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Brazil's upstream industry is primarily licensed with a complex concession fiscal regime. From October 2013, profit sharing contracts (PSC) are used for pre-salt developments and other strategic areas. Licences are awarded in regular rounds. Concession terms primarily include a 10% royalty, special participation tax that varies with time, location and production between 10% and 40%, and a 34% corporate income tax. PSC terms mainly include a 15% royalty, 80% cost recovery ceiling, and a biddable government profit share. The latter is adjusted based on a price and production combination. Corporate income tax applies similar to concessions. A key issue in Brazil is the complex range of indirect taxes in both regimes at the federal, state and local levels. These taxes add approximately 15% to 20% to project investments and costs.
When producing licences expire: should governments stick or twist?
Investors in conventional upstream projects are focusing their attention on the lowest risk, fastest return opportunities. And at the top of this list is incremental investment in existing assets. Increasing the ultimate recovery of a producing field by a few percentage points, using existing facilities, is hard to beat for low cost and high return investment. Some of this potential investment is being hindered, because the licences containing the assets are close to expiring. In some countries, producers are automatically allowed to continue producing an asset beyond the initial licence period. But in others, there is no guarantee that the investor will keep the current licence terms or even retain rights to production beyond expiry. Find out how expiries of producing licences can impact investors and projects in different countries.
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When producing licences expire - should governments stick or twist.pdf