Turkmenistan Upstream Fiscal and Regulatory Report - Role of New NOC Remains Unclear


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13pages

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Turkmenistan Upstream Fiscal and Regulatory Report - Role of New NOC Remains Unclear

Summary

Turkmenistan Upstream Fiscal and Regulatory Report - Role of New NOC Remains Unclear, presents the essential information relating to the terms which govern investment into Turkmenistans 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 states take from hydrocarbon production. Considering political, economic and industry specific variables, the report also analyses future trends for Turkmenistans upstream oil and gas investment climate.

Scope

- Overview of current fiscal terms governing upstream oil and gas operations in Turkmenistan
- Assessment of the current fiscal regimes 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 Turkmenistan

Reasons to buy

- Understand the complex regulations and contractual requirements applicable to Turkmenistans upstream oil and gas sector
- Evaluate factors determining profit levels in the industry
- Identify potential regulatory issues facing investors in the countrys upstream sector
- Utilize considered insight on future trends to inform decision-making
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 Fiscal Take Assessment 5
4 Key Fiscal Terms 6
4.1 Upfront Payments 6
4.1.1 Bonuses 6
4.1.2 Annual License Fee 6
4.1.3 Royalty 6
4.1.4 Additional Contributions 6
4.2 Cost Recovery 6
4.2.1 Limit on Recovery 6
4.2.2 Recoverable Costs 7
4.3 Profit-Sharing 7
4.4 Direct Taxation 8
4.4.1 Profit Tax 8
4.4.2 Deductions and Depreciation 8
4.4.3 Withholding Tax 8
4.5 Indirect Taxation 8
4.5.1 Custom duties 8
4.5.2 Value Added Tax 8
5 Regulation and Licensing 9
5.1 Legal Framework 9
5.1.1 Governing Law 9
5.1.2 Contract Type 9
5.1.3 Title to Hydrocarbons 9
5.2 Institutional Framework 10
5.2.1 Licensing Authority 10
5.2.2 Regulatory Agency 10
5.2.3 National Oil Company 10
5.3 Licensing Process 11
5.4 License Terms 11
5.4.1 Duration 11
5.4.2 Obligations 11
5.4.3 Relinquishment 11
5.4.4 Title to Equipment 11
6 Outlook 12
7 Contact Information 13

1.1 List of Tables
Table 1: Summary 3
Table 2: Turkmenistan, Royalty rates, Nebit Dag PSA 6
Table 3: Turkmenistan, Royalty rates 1996, Block 1 PSA 6
Table 4: Profit-Sharing (%), Block 1 PSA 7
Table 5: Turkmenistan, Profit-Sharing (%), Nebit Dag PSA 7

1.2 List of Figures
Figure 1: Regime Flow Chart 4
Figure 2: Turkmenistan, Indicative NPV10/boe, IRR and Fiscal Take Comparison - Regional, 2016 5
Figure 3: Turkmenistan Legal Framework 9
Figure 4: Turkmenistan, Institutional Framework 10