Senegal Upstream Fiscal and Regulatory Report - New Petroleum Code Under Development


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Senegal Upstream Fiscal and Regulatory Report - New Petroleum Code Under Development

Summary

Senegal Upstream Fiscal and Regulatory Report - New Petroleum Code Under Development, presents the essential information relating to the terms which govern investment into Senegals 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 Senegals 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 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 Senegal

Reasons to buy

- Understand the complex regulations and contractual requirements applicable to Senegals 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 3
2 Regime Overview 4
3 State Take Assessment 6
4 Key Fiscal Terms 8
4.1 Bonuses and Fees 8
4.1.1 Signature Bonus 8
4.1.2 Annual Training Budget 8
4.1.3 Surface Rentals 8
4.2 Cost Recovery 9
4.2.1 Cost Recovery Limit 9
4.3 Recoverable Costs 9
4.4 Profit-Sharing 10
4.4.1 Production-Based Mechanism (Senegal PSAs) 10
4.4.2 R-Factor Mechanism (AGC PSAs) 11
4.5 Direct Taxation 12
4.5.1 Corporate Income Tax 12
4.5.2 Deductions and Depreciation 12
4.6 Indirect Taxation 12
4.6.1 VAT 12
4.6.2 Customs Duties 12
4.7 State Participation 13
4.8 Stability Clauses 13
5 Regulation and Licensing 14
5.1 Legal Framework 14
5.1.1 Governing Law 14
5.1.2 Contract Type 14
5.1.3 Title to Hydrocarbons 14
5.2 Institutional Framework 15
5.2.1 Licensing Authority 15
5.2.2 Regulatory Agencies 16
5.2.3 National Oil Company 16
5.3 Licensing Process 16
5.4 License Terms 16
5.4.1 Duration and Relinquishment 16
5.4.2 Obligations 17
5.5 Local Content 17
6 Outlook 18
7 Contact Information 20

1.1 List of Tables
Table 1: Summary 4
Table 2: Senegal, Annual Contributions (US$), Saint Louis Offshore Profond and Cayar Offshore Profond PSAs, 2012 8
Table 3: Senegal, Surface Rental Rates (US$/km2), 2016 8
Table 4: Senegal, Cost Recovery Limit (%), Selected PSAs 9
Table 5: Senegal, Recoverable Share of G&A Costs Incurred Abroad (%), Saint Louis Offshore Profond 10
Table 6: Senegal, Profit Split (%), Shallow and Deepwater, Sangomar Offshore Profond PSA, 2004 10
Table 7: Senegal, Profit Split (%), Saint Louis Offshore Profond and Cayar Offshore Profond PSAs, 2012 11
Table 8: Senegal, Profit Split (%), Crude Oil and Natural Gas, Louga PSA, 2013 11
Table 9: Senegal, Profit Split (%), Selected PSAs, 2008-2012 11
Table 10: Senegal, Profit Split (%), AGC Shallow (2011) and AGC Central (2014) PSAs 12
Table 11: Senegal, Petrosen Equity Interest (%), Standard and Back-in Right, Selected PSAs 13
Table 12: Senegal, Minimum Exploration Obligations (US$), Saint Louis Offshore Profond and Cayar Offshore Profond PSAs, 2012 17
Table 13: Senegal, Exploration Minimum Investment Spend (US$), Selected PSAs 17

1.2 List of Figures
Figure 1: Regime Flow Chart 5
Figure 2: Senegal, Indicative NPV10/boe, IRR and State Take Comparison - Internal, 2016 6
Figure 3: Senegal, Indicative NPV10/boe, IRR and State Take Comparison - Regional, 2016 7
Figure 4: Senegal, Legal Framework 14
Figure 5: Senegal, Institutional Framework 15