Portugal Upstream Fiscal and Regulatory Report-Competitive Deepwater Regime Attracts Interest Despite Application of Royalties

Portugal Upstream Fiscal and Regulatory Report-Competitive Deepwater Regime Attracts Interest Despite Application of Royalties


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Executive Summary

Portugal Upstream Fiscal and Regulatory Report-Competitive Deepwater Regime Attracts Interest Despite Application of Royalties

"Portugal Upstream Fiscal and Regulatory Report-Competitive Deepwater Regime Attracts Interest Despite Application of Royalties", presents the essential information relating to the terms which govern investment into Portugal'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 Portugal's upstream oil and gas investment climate.

Scope

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

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 Portugal

Reasons To Buy

Understand the complex regulations and contractual requirements applicable to Portugal'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 Upfront Payments 6

4.1.1 Royalty 6

4.1.2 Surface Rentals 7

4.1.3 Additional Contributions 8

4.2 Direct Taxation 8

4.2.1 Corporate Income Tax 8

4.2.2 Deductions and Depreciation 8

4.2.3 Withholding Tax 9

4.3 Indirect Taxation 9

4.3.1 Value Added Tax 9

4.3.2 Stamp Duty 9

4.3.3 Municipal Property Tax 9

4.3.4 EU Emissions Trading Scheme 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

5.3 Licensing Process 11

5.3.1 Competitive Bidding 11

5.3.2 Direct Negotiation 12

5.3.3 Fees 12

5.4 License Terms 12

5.4.1 Duration 12

5.4.2 Area and Relinquishments 12

5.4.3 Exploration Obligations 13

6 Outlook 14

7 Contact Information 15

1.2 List of Figures

Figure 1: Regime Flow Chart 4

Figure 2: Portugal, Indicative NPV10/boe, IRR and State Take Comparison-Internal, 2016 5

Figure 3: Portugal, Indicative NPV10/boe, IRR and State Take Comparison-Regional Peers, 2016 5

Figure 4: Portugal, Legal Framework 10

Figure 5: Portugal, Institutional Framework 11

1.1 List of Tables

Table 1: Summary 3

Table 2: Portugal, Oil Royalty Rates (%), 2016 6

Table 3: Portugal, Oil Royalty Rates (%), Onshore, Aljezur (Area 82), 2015 6

Table 4: Portugal, Deepwater Production-Based Royalty Rates (%), 2007-2015 7

Table 5: Portugal, Oil Royalty Rates (/boe) Deepwater, Lagosta (Block 13) and Lagostim (Block 14), 2011 7

Table 6: Portugal, Surface Rental fees (/km2), Caranguejo (Area 240), 2015 7

Table 7: Portugal, Selected Depreciation and Amortization Rates (%), 2014 8

Table 8: Portugal, Licensing Fees (), 2014 12

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