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Ghana Upstream Fiscal and Regulatory Report - First licensing round to test new fiscal terms
Summary
"Ghana Upstream Fiscal and Regulatory Report - First licensing round to test new fiscal terms", presents the essential information relating to the terms which govern investment into Ghana'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 Ghana's upstream oil and gas investment climate.
Ghana's new upstream fiscal and regulatory framework faces its first major test in the country's first open, competitive licensing round, which was announced in October 2018 and will close in May 2019. Within the first round, blocks 2, 3, and 4 are available for open, competitive tender, deepwater blocks 5 and 6 will be awarded through direct negotiations, and the shallower water Block 1 will be directly allocated by GNPC.
However, the government's focus on the promotion of local content and participation in the sector could pose a challenge to developments.
Scope
Summary
"Ghana Upstream Fiscal and Regulatory Report - First licensing round to test new fiscal terms", presents the essential information relating to the terms which govern investment into Ghana'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 Ghana's upstream oil and gas investment climate.
Ghana's new upstream fiscal and regulatory framework faces its first major test in the country's first open, competitive licensing round, which was announced in October 2018 and will close in May 2019. Within the first round, blocks 2, 3, and 4 are available for open, competitive tender, deepwater blocks 5 and 6 will be awarded through direct negotiations, and the shallower water Block 1 will be directly allocated by GNPC.
However, the government's focus on the promotion of local content and participation in the sector could pose a challenge to developments.
Scope
- Overview of current fiscal terms governing upstream oil and gas operations in Ghana
- 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 Ghana.
- Understand the complex regulations and contractual requirements applicable to Ghana'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.
Note: Product cover images may vary from those shown
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1.1. List of Tables
1.2. List of Figures
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. Production Bonus
4.1.3. Permit Fees
4.1.4. Acreage Fees
4.1.5. Training Allowance
4.1.6. Technology Allowance
4.1.7. Royalty
4.2. Special Gas Provisions
4.3. Decommissioning Fund
4.4. Direct Taxation
4.4.1. Corporate Income Tax
4.4.2. Deductions and Depreciation
4.4.3. Additional Oil Entitlement
4.4.4. Withholding Tax
4.4.5. Capital Gains Tax
4.5. Indirect Taxation
4.5.1. Value Added Tax (VAT)
4.5.2. Import Tax
4.5.3. Export Tax
4.6. State Participation
4.7. Stability Clause
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. First Licensing Round (2018 )
5.3.2. Open Competitive Licensing Round (Blocks 2, 3 and 4)
5.3.3. Direct Negotiations (Blocks 5 and 6)
5.3.4. GNPC Allocation (Block 1)
5.4. License Terms
5.4.1. Duration and Relinquishments
5.4.2. Work Obligation
5.5. Local Content
5.6. Domestic Market Obligation
6. Outlook
7. Appendix
7.1. References
7.2. Contact Us
7.3. Disclaimer
1.1 List of Tables
Table 1: Regime Overview
Table 2: Ghana, Exploration and Development Permit Fees (US$), 2016
Table 3: Ghana, Production Permit Fees (US$), 2016
Table 4: Ghana, Annual Acreage Fees, US$/sq. km, 2018
Table 5: Ghana, Annual Acreage Fees (US$/sq. km)
Table 6: Ghana, Annual Training Allowances (US$)
Table 7: Ghana, Technology Allowance (US$)
Table 8: Ghana, Royalty Rates (%), Various Agreement, 2004 - 2014
Table 9: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, 2016
Table 10: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, Shallow Water Cape Three Points Offshore License, 2014
Table 11: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, Deepwater Cape Three Points West Offshore Agreement, 2014
Table 12: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, South-West Saltpond Agreement, 2014
Table 13: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, East Keta Ultra-deepwater Agreement, 2014
Table 14: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, Keta Agreement, 2010
Table 15: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, Offshore Saltpond Agreement, 2008
Table 16: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, Shallow Water Tano Agreement, 2006
Table 17: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, Deepwater Tano Agreement, 2006
Table 18: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, Offshore Cape Three Points Agreement, 2005
Table 19: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, West Cape Three Points Agreement, 2004
Table 20: Ghana, GNPC Interest (%), Various Agreements, 2004 - 2014
Table 21: Ghana, Top-level Minimum Local Content Percentages (US%), 2014
Table 22: Ghana, Minimum Local Content (%) of Specific Goods and Services, 2016
Table 23: References
1.2 List of Figures
Figure 1: Regime Flow Chart
Figure 2: Ghana, Indicative NPV10/boe, IRR and State Take Comparison, Regional
Figure 3: Ghana, Legal Framework
Figure 4: Ghana, Institutional Framework
1.2. List of Figures
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. Production Bonus
4.1.3. Permit Fees
4.1.4. Acreage Fees
4.1.5. Training Allowance
4.1.6. Technology Allowance
4.1.7. Royalty
4.2. Special Gas Provisions
4.3. Decommissioning Fund
4.4. Direct Taxation
4.4.1. Corporate Income Tax
4.4.2. Deductions and Depreciation
4.4.3. Additional Oil Entitlement
4.4.4. Withholding Tax
4.4.5. Capital Gains Tax
4.5. Indirect Taxation
4.5.1. Value Added Tax (VAT)
4.5.2. Import Tax
4.5.3. Export Tax
4.6. State Participation
4.7. Stability Clause
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. First Licensing Round (2018 )
5.3.2. Open Competitive Licensing Round (Blocks 2, 3 and 4)
5.3.3. Direct Negotiations (Blocks 5 and 6)
5.3.4. GNPC Allocation (Block 1)
5.4. License Terms
5.4.1. Duration and Relinquishments
5.4.2. Work Obligation
5.5. Local Content
5.6. Domestic Market Obligation
6. Outlook
7. Appendix
7.1. References
7.2. Contact Us
7.3. Disclaimer
1.1 List of Tables
Table 1: Regime Overview
Table 2: Ghana, Exploration and Development Permit Fees (US$), 2016
Table 3: Ghana, Production Permit Fees (US$), 2016
Table 4: Ghana, Annual Acreage Fees, US$/sq. km, 2018
Table 5: Ghana, Annual Acreage Fees (US$/sq. km)
Table 6: Ghana, Annual Training Allowances (US$)
Table 7: Ghana, Technology Allowance (US$)
Table 8: Ghana, Royalty Rates (%), Various Agreement, 2004 - 2014
Table 9: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, 2016
Table 10: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, Shallow Water Cape Three Points Offshore License, 2014
Table 11: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, Deepwater Cape Three Points West Offshore Agreement, 2014
Table 12: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, South-West Saltpond Agreement, 2014
Table 13: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, East Keta Ultra-deepwater Agreement, 2014
Table 14: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, Keta Agreement, 2010
Table 15: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, Offshore Saltpond Agreement, 2008
Table 16: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, Shallow Water Tano Agreement, 2006
Table 17: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, Deepwater Tano Agreement, 2006
Table 18: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, Offshore Cape Three Points Agreement, 2005
Table 19: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, West Cape Three Points Agreement, 2004
Table 20: Ghana, GNPC Interest (%), Various Agreements, 2004 - 2014
Table 21: Ghana, Top-level Minimum Local Content Percentages (US%), 2014
Table 22: Ghana, Minimum Local Content (%) of Specific Goods and Services, 2016
Table 23: References
1.2 List of Figures
Figure 1: Regime Flow Chart
Figure 2: Ghana, Indicative NPV10/boe, IRR and State Take Comparison, Regional
Figure 3: Ghana, Legal Framework
Figure 4: Ghana, Institutional Framework
Note: Product cover images may vary from those shown
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