碳税对海外油气上游项目投资者收益的影响OACHSSCD

As a cost item for upstream oil and gas projects,carbon taxes will inevitably affect investors'returns.This paper focuses on analyzing the impact of carbon taxes on investor returns in upstream oil and gas projects under the royalty and tax contract model as well as the production sharing contract model.The results show that the impact of carbon taxes on project returns is determined by the project's composite effective tax rate.Under both contract models,carbon taxes are tax-deductible.Under the royalty and tax contract model,the higher the composite effective tax rate including royalties,the greater the impact on investor returns.Under the production sharing contract model,the higher the composite effective tax rate including profit oil/gas sharing,the more significant impact on investor returns.Under both models,carbon taxes would reduce investor returns and may even affect investment decisions of upstream oil and gas projects.It is recommended that Chinese oil companies gradually improve their research and business arrangements.