: Algeria PSC (2001)

8.2 Client-Specific Models

Client-specific models are models that have been converted from FML Generic models and default fiscal
terms have been modified to match the actual terms of the client’s specific contract. The Fiscal Modeling
Business (FMB) will convert generic models to client-specific models for FML subscribers at no extra
charge. The client-specific models then can be kept separate from the FML generic models. These
models can still be linked to any other Peep files such as Price Files, Global Data Files, or Global
Parameters created by the client internally.

User’s Guide - Merak Fiscal Model Library V3.3 47

Copyright © 2007 Schlumberger.
All rights reserved.
April 2007
8.2.1 Usage of the Client-Specific Models
The client-specific models are intended for use as a reference model for a specific agreement in which all
the terms are locked down, or as an evaluation tool for a producing asset. Each client-specific model has
a unique name so they cannot be overwritten by the generic models during the installation of subsequent
versions of the FML.

8.2.2 Naming Convention of Client Specific Models

The naming convention of the Client-Specific models is established at the client’s discretion. However,
our recommended naming convention for the Client-Specific models is as follows:
XXX + Country + Regime + Field + YYMMDD
[{Company’s Initials} {Country Name} {Regime Type} {Contract or Field Name} {Last Modified Date}]
Example: SIS Algeria PSC Block00 040222,
It is recommended that the 6-digit Last Modified Date is in the year-month-date format. With this
format, the models can be sorted in chronological order, thus, making it easier to locate the most
recent version of a model that has been modified more than once.

8.2.3 Client Model Conversion Process for FML Subscribers

The process to convert a generic model to a client-specific one is as follows. Modify the add-in default
values to reflect the fiscal terms specified in the contract, rename the model using the client naming
convention, and move all reports linked to the model to the new model. The process to move the reports
can be time consuming especially for models that have a large number of reports.
The FML service for subscribers includes converting generic models to client-specific models. To request
a client-specific model conversion, please email the FML Support Desk ([email protected]) with a
complete list of fiscal terms for the model to be converted. We will convert the model and reports, and
save the model with a client-specific name. The model conversion can be done over a reasonably short
period of time. However, if the new model requires the client’s reporting overlay, or if it requires changes
to the calculation structure for the client’s financial arrangements, (not simply fiscal term changes), it is
then a custom or consulting model.

8.3 Custom Models and Consulting Models

Custom models are models with default fiscal terms set to a client’s specific contract (like client-specific
models), and with the client’s company overlay added to the model. Consulting models are models built
with extra calculations for the client’s special financial arrangements such as loans, or with mid-stream
and downstream calculations etc.

8.3.1 Custom Models

Custom models are models that are converted from FML generic models, with both client-specific fiscal
terms and the client’s company overlay sections in the models. The client’s overlay can include extra
input columns, fiscal and reserves reporting overlay variables for the client’s Any Model reports, or data
transfer to other Value & Risk applications.
The client’s overlay can be designed by the FMB together with the client to create an overlay that best
satisfies the client’s requirements. The FMB will use a modular design to build the overlay so that it can
be incorporated into the FML models with minimum manual changes in the overlay variables. This design
process is done on a consulting basis for the first design and implementation. Afterwards, the client can
use the completed overlay to convert further FML generic models at any point in time.
Converting FML models to Custom models with the client’s overlay can be done as a consulting service,
or under a retention agreement. A retention agreement guarantees the availability of consulting
resources for an agreed consulting payment commitment over and above FML subscription.

User’s Guide - Merak Fiscal Model Library V3.3 48

Copyright © 2007 Schlumberger.
All rights reserved.
April 2007
8.3.2 Consulting Models
Consulting models are the models that have been modified from the generic models for client’s specific
assets, and include extra financial arrangements. The extra terms, in this case, are ones not included in
the fiscal regime, such as finance modeling, price or cost hedging agreements, or downstream
economics.
The building and maintaining of consulting models is performed on a consulting basis. Please contact the
FMB for information such as time and cost estimation of the service, work flow organization, and
information required to undertake a consulting model request.

9 Sample Reports and Graphs

The following pages include samples of the reporting and graphics output from the standardized models.
As previously mentioned, many of these reports work across all the models and illustrate the ability to
evaluate petroleum assets consistently across all regimes. The graphs are from the FML Excel-based
graphics tool that lets users select a Peep Case or Consolidation and automatically generates a variety of
charts. The tool also has the ability to run a prototype case across multiple regimes and compare the
attractiveness of the regimes.

User’s Guide - Merak Fiscal Model Library V3.3 49

User’s Guide - Merak Fiscal Model Library V3.3 50

User’s Guide - Merak Fiscal Model Library V3.3 51

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