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Senegal Upstream Fiscal and Regulatory Guide

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Senegal Upstream Fiscal and Regulatory Guide

Summary

Senegal offers production sharing agreements for upstream petroleum operations. The country has made a significant update to its previous framework with the introduction of a new petroleum code and local content regulations in early 2019. The updated regime increases the fiscal burden for new investments, reflecting the country's recent exploration success. Following the introduction of the new legislation, a licencing round will be officially announced on January 31, 2020. Recent discoveries have generated significant interest in the country's upstream sector, though this round will be the first test of the attractiveness of the new terms.

Senegal Upstream Fiscal and Regulatory Guide, presents the essential information relating to the terms which govern investment into Senegal'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 Senegal's upstream oil and gas investment climate.

Scope

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

- 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 Senegal

Reasons to buy

- Understand the complex regulations and contractual requirements applicable to Senegal'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

READ MORE

Table Of Content

Scope

1. Table of Contents

1.1. List of Tables

1.2. List of Figures

2. Executive Summary

2.1. Regime Overview-Production Sharing Agreement

2.2. Timeline

2.3. State Take Assessment

3. Key Terms-Production Sharing Agreements

3.1. Bonuses and Fees

3.1.1. Signature Bonus

3.1.2. Production Bonus

3.1.3. Surface Fees

3.1.4. Education Fees

3.1.5. Training and Support Contributions

3.1.6. Royalty

3.2. Cost Recovery

3.2.1. Limit on Recovery

3.2.2. Recoverable Costs

3.3. Profit Sharing

3.4. Abandonment Fund

3.5. Natural Gas

3.6. Direct Taxation

3.6.1. Corporate Income Tax

3.6.2. Deductions and Depreciation

3.7. Indirect Taxation

3.7.1. Customs Duties

3.7.2. Value Added Tax (VAT)

3.8. State Participation

3.9. Domestic Market Obligation

3.10. License Terms

3.10.1. Duration and Relinquishments

3.10.2. Work Obligation

3.11. Fiscal Stabilization

4. Regulation and Licensing

4.1. Legal Framework

4.1.1. Governing Law

4.1.2. Contract Type

4.1.3. Title to Hydrocarbons

4.2. Institutional Framework

4.2.1. Licensing Authority

4.2.2. Regulatory Agency

4.2.3. National Oil Company

4.3. Licensing Process

4.4. Local Content

5. Appendix

5.1. References

5.2. Contact Us

5.3. Disclaimer


List Of Figure

1.2. List of Figures

Figure 1: Regime Flow Chart-Production Sharing Agreements

Figure 2: Senegal, Indicative NPV10/boe, IRR and State Take Comparison, and Price and Cost Sensitivity Analysis

Figure 3: Senegal, Legal Framework

Figure 4: Senegal, Institutional Framework


List Of Table

1.1. List of Tables

Table 1: Regime Overview

Table 2: Senegal, Key Events since 2000

Table 3: Senegal, PSA, Signature Bonus Payments From Selected PSAs (USD )

Table 4: Senegal, PSA, Surface Rental Fees (USD /sq. km per year), 2019

Table 5: Senegal, PSA, Example of Surface Rental Rates (USD /sq. km per year), Multiple PSAs, 2004-2017

Table 6: Senegal, PSA, Training and Support Contributions (USD ), Selected PSAs, 2004-2017

Table 7: Senegal, PSA, Fee Rates By Terrain, Petroleum Code, 2019

Table 8: Senegal, PSA, Cost Recovery Limits By Terrain, Model PSA, 2019

Table 9: Senegal, PSA, Cost Recovery Limits From Selected PSAs, 2004-2017

Table 10: Senegal, PSA, R Factor Profit Sharing Thresholds, 2019 Petroleum Code, 2019

Table 11: Senegal, Licensee Share of Profit Oil (%), Rufisque Offshore Profond and Ultra-Deepwater Offshore PSAs, 2017

Table 12: Senegal, Licensee Share of Profit Oil (%), Saint Louis Offshore Shallow PSA, 2015

Table 13: Senegal, Licensee Share of Profit Oil (%), Senegal Onshore Sud PSA, 2014

Table 14: Senegal, Licensee Share of Profit Oil (%), Diender Block PSA, 2014

Table 15: Senegal, Licensee Share of Profit Oil (%), Louga Block PSA & Diobel Block PSA, 2013

Table 16: Senegal, Licensee Share of Profit Oil (%), Djiffere Offshore Block PSA, 2013

Table 17: Senegal, Licensee Share of Profit Oil (%), Rufisque Offshore Profond PSA (2011), Senegal Offshore Sud Profond PSA (2011), Cayar Offshore Profond PSA (2012), and Saint Louis Offshore Profond PSA (2012)

Table 18: Senegal, Licensee Share of Profit Oil (%), Rufisque Offshore Sangomar Profond PSA, 2004

Table 19: Senegal, Licensee Share of Profit Oil (%), AGC Shallow (2011) and AGC Central (2014) PSAs

Table 20: Senegal, License Duration, Selected PSAs, 2004-2017

Table 21: Senegal, PSA, Work and Minimum Expenditure Obligations, Selected PSAs

Table 22: References

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Company Profile

Company Profile Title

Senegal Upstream Fiscal and Regulatory Guide

Summary

Senegal offers production sharing agreements for upstream petroleum operations. The country has made a significant update to its previous framework with the introduction of a new petroleum code and local content regulations in early 2019. The updated regime increases the fiscal burden for new investments, reflecting the country's recent exploration success. Following the introduction of the new legislation, a licencing round will be officially announced on January 31, 2020. Recent discoveries have generated significant interest in the country's upstream sector, though this round will be the first test of the attractiveness of the new terms.

Senegal Upstream Fiscal and Regulatory Guide, presents the essential information relating to the terms which govern investment into Senegal'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 Senegal's upstream oil and gas investment climate.

Scope

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

- 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 Senegal

Reasons to buy

- Understand the complex regulations and contractual requirements applicable to Senegal'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

READ MORE

Scope

1. Table of Contents

1.1. List of Tables

1.2. List of Figures

2. Executive Summary

2.1. Regime Overview-Production Sharing Agreement

2.2. Timeline

2.3. State Take Assessment

3. Key Terms-Production Sharing Agreements

3.1. Bonuses and Fees

3.1.1. Signature Bonus

3.1.2. Production Bonus

3.1.3. Surface Fees

3.1.4. Education Fees

3.1.5. Training and Support Contributions

3.1.6. Royalty

3.2. Cost Recovery

3.2.1. Limit on Recovery

3.2.2. Recoverable Costs

3.3. Profit Sharing

3.4. Abandonment Fund

3.5. Natural Gas

3.6. Direct Taxation

3.6.1. Corporate Income Tax

3.6.2. Deductions and Depreciation

3.7. Indirect Taxation

3.7.1. Customs Duties

3.7.2. Value Added Tax (VAT)

3.8. State Participation

3.9. Domestic Market Obligation

3.10. License Terms

3.10.1. Duration and Relinquishments

3.10.2. Work Obligation

3.11. Fiscal Stabilization

4. Regulation and Licensing

4.1. Legal Framework

4.1.1. Governing Law

4.1.2. Contract Type

4.1.3. Title to Hydrocarbons

4.2. Institutional Framework

4.2.1. Licensing Authority

4.2.2. Regulatory Agency

4.2.3. National Oil Company

4.3. Licensing Process

4.4. Local Content

5. Appendix

5.1. References

5.2. Contact Us

5.3. Disclaimer


List Of Figure

1.2. List of Figures

Figure 1: Regime Flow Chart-Production Sharing Agreements

Figure 2: Senegal, Indicative NPV10/boe, IRR and State Take Comparison, and Price and Cost Sensitivity Analysis

Figure 3: Senegal, Legal Framework

Figure 4: Senegal, Institutional Framework


List Of Table

1.1. List of Tables

Table 1: Regime Overview

Table 2: Senegal, Key Events since 2000

Table 3: Senegal, PSA, Signature Bonus Payments From Selected PSAs (USD )

Table 4: Senegal, PSA, Surface Rental Fees (USD /sq. km per year), 2019

Table 5: Senegal, PSA, Example of Surface Rental Rates (USD /sq. km per year), Multiple PSAs, 2004-2017

Table 6: Senegal, PSA, Training and Support Contributions (USD ), Selected PSAs, 2004-2017

Table 7: Senegal, PSA, Fee Rates By Terrain, Petroleum Code, 2019

Table 8: Senegal, PSA, Cost Recovery Limits By Terrain, Model PSA, 2019

Table 9: Senegal, PSA, Cost Recovery Limits From Selected PSAs, 2004-2017

Table 10: Senegal, PSA, R Factor Profit Sharing Thresholds, 2019 Petroleum Code, 2019

Table 11: Senegal, Licensee Share of Profit Oil (%), Rufisque Offshore Profond and Ultra-Deepwater Offshore PSAs, 2017

Table 12: Senegal, Licensee Share of Profit Oil (%), Saint Louis Offshore Shallow PSA, 2015

Table 13: Senegal, Licensee Share of Profit Oil (%), Senegal Onshore Sud PSA, 2014

Table 14: Senegal, Licensee Share of Profit Oil (%), Diender Block PSA, 2014

Table 15: Senegal, Licensee Share of Profit Oil (%), Louga Block PSA & Diobel Block PSA, 2013

Table 16: Senegal, Licensee Share of Profit Oil (%), Djiffere Offshore Block PSA, 2013

Table 17: Senegal, Licensee Share of Profit Oil (%), Rufisque Offshore Profond PSA (2011), Senegal Offshore Sud Profond PSA (2011), Cayar Offshore Profond PSA (2012), and Saint Louis Offshore Profond PSA (2012)

Table 18: Senegal, Licensee Share of Profit Oil (%), Rufisque Offshore Sangomar Profond PSA, 2004

Table 19: Senegal, Licensee Share of Profit Oil (%), AGC Shallow (2011) and AGC Central (2014) PSAs

Table 20: Senegal, License Duration, Selected PSAs, 2004-2017

Table 21: Senegal, PSA, Work and Minimum Expenditure Obligations, Selected PSAs

Table 22: References

Single User License:
Report can be used by individual purchaser only

Site License:
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License: 
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

To know more information on Purchase by Section, please send a mail to support@kenresearch.com

INQUIRE FOR COVID-19 IMPACT ANALYSIS