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Libya Upstream Fiscal and Regulatory Report: Instability Continues to Affect Operating Environment

Published By :

GlobalData

Published Date : Apr 2017

Category :

Power

No. of Pages : 22 Pages

Libya Upstream Fiscal and Regulatory Report: Instability Continues to Affect Operating Environment

Summary

Libya Upstream Fiscal and Regulatory Report: Instability Continues to Affect Operating Environment, presents the essential information relating to the terms which govern investment into Libyas 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 Libyas upstream oil and gas investment climate.

Scope

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

Reasons to buy

- Understand the complex regulations and contractual requirements applicable to Libyas 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 3
1.2. List of Figures 3
2. Regime Overview 4
3. State Take Assessment 6
4. Key Fiscal Terms 8
4.1. Royalties, Bonuses, and Fees 8
4.1.1. Signature Bonus 8
4.1.2. Production Bonus 8
4.1.3. Royalties (Paid by NOC) 9
4.1.4. Rental Exemption 9
4.2. NOC Initial Allocation and Cost Contribution 10
4.3. Cost Recovery 10
4.3.1. Limit on Recovery 10
4.3.2. Recoverable Costs 10
4.4. Profit Sharing 11
4.4.1. EPSA IV Framework 11
4.4.2. Previous EPSA Models 12
4.5. Direct Taxation 13
4.5.1. Corporate Income Tax (Paid out of NOC Share) 13
4.5.2. Deductions and Depreciation 13
4.5.3. Withholding Tax 13
4.6. Indirect Taxation 13
4.6.1. Value Added Tax 13
4.6.2. Customs Duties 14
4.7. Abandonment Fund 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 17
5.3.1. Licensing Rounds 17
5.3.2. Bidding 17
5.4. License Terms 17
5.4.1. Duration and Relinquishments 17
5.4.2. Work Obligation 17
5.4.3. Joint Operating Company 18
5.5. Local Content 18
6. Outlook 19
7. Appendix 21
7.1. Contact Us 21
7.2. Disclaimer 21

1.1 List of Tables
Table 1: Regime Overview 4
Table 2: Libya, Signature Bonuses (US$m), EPSA IV Bid Rounds 8
Table 3: Libya, Production Bonus Rates (US$mm), Model EPSA IV 8
Table 4: Libya, Annual Rental Fees (LYD/100 km2) by Zone 9
Table 5: Libya, Initial

1.2 List of Figures
Figure 1: Regime Flow Chart 5
Figure 2: Libya, Indicative NPV10/boe, IRR, and State Take Comparison, Internal 6
Figure 3: Libya, Indicative NPV10/boe, IRR, and State Take Comparison, Regional 7
Figure 4: Libya, Legal Framework 15
Figure 5: Libya, Institutional Framework 16

List of Table

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