Libya Upstream Fiscal and Regulatory Report: Instability Continues to Affect Operating Environment

Libya Upstream Fiscal and Regulatory Report: Instability Continues to Affect Operating Environment


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Executive Summary

Libya Upstream Fiscal and Regulatory Report: Instability Continues to Affect Operating Environment

Summary

"Libya Upstream Fiscal and Regulatory Report: Instability Continues to Affect Operating Environment", presents the essential information relating to the terms which govern investment into Libya'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 Libya's upstream oil and gas investment climate.

Scope

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

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 Libya

Reasons to buy

Understand the complex regulations and contractual requirements applicable to Libya'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 6

4. Key Fiscal Terms 8

4.1. Royalties, Bonuses, and Fees 8

4.1.1. Signature Bonus 8

4.1.2. Production Bonus 8

4.1.3. Royalties (Paid by NOC) 9

4.1.4. Rental Exemption 9

4.2. NOC Initial Allocation and Cost Contribution 10

4.3. Cost Recovery 10

4.3.1. Limit on Recovery 10

4.3.2. Recoverable Costs 10

4.4. Profit Sharing 11

4.4.1. EPSA IV Framework 11

4.4.2. Previous EPSA Models 12

4.5. Direct Taxation 13

4.5.1. Corporate Income Tax (Paid out of NOC Share) 13

4.5.2. Deductions and Depreciation 13

4.5.3. Withholding Tax 13

4.6. Indirect Taxation 13

4.6.1. Value Added Tax 13

4.6.2. Customs Duties 14

4.7. Abandonment Fund 14

5. Regulation and Licensing 15

5.1. Legal Framework 15

5.1.1. Governing Law 15

5.1.2. Contract Type 15

5.1.3. Title to Hydrocarbons 15

5.2. Institutional Framework 16

5.2.1. Licensing Authority 16

5.2.2. Regulatory Agency 16

5.2.3. National Oil Company 16

5.3. Licensing Process 17

5.3.1. Licensing Rounds 17

5.3.2. Bidding 17

5.4. License Terms 17

5.4.1. Duration and Relinquishments 17

5.4.2. Work Obligation 17

5.4.3. Joint Operating Company 18

5.5. Local Content 18

6. Outlook 19

7. Appendix 21

7.1. Contact Us 21

7.2. Disclaimer 21

1.2 List of Figures

Figure 1: Regime Flow Chart 5

Figure 2: Libya, Indicative NPV10/boe, IRR, and State Take Comparison, Internal 6

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

Figure 4: Libya, Legal Framework 15

Figure 5: Libya, Institutional Framework 16

1.1 List of Tables

Table 1: Regime Overview 4

Table 2: Libya, Signature Bonuses (US$m), EPSA IV Bid Rounds 8

Table 3: Libya, Production Bonus Rates (US$mm), Model EPSA IV 8

Table 4: Libya, Annual Rental Fees (LYD/100 km2) by Zone 9

Table 5: Libya, Initial NOC Allocation (% of Gross Revenue), EPSA IV Bid Rounds 10

Table 6: Libya, EPSA IV Profit-Sharing Framework, Base Factor Factor (%), EPSA-IV Model Contract, 2006 11

Table 7: Libya, EPSA IV Profit-Sharing Framework, A-Factor (%), Block 54 (Round 1-2005) and Block 176 (Round 2-2005) 11

Table 8: Libya, EPSA III Profit-Sharing Framework, Base Factor (%) 12

Table 9: Libya, EPSA III Profit-Sharing Framework, A-Factor (%) 12

Table 10: Libya, EPSA II Profit-Sharing Framework 12

Table 11: Libya, EPSA I Profit-Sharing Framework 13

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