Equatorial Guinea Upstream Fiscal and Regulatory Report-Licensing Round Ongoing as the Government Seeks to Encourage Drilling

Equatorial Guinea Upstream Fiscal and Regulatory Report-Licensing Round Ongoing as the Government Seeks to Encourage Drilling


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  • Pages: 21
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Executive Summary

Equatorial Guinea Upstream Fiscal and Regulatory Report-Licensing Round Ongoing as the Government Seeks to Encourage Drilling

Summary

"Equatorial Guinea Upstream Fiscal and Regulatory Report-Licensing Round Ongoing as the Government Seeks to Encourage Drilling", 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

1. Table of Contents 1

1.1. List of Tables 2

1.2. List of Figures 2

2. Regime Overview 3

3. State Take Assessment 5

4. Key Fiscal Terms 6

4.1. Royalties, Bonuses and Fees 6

4.1.1. Signature Bonus 6

4.1.2. Discovery Bonus 6

4.1.3. Production Bonus 6

4.1.4. Surface Rentals 7

4.1.5. Royalty 7

4.1.6. Training Contributions 8

4.2. Cost Recovery 8

4.2.1. Limit on Recovery 8

4.2.2. Recoverable Costs 8

4.3. Profit Sharing 9

4.4. Direct Taxation 9

4.4.1. Corporate Income Tax 9

4.4.2. Deductions and Depreciation 9

4.4.3. Withholding Tax 10

4.5. Indirect Taxation 10

4.5.1. Value Added Tax 10

4.5.2. Import Duty 10

4.6. State Participation 10

5. Regulation and Licensing 11

5.1. Legal Framework 11

5.1.1. Governing Law 11

5.1.2. Contract Type 11

5.1.3. Title to Hydrocarbons 12

5.2. Institutional Framework 13

5.2.1. Licensing Authority 13

5.2.2. Regulatory Agency 13

5.2.3. National Oil Company 14

5.3. Licensing Process 14

5.3.1. Licensing Rounds 14

5.3.2. Prequalification 14

5.3.3. Bidding 15

5.3.4. Bid Evaluation 15

5.4. License Terms 15

5.4.1. Duration and Relinquishments 15

5.4.2. Exploration Work Obligations 16

5.5. Domestic Market Obligations 16

5.6. Local Content 16

5.7. Natural Gas 17

6. Outlook 18

7. Appendix 20

7.1. Contact Us 20

7.2. Disclaimer 20

1.2 List of Figures

Figure 1: Regime Flow Chart 4

Figure 2: Equatorial Guinea, Indicative NPV10/boe, IRR and State Take Comparison-Regional, 2017 5

Figure 3: Equatorial Guinea, Legal Framework 11

Figure 4: Equatorial Guinea, Institutional Framework 13

1.1 List of Tables

Table 1: Regime Overview 3

Table 2: Equatorial Guinea, Minimum Signature Bonuses (US$), 2016 Round 6

Table 3: Equatorial Guinea, Production Bonuses (US$), Blocks F and G (2000) 7

Table 4: Equatorial Guinea, Surface Rental Rates (US$/hectare) 7

Table 5: Equatorial Guinea, Royalty Rates (%), Blocks F and G (2000) 8

Table 6: Equatorial Guinea, Profit-Sharing Framework, Blocks F and G (2000) 9

Table 7: Equatorial Guinea, Minimum Work Requirement, 2016 Round 16

Table 8: Equatorial Guinea, Local Content Threshold (%) 17

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