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Equatorial Guinea Upstream Fiscal and Regulatory Report - New Bid Round Slated for January 2019

  • ID: 4661932
  • Report
  • September 2018
  • Region: Equatorial Guinea
  • 24 pages
  • GlobalData
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Equatorial Guinea Upstream Fiscal and Regulatory Report - New Bid Round Slated for January 2019

Summary

Equatorial Guinea’s upstream fiscal and regulatory regime has been relatively stable since the introduction of the 2006 Hydrocarbons Code. Under country’s PSA regime licensees must pay a minimum 13% royalty, profit oil after cost recovery is shared with the state at negotiable levels, and corporate tax is levied at 35%. The government has held regular licensing rounds recently in 2012, 2014 and 2016 and is set to continue this with the launch of a new round. However, the government’s tough negotiating stance with existing operators may dent investor confidence.

“Equatorial Guinea Upstream Fiscal and Regulatory Report - New Bid Round Slated for January 2019”, presents the essential information relating to the terms which govern investment into Equatorial Guinea’s upstream oil and gas sector. The report sets out in detail the contractual framework under which firms must operate in the industry, clearly defining factors affecting profitability and quantifying the state’s take from hydrocarbon production. Considering political, economic and industry specific variables, the report also analyses future trends for Equatorial Guinea’s upstream oil and gas investment climate.

Scope
  • Overview of current fiscal terms governing upstream oil and gas operations in Equatorial Guinea
  • Assessment of the current fiscal regime’s state take and attractiveness to investors
  • Charts illustrating the regime structure, and legal and institutional frameworks
  • Detail on legal framework and governing bodies administering the industry
  • Levels of upfront payments and taxation applicable to oil and gas production
  • Information on application of fiscal and regulatory terms to specific licenses
  • Outlook on future of fiscal and regulatory terms in Equatorial Guinea.
Reasons to buy
  • Understand the complex regulations and contractual requirements applicable to Equatorial Guinea’s upstream oil and gas sector
  • Evaluate factors determining profit levels in the industry
  • Identify potential regulatory issues facing investors in the country’s upstream sector
  • Utilize considered insight on future trends to inform decision-making.
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1 Table of Contents

2. Regime Overview

3. State Take Assessment

4. Key Fiscal Terms
4.1. Royalties, Bonuses and Fees
4.1.1. Signature Bonus
4.1.2. Discovery Bonus
4.1.3. Production Bonus
4.1.4. Surface Rentals
4.1.5. Royalty
4.1.6. Training Contributions
4.2. Cost Recovery
4.2.1. Limit on Recovery
4.2.2. Recoverable Costs
4.3. Profit Sharing
4.4. Direct Taxation
4.4.1. Corporate Income Tax
4.4.2. Deductions and Depreciation
4.4.3. Withholding Tax
4.5. Indirect Taxation
4.5.1. Value Added Tax
4.5.2. Import Duty
4.6. State Participation

5. Regulation and Licensing
5.1. Legal Framework
5.1.1. Governing Law
5.1.2. Contract Type
5.1.3. Title to Hydrocarbons
5.2. Institutional Framework
5.2.1. Licensing Authority
5.2.2. Regulatory Agency
5.2.3. National Oil Company
5.3. Licensing Process
5.3.1. Licensing Rounds
5.3.2. Prequalification
5.3.3. Bidding
5.3.4. Bid Evaluation
5.4. License Terms
5.4.1. Duration and Relinquishments
5.4.2. Exploration Work Obligations
5.4.3. Management of Operations
5.5. Domestic Market Obligations
5.6. Local Content
5.7. Natural Gas

6. Outlook

7. Appendix
7.1. References
7.2. Contact
7.3. Disclaimer

List of Tables
Table 1: Regime Overview
Table 2: Equatorial Guinea, Minimum Signature Bonuses (US$), 2016 Round
Table 3: Equatorial Guinea, Production Bonuses (US$), Blocks S, W, EG-21 and EG-24 (2017)
Table 4: Equatorial Guinea, Production Bonuses (US$), Blocks F and G (2000)
Table 5: Equatorial Guinea, Royalty Rates (%), Blocks S, W, EG-21 and EG-24 (2017)
Table 6: Equatorial Guinea, Royalty Rates (%), Blocks F and G (2000)
Table 7: Equatorial Guinea, Profit-Sharing Framework,Blocks S, W and EG-21 (2017)
Table 8: Equatorial Guinea, Profit-Sharing Framework,Block EG-24 (2017)
Table 9: Equatorial Guinea, Profit-Sharing Framework,Blocks F and G (2000)
Table 10: Equatorial Guinea, Minimum Work Requirement, 2016 Round
Table 11: Equatorial Guinea, Local Content Threshold (%)
Table 12: References

List of Figures
Figure 1: Regime Flow Chart
Figure 2: Equatorial Guinea,Indicative NPV10/boe, IRR and State Take Comparison - Regional
Figure 3: Equatorial Guinea, Legal Framework
Figure 4: Equatorial Guinea, Institutional Framework
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