Bulgaria Upstream Fiscal and Regulatory Report - Attractive Fiscal Regime Likely to Remain Stable

Bulgaria Upstream Fiscal and Regulatory Report - Attractive Fiscal Regime Likely to Remain Stable

Summary

“Bulgaria Upstream Fiscal and Regulatory Report - Attractive Fiscal Regime Likely to Remain Stable”, presents the essential information relating to the terms which govern investment into Bulgaria’s 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 state’s take from hydrocarbon production. Considering political, economic and industry specific variables, the report also analyses future trends for Bulgaria’s upstream oil and gas investment climate.

Scope

- Overview of current fiscal terms governing upstream oil and gas operations in Bulgaria
- Assessment of the current fiscal regime’s 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 Bulgaria

Reasons to buy

- Understand the complex regulations and contractual requirements applicable to Bulgaria’s upstream oil and gas sector
- Evaluate factors determining profit levels in the industry
- Identify potential regulatory issues facing investors in the country’s upstream sector
- Utilize considered insight on future trends to inform decision-making

2. Regime Overview 3
3. State Take Assessment 5
4. Key Fiscal Terms 6
4.1. Royalties, Bonuses, and Fees 6
4.1.1. Rental Fees 6
4.1.2. Signature Bonuses 6
4.1.3. Production Bonuses 6
4.1.4. Royalties 7
4.2. Direct Taxation 8
4.2.1. Corporate Income Tax 8
4.2.2. Deductions and Depreciation 8
4.2.3. Withholding Tax 9
4.3. Indirect Taxation 9
4.3.1. Value Added Tax 9
4.3.2. Customs Duties 9
4.4. EU Emissions Trading Scheme 9
5. Regulation and Licensing 10
5.1. Legal Framework 10
5.1.1. Governing Law 10
5.1.2. Contract Type 10
5.1.3. Title to Hydrocarbons 11
5.2. Institutional Framework 11
5.2.1. Licensing Authority 11
5.2.2. Regulatory Agency 12
5.3. Licensing Process 12
5.3.1. Licensing Rounds 12
5.4. License Terms 12
5.4.1. Duration and Relinquishments 12
5.4.2. Work Obligation 12
5.5. Hydraulic Fracturing 12
6. Outlook 13
7. Appendix 14
7.1. Contact Us 14
7.2. Disclaimer 14

List Of Tables

Table 1: Regime Overview 3
Table 2: Bulgaria, Exploration Area Rental Fees (BGN/km2) 6
Table 3: Bulgaria, Production Bonus Rates (US$), 91-III Galata (2001) Concession 7
Table 4: Bulgaria, Concession Royalty Rates (%), Koynare (2012) and Iskar-West (2014) Concessions 7
Table 5: Bulgaria, Historical Corporate Tax Rates (%) 8
Table 6: Bulgaria, Fixed Asset Depreciation Rates (%) 9

List Of Figures

Figure 1: Regime Flow Chart 4
Figure 2: Bulgaria, Indicative NPV10/boe, IRR, and State Take Comparison, Regional 5
Figure 3: Bulgaria, Legal Framework 10
Figure 4: Bulgaria, Institutional Framework 11

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