Ukraine Upstream Fiscal and Regulatory Report-Failure to Reduce Royalty Rates on New Gas Wells In 2017, Although Reductions Possible Over the Medium Term

Ukraine Upstream Fiscal and Regulatory Report-Failure to Reduce Royalty Rates on New Gas Wells In 2017, Although Reductions Possible Over the Medium Term


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Executive Summary

Ukraine Upstream Fiscal and Regulatory Report-Failure to Reduce Royalty Rates on New Gas Wells In 2017, Although Reductions Possible Over the Medium Term

Summary

"Ukraine Upstream Fiscal and Regulatory Report-Failure to Reduce Royalty Rates on New Gas Wells In 2017, Although Reductions Possible Over the Medium Term", presents the essential information relating to the terms which govern investment into Ukraine'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 Ukraine's upstream oil and gas investment climate.

Scope

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

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 Ukraine

Reasons to Buy

Understand the complex regulations and contractual requirements applicable to Ukraine'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-Royalty/Tax 9

4.1. Subsoil Use Fees (2013 onwards) 9

4.1.1. Commodity Valuation (P) 9

4.1.2. Subsoil Use Fee Rates 9

4.1.3. Adjustment Coefficient (A)) 10

4.1.4. Reduced Rate (Only for Companies with at Least 25% State Ownership) 11

4.2. Pre-2013 Regime 12

4.2.1. Rental (Royalty) (Abolished December 31, 2012) 12

4.2.2. Subsoil Tax 15

4.2.3. Geological Tax (Abolished December 31, 2010) 16

4.3. Gas Export Duty 17

4.4. Direct Taxation 18

4.4.1. Corporate Income Tax 18

4.4.2. Deductions and Depreciation 18

4.4.3. Withholding Tax 20

4.5. Indirect Taxation 20

4.5.1. Value-Added Tax 20

4.5.2. Unified Social Contribution 20

5. Key Fiscal Terms-Production Sharing Agreements 21

5.1. Upfront Payments 21

5.1.1. Bonuses and Fees 21

5.1.2. Subsoil Use Fees 22

5.2. Cost Recovery 22

5.2.1. Limit on Recovery 22

5.2.2. Recoverable Costs 22

5.3. Profit-Sharing 22

5.3.1. Export Duty 23

5.4. Direct Taxation 23

5.4.1. Corporate Income Tax 23

5.4.2. Fiscal Stability 24

5.5. Indirect Taxation 24

5.5.1. Value-Added Tax 24

5.6. State Participation 24

6. Regulation and Licensing 25

6.1. Legal Framework 25

6.1.1. Governing Law 25

6.1.2. Contract Type 25

6.1.3. Title to Hydrocarbons 26

6.2. Institutional Framework 27

6.2.1. Licensing Authority 27

6.2.2. Regulatory Agency 27

6.2.3. National Oil Company 28

6.3. Licensing Process 28

6.3.1. Special Permit Licensing 29

6.3.2. PSA Licensing 31

6.4. License Terms 32

6.4.1. Duration 32

6.4.2. Work Obligations 32

6.4.3. Domestic Market Obligations 32

6.4.4. Local Content 32

7. Outlook 33

8. Appendix 35

8.1. Contact Us 35

8.2. Disclaimer 35

1.2 List of Figures

Figure 1: Regime Flow Chart-Royalty/Tax 5

Figure 2: Regime Flow Chart-Production Sharing Agreement 6

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

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

Figure 5: Ukraine, Legal Framework 25

Figure 6: Ukraine, Institutional Framework 27

1.1 List of Tables

Table 1: Regime Overview 4

Table 2: Ukraine, Subsoil Use Fee Rates (%), 2013-2017 10

Table 3: Ukraine, Crude Oil Rental Rates, 2001-2012 13

Table 4: Ukraine, Condensate Rental Rates, 2001-2012 14

Table 5: Ukraine, Gas Rental Rates, 2001-2012 15

Table 6: Ukraine, Subsoil Tax, Oil, Condensate and Gas 2001-2012 16

Table 7: Ukraine, Geological Tax Rates, 1999-2012 17

Table 8: Ukraine, Corporate Income Tax, 1991-2017 18

Table 9: Ukraine, Minimum Useful Lives (years), Fixed and Non-Current Assets (other than wells), 2015 Onwards 19

Table 10: Ukraine, Pre-2015 Development Well Depreciation Schedule 20

Table 11: Ukraine, Bonuses and Fees, Yuzivska PSA 21

Table 12: Ukraine, Profit-Sharing (%), Yuzivska PSA (2013) 23

Table 13: Ukraine, Profit Sharing (%), Oleska PSA (2013) 23

Table 14: Ukraine, Special Permit Bidding Increments 30

Table 15: Ukraine, Special Permit Maximum Duration (years) 32

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