Bahrain Upstream Fiscal and Regulatory Report, New Licensing Round Likely but Timing Uncertain: Ken Research
Bahrain Upstream Fiscal and Regulatory Report-New Licensing Round Likely but Timing Uncertain

Bahrain Upstream Fiscal and Regulatory Report-New Licensing Round Likely but Timing Uncertain


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Executive Summary

Bahrain Upstream Fiscal and Regulatory Report-New Licensing Round Likely but Timing Uncertain

Summary

"Bahrain Upstream Fiscal and Regulatory Report-New Licensing Round Likely but Timing Uncertain", presents the essential information relating to the terms which govern investment into Bahrain'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 Bahrain's upstream oil and gas investment climate.

Scope

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

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 Bahrain

Reasons to Buy

Understand the complex regulations and contractual requirements applicable to Bahrain'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

1. Table of Contents 1

1.1. List of Tables 3

1.2. List of Figures 3

2. Regime Overview 4

3. State Take Assessment 7

4. Key Fiscal Terms 8

4.1. Royalties, Bonuses and Fees 8

4.1.1. Bonuses (EPSA) 8

4.1.2. Training Obligations (EPSA) 8

4.1.3. Carried Interest Payments (DPSA) 9

4.1.4. Social Contribution Fund (DPSA) 9

4.2. DPSA-Revenue Available for Production Sharing 10

4.2.1. Crude Oil and Associated Gas 10

4.2.2. Non-Associated Gas and Liquids 11

4.3. Cost Recovery 13

4.3.1. Limit on Recovery-EPSA 13

4.3.2. Limit on Recovery-DPSA 13

4.3.3. Recoverable Costs-EPSA 13

4.3.4. Recoverable Costs-DPSA 14

4.4. Profit Sharing 14

4.4.1. EPSA 14

4.4.2. DPSA 15

4.5. Abandonment Fund 16

4.5.1. EPSA 16

4.5.2. DPSA 17

4.6. Direct Taxation 17

4.6.1. Petroleum Income Tax 17

4.6.2. Deductions and Depreciation 17

4.6.3. Withholding Tax 17

4.7. Indirect Taxation 17

4.7.1. Value Added Tax 17

4.7.2. Customs Duties 17

4.8. Fiscal Stabilization 18

5. Regulation and Licensing 19

5.1. Legal Framework 19

5.1.1. Governing Law 19

5.1.2. Contract Type 20

5.1.3. Title to Hydrocarbons 20

5.2. Institutional Framework 20

5.2.1. Licensing Authority 21

5.2.2. Regulatory Agency 21

5.2.3. National Oil Company 21

5.3. Licensing Process 21

5.3.1. Licensing Rounds 21

5.4. License Terms 21

5.4.1. Duration and Relinquishments 21

5.4.2. Work Obligation 22

5.5. Local Content 22

6. Outlook 23

7. Appendix 24

7.1. Contact Us 24

7.2. Disclaimer 24

1.2 List of Figures

Figure 1: Regime Flow Chart-EPSA 5

Figure 2: Regime Flow Chart-DPSA 6

Figure 3: Bahrain, Indicative NPV10/boe, IRR and State Take Comparison, Regional 7

Figure 4: Bahrain, Legal Framework 19

Figure 5: Bahrain, Institutional Framework 20

1.1 List of Tables

Table 1: Regime Overview 4

Table 2: Bahrain, EPSA, Blocks 1-4, Production Bonuses (US$) 8

Table 3: Bahrain, DPSA, Nogaholding Carry Payments (US$) 9

Table 4: Bahrain, DPSA, Baseline Crude Oil Production Profile (bd) 10

Table 5: Bahrain, DPSA, Target Deliverability (mmcfd) 12

Table 6: Bahrain, EPSA, Blocks 1-4, Cost Recovery Limit (%) 13

Table 7: Bahrain, EPSA, Blocks 1-4, Crude Oil and Associated Gas Discovery, Profit Sharing Framework (%) 14

Table 8: Bahrain, EPSA, Blocks 1-4, Non-Associated Natural Gas and Liquid Discovery, Profit Sharing Framework (%) 15

Table 9: Bahrain, DPSA, Profit Crude Oil Sharing 15

Table 10: Bahrain, DPSA, Profit NAG Sharing 16

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