Malaysia Upstream Fiscal and Regulatory Report: Government Focuses on Shallow-Water Exploration and Mature Field Development

Malaysia Upstream Fiscal and Regulatory Report: Government Focuses on Shallow-Water Exploration and Mature Field Development


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Executive Summary

Malaysia Upstream Fiscal and Regulatory Report: Government Focuses on Shallow-Water Exploration and Mature Field Development

Summary

"Malaysia Upstream Fiscal and Regulatory Report: Government Focuses on Shallow-Water Exploration and Mature Field Development", presents the essential information relating to the terms which govern investment into Malaysia'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 Malaysia's upstream oil and gas investment climate.

Scope

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

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 Malaysia

Reasons to buy

Understand the complex regulations and contractual requirements applicable to Malaysia'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-Production Sharing Agreement 9

4.1. Royalties, Bonuses and Fees 9

4.1.1. Bonuses (Pre-1985 PSAs Only) 9

4.1.2. Royalty 9

4.2. Cost Recovery 9

4.2.1. Limit on Recovery 9

4.2.2. Recoverable Costs 10

4.2.3. Excess Cost Recovery (R/C PSA Only) 10

4.3. Profit Sharing 11

4.3.1. Revenue over Cost PSA 11

4.3.2. Deepwater PSA 11

4.3.3. Progressive Volume Based PSA 12

4.3.4. 1985 PSA 12

4.3.5. 1976 PSA 13

4.4. Research Cess 13

4.5. Oil Export Duty 13

4.6. Supplementary Payment 13

4.7. Direct Taxation 14

4.7.1. Petroleum Income Tax 14

4.7.2. Deductions and Depreciation 14

4.7.3. Investment Tax Allowance 15

4.8. Indirect Taxation 16

4.8.1. Import duties 16

4.8.2. Goods & Services Tax 16

4.9. State Participation 16

5. Key Fiscal Terms-Risk Service Agreements 17

5.1. Contractor Payment 17

5.1.1. Payment Ceiling 17

5.1.2. Cost Reimbursement 17

5.1.3. Remuneration Fee 17

5.2. Direct Taxation 17

5.2.1. Corporate Income Tax 17

5.3. Indirect Taxation 18

5.3.1. Import duties 18

5.4. Local Partner 18

6. Regulation and Licensing 19

6.1. Legal Framework 19

6.1.1. Governing Law 19

6.1.2. Contract Type 20

6.1.3. Title to Hydrocarbons 20

6.2. Institutional Framework 21

6.2.1. Licensing Authority 21

6.2.2. Regulatory Agency 21

6.2.3. National Oil Company 22

6.3. Licensing Process 22

6.3.1. Licensing Rounds 22

6.4. License Terms 22

6.4.1. Duration 22

6.4.2. Work Obligation 23

7. Outlook 24

8. Appendix 26

8.1. Contact Us 26

8.2. Disclaimer 26

1.2 List of Figures

Figure 1: Regime Flow Chart-Production Sharing Agreement 5

Figure 2: Regime Flow Chart-Risk Service Agreement 6

Figure 3: Malaysia, Indicative NPV10/boe, IRR and State Take Comparison, Internal 7

Figure 4: Malaysia, Indicative NPV10/boe, IRR and State Take Comparison, Regional 8

Figure 5: Malaysia, Legal Framework 19

Figure 6: Malaysia, Institutional Framework 21

1.1 List of Tables

Table 1: Regime Overview 4

Table 2: Cost recovery limit (%), R/C PSA 9

Table 3: Malaysia, Excess Cost Recovery Split (%), R/C PSA 10

Table 4: Malaysia, Profit-Sharing (%), R/C PSA 11

Table 5: Malaysia, Excess Cost Recovery Split (%), R/C PSA 12

Table 6: Malaysia, Gas Profit-Sharing (%), Deepwater PSA 12

Table 7: Malaysia, Profit-Sharing, 1985 PSA 13

Table 8: Malaysia, Supplementary Payment Rates (%), Deepwater PSA 14

Table 9: Malaysia, Petroleum Income Tax, 1976-2017 14

Table 10: Malaysia, Capital Allowances (%) 15

Table 11: Malaysia, PSA Duration (Years) 22

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