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...Contents executive summary introduction context what shapes investment in upstream oil and gas geology is how are they extracted prices a pricing b environmental considerations overview of south africa s sector fiscal regimes for concessions contractual production sharing contracts psc service sc c joint venture or consortium instruments international current regime which combination tax best discussion the type matters fundamental principles to consider modelling options considered working towards an optimal royalties capital allowances petroleum resource rent d withholding taxes proposal overall package stability agreements additional payments fees respect uprd bill sovereign wealth fund sources annexure davis committee recommendations imf government wishes evaluate whether industry within wider policy suitably designed create balance between attracting generating appropriate level revenue while simultaneously enabling achieve its commitments climate change this paper reviews treatme...