Gabon Upstream (Oil and Gas) Fiscal and Regulatory Guide

Gabon Upstream (Oil and Gas) Fiscal and Regulatory Guide



Gabon governs upstream petroleum operations through production-sharing agreements, although under the 2019 Petroleum Code, concession agreements may be signed for mature or marginal fields, or with domestic operators. In 2019, the country introduced new petroleum legislation that effectively reverses the tough fiscal changes introduced in 2014. The new 2019 terms will be tested during the 12th licensing round, which was previously scheduled to close in April 2020, however this has now been postponed until a later date due to the COVID-19 pandemic. Since the new code was introduced there have been early indications that the terms could encourage investment. Following the code, Petronas, Perenco, CNOOC, and Assala Energy have executed exploration agreements, the first signed in five years. Although, whilst the new terms are significantly more attractive, the capital expenditure cuts (focused on exploration budgets) by companies and the sector uncertainty stemming from the COVID-19 pandemic may be barriers to investment in the near term.

Gabon Upstream (Oil and Gas) Fiscal and Regulatory Guide, presents the essential information relating to the terms which govern investment into Gabons 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 Gabons upstream oil and gas investment climate.

Scope

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

Reasons to Buy

- Understand the complex regulations and contractual requirements applicable to Gabons 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. Executive Summary
1.1 Regime Overview Production Sharing Agreements
1.2 Regime Overview Concession Agreements
1.3 Timeline
2. State Take Assessment
3. Key Fiscal Terms - Production Sharing Agreements
3.1 Royalties, Bonuses, and Fees
3.2 Cost Recovery
3.3 Profit Sharing
3.4 Direct Taxation
3.5 Indirect Taxation
3.6 State Participation
3.7 Natural Gas Provisions
3.8 Domestic Market Obligation
3.9 Local Content
3.10 Abandonment Provisions
3.11 Joint Committee
4. Key Fiscal Terms - Concession Agreements
4.1 Royalties, Bonuses, and Fees
4.2 Direct Taxation
4.1 Local Content
5. Regulation and Licensing
5.1 Legal Framework
5.2 Institutional Framework
5.3 Licensing Process
6. Appendix
6.1 References
6.2 Contact Us

List Of Tables

Table 1: Regime Overview
Table 2: Gabon, Key Events Since Year 2000
Table 3: Gabon, PSA, Signature Bonus Payments (US$), Etame (1995), Diaba (2006), & Nkembe (2013/2014) licenses
Table 4: Gabon, PSA, Production Bonuses (US$), Diaba License (2006)
Table 5: Gabon, PSA, Production Bonuses (US$), Etame License (1995)
Table 6: Gabon, PSA, Surface Rental Fees (US$), Post 2014
Table 7: Gabon, PSA, Surface Rental Fee Rate (XAF/Hectare), Pre-2014
Table 8: Gabon, PSA, Royalty Rate Ranges (%), 2019 Onwards
Table 9: Gabon, PSA, Royalty Rates (%), Diaba License (2006)
Table 10: Gabon, PSA, Royalty Rates (%), Awoun License (1999)
Table 11: Gabon, PSA, Royalty Rates (%), Etame License (1995)
Table 12: Gabon, PSA, Maximum Cost Recovery Limit (%), 2019 Onwards
Table 13: Gabon, PSA, Cost Recovery Limit (%), Diaba License (2006)
Table 14: Gabon, PSA, Cost Recovery Limit (%), Other Pre-2014 Examples
Table 15: Gabon, PSA, State Minimum Profit Oil Share (%), 2019 Onwards
Table 16: Gabon, PSA, Licensee Profit Share (%), Diaba License (2006)
Table 17: Gabon, PSA, 12th Licensing Round, Work Commitment Bid Range And Score Range, 2020
Table 18: Gabon, PSA, License Duration (Years), 2015 onwards
Table 19: References

List Of Figures

Figure 1: Regime Flow Chart - Production Sharing Agreements
Figure 2: Regime Flow Chart - Concession Agreements (Legacy)
Figure 3: Gabon, Legal Framework
Figure 4: Gabon, Institutional Framework

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