Ghana Upstream Fiscal and Regulatory Report - New Petroleum Law Awaiting Presidential Assent


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Ghana Upstream Fiscal and Regulatory Report - New Petroleum Law Awaiting Presidential Assent

Summary

Ghana Upstream Fiscal and Regulatory Report - New Petroleum Law Awaiting Presidential Assent, presents the essential information relating to the terms which govern investment into Ghanas 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 Ghanas upstream oil and gas investment climate.

Scope

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

Reasons to buy

- Understand the complex regulations and contractual requirements applicable to Ghanas 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 State Take Assessment 5
4 Key Fiscal Terms 6
4.1 Permit Fees 6
4.2 Surface Rentals 7
4.3 Training Allowance 7
4.4 Technology Allowance 8
4.5 Royalty 8
4.6 Direct Taxation 9
4.6.1 Corporate Tax 9
4.6.2 Deductions and Depreciation 9
4.6.3 Ring-fencing 9
4.6.4 Withholding Tax 9
4.6.5 Capital gains Tax 9
4.7 Additional Oil Entitlement 10
4.8 Indirect Taxation 13
4.8.1 Value Added Tax 13
4.8.2 Customs Duties 13
4.9 State Participation 13
4.9.1 Initial Interest 13
4.9.2 Additional Interest 13
4.10 Stability Clauses 14
5 Regulation and Licensing 15
5.1 Legal Framework 15
5.1.1 Governing Law 15
5.1.2 Contract Type 15
5.1.3 Title to Hydrocarbons 15
5.2 Institutional Framework 16
5.2.1 Licensing Authority 16
5.2.2 Regulatory Agency 16
5.2.3 National Oil Company 16
5.3 Licensing Process 16
5.4 License Terms 17
5.4.1 Duration 17
5.4.2 Obligations 17
5.4.3 Relinquishment 17
5.5 Local Content 17
6 Outlook 21
7 Contact Information 22

1.1 List of Tables
Table 1: Summary 3
Table 2: Ghana, Exploration and Development Permit Fees (US$), 2016 6
Table 3: Ghana, Production Permit Fees (US$), 2016 6
Table 4: Ghana, Annual Rental Fees (US$ per km2) East Keta Ultra Deepwater Agreement, 2014 7
Table 5: Ghana, Annual Rental Fees (US$ per km2) Deepwater Tano Agreement, 2006 7
Table 6: Ghana, Annual Training Fees (US$), Various Agreements 7
Table 7: Ghana, Technology Allowance (US$), Various Agreements 8
Table 8: Ghana, Royalty Rates (%), Southwest Saltpond Agreement, 2014 8
Table 9: Ghana, Royalty Rates (%), East Keta Agreement, 2014 8
Table 10: Ghana, Royalty Rates (%), Deepwater Tano Agreement, 2006 9
Table 11: Ghana, Crude Oil Royalty Rates (%),Offshore Cape Three Points Agreement, 2005 9
Table 12: Ghana, Royalty Rates (%), West Cape Three Points Agreement, 2004 9
Table 13: Ghana, AOE Rates, Shallow Water Cape Three Points Offshore License, 2014 10
Table 14: Ghana, AOE Rates, Deepwater Cape Three Points West Offshore Agreement, 2014 11
Table 15: Ghana, AOE Rates, South-West Saltpond Agreement, 2014 11
Table 16: Ghana, AOE Rates, East Keta Ultra-deepwater Agreement, 2014 11
Table 17: Ghana, AOE Rates, Keta Agreement, 2010 11
Table 18: Ghana, AOE Rates, Offshore Saltpond Agreement, 2008 12
Table 19: Ghana, AOE Rates, Shallow Water Tano Agreement, 2006 12
Table 20: Ghana, AOE Rates, Deepwater Tano Agreement, 2006 12
Table 21: Ghana, AOE Rates, Offshore Cape Three Points Agreement, 2005 12
Table 22: Ghana, AOE Rates, West Cape Three Points Agreement, 2004 12
Table 23: Ghana, GNPC Interest (%), Various Agreements, 2004-2014 13
Table 24: Ghana, Top-Level Minimum Local Content Percentages (%), 2016 18
Table 25: Ghana, Minimum Local Content (%) of Specific Goods and Services, 2016 18

1.2 List of Figures
Figure 1: Regime Flow Chart 4
Figure 2: Ghana, Indicative NPV10/boe, IRR and State Take Comparison - Internal, 2016 5
Figure 3: Ghana, Indicative NPV10/boe, IRR and State Take Comparison - Regional, 2016 5
Figure 4: Ghana, Legal Framework 15
Figure 5: Ghana, Institutional Framework 16