Gabon Upstream Fiscal and Regulatory Report – New Petroleum Code Increases Fiscal Burden Ahead of Deepwater Round

Pages: 21 Published: December 01, 2015 Report Code: GDGE0062UFR

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  • Contents
  • Tables
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“Gabon Upstream Fiscal and Regulatory Report – New Petroleum Code Increases Fiscal Burden Ahead of Deepwater Round”, presents the essential information relating to the terms which govern investment into Gabon’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 Gabon’s upstream oil and gas investment climate.

Scope

Overview of current fiscal terms governing upstream oil and gas operations in Gabon

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 Gabon

Reasons to Buy

Understand the complex regulations and contractual requirements applicable to Gabon’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

Table of Contents

1 Table of Contents

1 Table of Contents 1

1.1 List of Tables 2

1.2 List of Figures 2

2 Regime Overview 3

3 Fiscal Take Assessment 6

4 Key Fiscal Terms – Production Sharing Agreements 7

4.1 Upfront Payments 7

4.1.1 Bonuses 7

4.1.2 Rental Fees 8

4.1.3 Royalty 8

4.1.4 Hydrocarbon Support Fund 9

4.1.5 Contributions to Investment Funds 9

4.1.6 Additional Contributions 9

4.2 Cost Recovery 9

4.2.1 Cost Recovery Limit 9

4.2.2 Recoverable Costs 10

4.2.3 Local Content Uplift 10

4.3 Profit Sharing 10

4.3.1 Post-2014 PSA 10

4.3.2 Pre-2014 PSA 11

4.4 Direct Taxation 11

4.4.1 Corporate Income Tax 11

4.4.2 Withholding Tax 11

4.5 Indirect Taxation 11

4.5.1 Value-Added Tax 11

4.5.2 Customs Duties 12

4.6 State Participation 12

4.6.1 Domestic Market Obligation 12

5 Fiscal Terms – Concession Agreements 13

5.1 Upfront Payments 13

5.1.1 Signature Bonus 13

5.1.2 Royalties 13

5.1.3 Rental Fees 13

5.1.4 Contributions to Investment Funds 13

5.2 Direct Taxation 13

5.2.1 Corporate Income Tax 13

5.2.2 Deductions and Depreciation 13

6 Regulation and Licensing 15

6.1 Legal Framework 15

6.1.1 Governing Law 15

6.1.2 Contract Type 15

6.1.3 Title to Hydrocarbons 15

6.2 Institutional Framework 16

6.2.1 Licensing Authority 16

6.2.2 Regulatory Agency 16

6.2.3 National Oil Company 17

6.3 Licensing Process 17

6.3.1 Licensing Rounds 17

6.3.2 Prequalification 17

6.3.3 Bidding 17

6.3.4 Award of Licenses 18

6.4 License Terms 18

6.4.1 Duration 19

6.4.2 Work Programs and Obligations 19

6.4.3 Local Content 19

7 Outlook 20

8 Contact Information 21

List of Tables

1.1 List of Tables

Table 1: Summary 3

Table 2: Gabon, Signature Bonus Payments (US$), Etame Marin (1997) and Diaba (2006) 7

Table 3: Gabon, Production Bonuses (US$), Diaba (2006) 7

Table 4: Gabon, Production Bonuses (US$), Etame Marin (1997) 7

Table 5: Gabon, Production Sharing Agreements, Annual Rental Fees, Post-2014 8

Table 6: Gabon, Royalty Rates (%), Diaba (2006) 8

Table 7: Gabon, Royalty Rates (%), Awoun (1999) 8

Table 8: Gabon, Royalty Rates (%), Etame Marin (1997) 8

Table 9: Gabon, Cost Recovery Limit (%), Diaba (2006) 9

Table 10: Gabon, Cost Recovery Limit (%), Various Pre-2014 PSAs 10

Table 11: Gabon, Profit-Sharing (%), Diaba (2006) 11

Table 12: Gabon, Profit-Sharing (%), Etame Marin (1997) 11

Table 13: Gabon – Concession Agreements, Annual Exploration Rental Fees (XAF/km2), 1974 13

Table 14: Gabon, Depreciation Rates, 2014 Finance Law 14

List of Figures

1.2 List of Figures

Figure 1: Regime Flow Chart – Production Sharing Agreement 4

Figure 2: Regime Flow Chart – Concession Agreement 5

Figure 3: Gabon Fiscal Take Comparison – Internal 2015 6

Figure 4: Gabon, Indicative NPV10/boe, IRR and Fiscal Take Comparison – Resource Peer Group, 2015 6

Figure 5: Gabon, Legal Framework 15

Figure 6: Gabon, Institutional Framework 16

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