Ukraine Upstream Fiscal and Regulatory Report - Improved Fiscal Terms but Possible Political Risks

Ukraine Upstream Fiscal and Regulatory Report - Improved Fiscal Terms but Possible Political Risks

Summary

Over the past ten years, Ukraine has modified several elements of its petroleum fiscal framework, which will continue to be based on both concessions and PSAs. Since the beginning of 2018, subsoil fees have been adjusted including reduced rates for new gas wells, with the goal of increasing the attractiveness to prospecting investors. However, political and macroeconomic instability does not rule out the possibility of further fiscal and regulatory changes. Ukraine is currently organizing a series of licensing rounds for 2019, which will offer 42 onshore blocks (almost 20,000 sq. km) through several online concession tenders and a PSA tenders. These licensing rounds are part of the countrys strategy to increase its domestic production.

Ukraine Upstream Fiscal and Regulatory Report - Improved Fiscal Terms but Possible Political Risks, presents the essential information relating to the terms which govern investment into Ukraines 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 Ukraines upstream oil and gas investment climate.

Scope

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

Reasons to buy

- Understand the complex regulations and contractual requirements applicable to Ukraines 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.

1.1. List of Tables
1.2. List of Figures
2. Regime Overview
3. State Take Assessment
4. Key Fiscal Terms - Royalty/Tax
4.1. Subsoil Use Fees (2013 onward)
4.1.1. Commodity Valuation (P)
4.1.2. Subsoil Use Fee Rates
4.1.3. Adjustment Coefficient (A))
4.1.4. Reduced Rate (Only for Companies With at Least 25% State Ownership)
4.2. Pre-2013 Regime
4.2.1. Rental (Royalty) (Abolished December 31, 2012)
4.2.2. Subsoil Tax
4.2.3. Geological Tax (Abolished December 31, 2010)
4.3. Gas Export Duty
4.4. Direct Taxation
4.4.1. Corporate Income Tax (CIT)
4.4.2. Deductions and Depreciation
4.4.3. Withholding Tax
4.5. Indirect Taxation
4.5.1. Value-Added Tax
4.5.2. Unified Social Contribution
5. Key Fiscal Terms - Production Sharing Agreements
5.1. Upfront Payments
5.1.1. Bonuses and Fees
5.1.2. Subsoil Use Fees
5.2. Cost Recovery
5.2.1. Limit on Recovery
5.2.2. Recoverable Costs
5.3. Profit-Sharing
5.3.1. Export Duty
5.4. Direct Taxation
5.4.1. Corporate Income Tax (CIT)
5.4.2. Fiscal Stability
5.5. Indirect Taxation
5.5.1. Value-Added Tax
5.5.2. Customs Duties
5.6. State Participation
6. Regulation and Licensing
6.1. Legal Framework
6.1.1. Governing Law
6.1.2. Contract Type
6.1.3. Title to Hydrocarbons
6.2. Institutional Framework
6.2.1. Licensing Authority
6.2.2. Regulatory Agency
6.2.3. National Oil Company
6.3. Licensing Process
6.3.1. Auctions for Special Permits
6.3.2. Direct Award of Special Permits
6.3.3. Award via PSA Tender
6.4. License Terms
6.4.1. Duration
6.4.2. Work Obligations
6.4.3. Domestic Market Obligations
6.4.4. Local Content
7. Outlook
8. Appendix
8.1. Bibliography
8.2. Contact Us
8.3. Disclaimer

List Of Tables


Table 1: Regime Overview
Table 2: Ukraine, Subsoil Use Fee Rates (%), 2018 Onwards
Table 3: Ukraine, Subsoil Use Fee Rates (%), 2013 - 2017
Table 4: Ukraine, Crude Oil Rental Rates, 2001-2012
Table 5: Ukraine, Condensate Rental Rates, 2001-2012
Table 6: Ukraine, Gas Rental Rates, 2001-2012
Table 7: Ukraine, Subsoil Tax, Oil, Condensate and Gas 2001-2012
Table 8: Ukraine, Geological Tax Rates, 1999-2012
Table 9: Ukraine, Corporate Income Tax Rates, 1991 onwards
Table 10: Ukraine, Minimum Useful Lives (years), Fixed and Non-Current Assets (other than wells), 2015 Onwards
Table 11: Ukraine, Pre-2015 Development Well Depreciation Schedule
Table 12: Ukraine, Bonuses and Fees, Yuzivska PSA, 2013
Table 13: Ukraine, Profit-Sharing (%), Yuzivska PSA (2013)
Table 14: Ukraine, Profit Sharing (%), Oleska PSA (2013)
Table 15: Ukraine, Special Permit Bidding Increments
Table 16: Ukraine, Special Permit Maximum Duration (years)
Table 17: References

List Of Figures


Figure 1: Regime Flow Chart - Royalty/Tax
Figure 2: Regime Flow Chart - Production Sharing Agreement
Figure 3: Ukraine, Indicative NPV10/boe, IRR and State Take Comparison, Regional
Figure 4: Ukraine, Legal Framework
Figure 5: Ukraine, Institutional Framework

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