The 2019 hydrocarbon law gives contractors the flexibility to choose between participation contract (concession), production sharing or risk service contract terms. The 2019 hydrocarbon law provides details of the fiscal terms for participation contracts. There is less clarity on the production sharing and risk service contract terms, hence the model used in our analysis uses the 2019 participation contract terms. The participation contract is a royalty/tax system with an additional profits tax called the Hydrocarbon Tax. The contract includes a royalty rate of 10%. The Hydrocarbon Tax is linked to project profitability and can vary between 10% and 50%. Corporate income tax is levied at 30%. Sonatrach, the national oil company, has the option to take a 51% equity share in all participation contracts. The contractor will carry Sonatrach through the exploration phase. Sonatrach will reimburse the contractor from the start of production.