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Republic of Congo Upstream Fiscal and Regulatory Report - New Licensing Round Set to Close in June 2019

Published By :

GlobalData

Published Date : Dec 2018

Category :

Power

No. of Pages : 37 Pages

Republic of Congo Upstream Fiscal and Regulatory Report - New Licensing Round Set to Close in June 2019

Summary

The fiscal and regulatory framework in the Republic of Congo underwent significant upheaval in 2016 with the passage of the new hydrocarbons code and the opening of the first licensing round. After this overhaul, the governments focus remains on promoting new investment. The Licensing Round Phase II 2018/2019, which opened in September 2018, offers 18 blocks in the Cuvette and Coastal Basins. Additionally, the government is increasing its focus on gas development, following on from the incentives introduced in the hydrocarbons code, and it has recently announced that it is preparing a gas code.

Republic of Congo Upstream Fiscal and Regulatory Report New Licensing Round Set to Close in June 2019, presents the essential information relating to the terms which govern investment into Republic of Congos 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 Republic of Congos upstream oil and gas investment climate.

Scope

- Overview of current fiscal terms governing upstream oil and gas operations in Republic of Congo
- 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 Republic of Congo.

Reasons to buy

- Understand the complex regulations and contractual requirements applicable to Republic of Congos 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
1.1. List of Tables
1.2. List of Figures
2. Regime Overview
3. State Take Assessment
4. Key Fiscal Terms
4.1. Royalties, Bonuses, and Fees
4.1.1. Bonuses
4.1.2. Provision for Diversified Investments (PID)
4.1.3. Royalty
4.1.4. Rental Fees
4.1.5. Social Projects
4.2. Cost Recovery
4.2.1. Cost Recovery Limit
4.2.2. Recoverable Costs
4.2.3. Excess Cost Recovery
4.3. Profit Sharing
4.4. Direct Taxation
4.4.1. Corporate Income Tax
4.4.2. Deductions and Depreciation
4.4.3. Withholding Tax
4.4.4. Capital Gains (after the introduction of Hydrocarbons Code of 2016)
4.5. Indirect Taxation
4.5.1. Value Added Tax
4.5.2. Customs Duties
4.6. Environmental Risk Prevention Fund
4.7. Pollution Tax
4.8. Abandonment Costs
4.9. State and Local Participation
5. Regulation and Licensing
5.1. Legal Framework
5.1.1. Governing Law
5.1.2. Contract Type
5.1.3. Title to Hydrocarbons
5.1.4. Title to Movable and Immovable Goods
5.1.5. Transfer of Assets
5.2. Institutional Framework
5.2.1. Licensing Authority
5.2.2. Regulatory Agency
5.2.3. National Oil Company
5.2.4. Licensees Corporate Structure in the Republic of Congo
5.2.5. Management Committee
5.3. Licensing Process
5.3.1. Licensing Rounds
5.3.2. Bidding
5.4. License Terms
5.4.1. Duration and Relinquishments
5.4.2. Domestic Market Obligation
5.4.2.1. Work Obligations
5.5. Local Content
6. Outlook
7. Appendix
7.1. Fiscal Terms for Pre-2016 Contracts
7.1.1. Cost Oil Terms
7.1.2. Profit Oil and Super Profit Oil Terms
7.2. References
7.3. Contact Us
7.4. Disclaimer

1.1 List of Tables
Table 1: Republic of Congo, Regime Overview
Table 2: Republic of Congo, Special Royalty Rates for Contracts Signed Before the Hydrocarbons Code of 2016
Table 3: Republic of Congo, Bid Cost Oil Provisions, Licensing Round Phase II 2018/2019
Table 4: Republic of Congo, Profit Oil and Super Profit Oil Framework, Licensing Round Phase II 2018/2019
Table 5: Republic of Congo, Bid Weighting, Licensing Round Phase II 2018/2019
Table 6: Republic of Congo, Cost Recovery Limit, Excess Cost Oil Limit, and Guaranteed Cost Oil, Pre-2016 Contracts
Table 7: Republic of Congo, Profit Oil and Super Profit Oil Terms, Pre-2016 Contracts
Table 8: References

1.2 List of Figures
Figure 1: Republic of Congo, Regime Flow Chart Production Sharing Agreement
Figure 2: Republic of Congo, Indicative NPV10/boe, IRR and State Take Comparison, Regional
Figure 3: Republic of Congo, Legal Framework
Figure 4: Republic of Congo, Institutional Framework

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