Country Report

Angola upstream fiscal summary

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09 November 2018

Angola upstream fiscal summary

Report summary

Companies operating in Angola do so under two different fiscal regimes: offshore production is subject to production sharing contracts (PSCs), whereas a concession agreement, with tax and royalty payments, applies to onshore production and the shallow water Cabinda concession.  Within the PSC regime bonuses and profit oil/gas shares are negotiable – negotiated terms vary widely but generally reflect the perceived strong prospectivity of the area.  Profit oil is divided between the investor...

Table of contents

  • Executive summary
    • Basis
    • Licence Terms
    • Government equity participation
    • Fiscal terms
      • Ring Fencing
      • Bonuses, Rentals and Fees
      • Indirect Taxes
      • Royalty
      • PSC cost recovery
      • PSC profit sharing
      • Corporate income tax
      • Fiscal treatment of decommissioning
      • Product pricing
      • Summary of modelled terms
    • Recent history of fiscal changes
      • Timeline detail
    • Stability provisions
    • Split of the barrel and share of profit
      • Effective royalty rate - shelf, oil and gas
      • Effective royalty rate - deepwater, oil and gas
      • Progressivity
        • State share versus pre-share IRR - gas
      • Fiscal deterrence
      • Investor IRR versus pre-share IRR - oil
        • Investor IRR versus pre-share IRR - gas

Tables and charts

This report includes 30 images and tables including:

  • Revenue flow chart - Angola PSC
  • Timeline
  • Split of the barrel - oil
  • Economic analysis: Image 2
  • Economic analysis: Image 3
  • Economic analysis: Image 4
  • Effective royalty rate - onshore, oil and gas
  • Current licence, equity and fiscal terms: Table 1
  • Indirect taxes
  • Cost recovery ceilings
  • Capital uplift
  • Profit sharing
  • Current licence, equity and fiscal terms: Table 6
  • Contractor profit share rates - onshore oil
  • Contractor profit share rates - offshore oil & gas
  • Assumed terms by location
  • Current licence, equity and fiscal terms: Table 8
  • Fiscal stability: Table 1
  • Economic analysis: Table 2
  • Economic analysis: Table 3
  • Maximum government share – onshore, oil
  • Maximum government share –shelf, oil
  • Maximum government share – deepwater, oil
  • Maximum government share – onshore, gas
  • Maximum government share –shelf, gas
  • Maximum government share – deepwater, gas
  • State share versus pre-share IRR - oil
  • Economic analysis: Image 7
  • Economic analysis: Image 6
  • Economic analysis: Image 8

What's included

This report contains:

  • Document

    Angola upstream fiscal summary

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