Guyana Upstream Fiscal and Regulatory Report-Competitive Fiscal Terms and Liza Discovery Fuel Interest
June 2017
16
About the Report
About the Report
Guyana Upstream Fiscal and Regulatory Report-Competitive Fiscal Terms and Liza Discovery Fuel Interest
Summary
"Guyana Upstream Fiscal and Regulatory Report-Competitive Fiscal Terms and Liza Discovery Fuel Interest", presents the essential information relating to the terms which govern investment into Guyana'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 Guyana's upstream oil and gas investment climate.
Scope
Overview of current fiscal terms governing upstream oil and gas operations in Guyana
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 Guyana
Reasons to buy
Understand the complex regulations and contractual requirements applicable to Guyana'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
Products
Table of Contents
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. State Take Assessment 5
4. Key Fiscal Terms 6
4.1. Royalties, Bonuses, and Fees 6
4.1.1. Royalty 6
4.1.2. Rental Fee 6
4.1.3. Employment and Training 6
4.2. Cost Recovery 6
4.3. Profit Sharing 6
4.4. Direct Taxation 7
4.4.1. Corporate Income Tax 7
4.4.2. Deductions and Depreciation 8
4.4.3. Withholding Tax 8
4.5. Indirect Taxation 8
4.5.1. Value Added Tax 8
4.5.2. Customs Duties 9
4.5.3. Property Tax 9
4.6. License Stability 9
5. Regulation and Licensing 10
5.1. Legal Framework 10
5.1.1. Governing Law 10
5.1.2. Contract Type 10
5.1.3. Title to Hydrocarbons 10
5.2. Institutional Framework 11
5.2.1. Licensing Authority 11
5.2.2. Regulatory Agency 11
5.2.3. National Oil Company 12
5.3. Licensing Process 12
5.3.1. Licensing Rounds 12
5.3.2. Prequalification 12
5.3.3. Bidding 12
5.4. License Terms 12
5.4.1. Duration and Relinquishments 12
5.4.2. Work Obligation 13
5.5. Local Content 13
6. Outlook 14
7. Appendix 15
7.1. Contact Us 15
7.2. Disclaimer 15
List of Figure
1.2 List of Figures
Figure 1: Regime Flow Chart 4
Figure 2: Guyana, Indicative NPV10/boe, IRR and State Take Comparison, Regional 5
Figure 3: Guyana, Legal Framework 10
Figure 4: Guyana, Institutional Framework 11
List of Table
1.1 List of Tables
Table 1: Regime Overview 3
Table 2: Guyana, Orinduik Block PSA Profit Sharing Framework (%) 7
Table 3: Guyana, Corentyne and Demerara Block PSA Profit Sharing Framework (%) 7
Table 4: Guyana, Historic Tax Rates (%), 1970 onwards 8
Table 5: Guyana, Property Tax Rates (%) 9
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