Myanmar Upstream Fiscal and Regulatory Report - Plans for Next Licensing Round Uncertain

Myanmar Upstream Fiscal and Regulatory Report - Plans for Next Licensing Round Uncertain

Summary

"Myanmar Upstream Fiscal and Regulatory Report - Plans for Next Licensing Round Uncertain", presents the essential information relating to the terms which govern investment into Myanmar’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 Myanmar’s upstream oil and gas investment climate.

Scope

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

Reasons to buy

- Understand the complex regulations and contractual requirements applicable to Myanmar’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

1 Table of Contents
1 Table of Contents 1
1.1. List of Tables 2
1.2. List of Figures 2
2. Regime Overview 3
3. State Take Assessment 6
4. Key Fiscal Terms 7
4.1. Royalties, Bonuses and Fees 7
4.1.1. Royalty 7
4.1.2. Bonuses 7
4.1.3. Training Fund 9
4.2. Cost Recovery 10
4.2.1. Cost Recovery Limit 10
4.2.2. Recoverable costs 10
4.3. Profit Sharing 11
4.3.1. PSAs 11
4.3.2. IPRCs 12
4.4. Research and Development Fund 13
4.5. Domestic Market Obligation 13
4.6. Direct Taxation 13
4.6.1. Corporate IncomeTax 13
4.6.2. Withholding Tax 13
4.7. Indirect Taxation 14
4.7.1. Commercial Tax 14
4.7.2. Custom Duties 14
4.7.3. Stamp Duties 14
4.8. State Participation 14
4.9. Stabilization 14
5. Regulation and Licensing 15
5.1. Legal Framework 15
5.1.1. Governing Law 16
5.1.2. Contract Type 16
5.1.3. Title to Hydrocarbons 16
5.2. Institutional Framework 17
5.2.1. Licensing Authority 17
5.2.2. Regulatory Agency 17
5.3. Bidding Rounds 18
5.4. License Terms 19
5.4.1. Duration 19
5.4.2. Obligations 19
5.4.3. Local contents 19
6. Outlook 20
7. Appendix 22
7.1. Contact Us 22
7.2. Disclaimer 22


List Of Tables


Table 1: Regime Overview 3
Table 2: Myanmar, Onshore PSA Production Bonuses (US$ mil) 8
Table 3: Myanmar - Offshore Production Bonuses (US$ mil) 8
Table 4: Myanmar - 2012 Model IPRC Production Bonuses (US$ mil) 9
Table 5: Myanmar, 2012 Model PSA Cost Recovery Limit (%) 10
Table 6: Myanmar, State Share of Profit Oil and Gas (%), 2012 Model Onshore PSA 11
Table 7: Myanmar, State Share of Profit Oil and Gas (%), Pre-2012 Onshore Contracts 11
Table 8: Myanmar, State Share of Profit Oil (%), Offshore 12
Table 9: Myanmar, State Share of Profit Gas (%), Offshore 12
Table 10: Myanmar, State Share of Profit Oil (%), IPRCs 12


List Of Figures


Figure 1: Regime Flow Chart (PSA) 5
Figure 2: Myanmar, Indicative NPV10/boe, IRR and State Take Comparison, Internal 6
Figure 3: Myanmar, Legal Framework 15
Figure 4: Myanmar, Institutional Framework 17


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