Azerbaijan upstream fiscal summary
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Report summary
Historically foreign companies operated in Azerbaijan under either a Joint Venture (JV) or a Production Sharing Contract (PSC). However, with the award and ratification of the first onshore PSC (Southwest Gobustan in November 1998) JV agreements in Azerbaijan became effectively obsolete and future awards will be under PSC terms. PSC terms are relatively straightforward, with bonuses payable, no royalty, fixed cost recovery, and profit oil splits based on a sliding scale ‘R Factor'...
Table of contents
- Executive summary
-
Current licence, equity and fiscal terms
- Basis
- Licence terms
- Government equity participation
-
Fiscal terms
- Ring fencing
- Bonuses, rentals and fees
- Indirect taxes
- Royalty
- PSC cost recovery
- PSC profit sharing
- Product pricing
- Summary of modelled terms
-
Fiscal stability
- Recent history of fiscal changes
- Stability provisions
-
Economic analysis
- Split of the barrel and share of profit
- Effective royalty rate and maximum government share
- Progressivity
- Fiscal deterrence
- Investor IRR versus pre-share IRR - oil
Tables and charts
This report includes 22 images and tables including:
- Revenue flowchart: Azerbaijan PSC
- Timeline
- Timeline detail
- Split of the barrel - oil
- Economic analysis: Image 2
- Economic analysis: Image 3
- Economic analysis: Image 4
- Effective royalty rate - onshore , oil and gas
- Effective royalty rate - shelf/deepwater , oil and gas
- Maximum government share – onshore, oil and gas
- Maximum government share – shelf/deepwater, oil and gas
- State share versus pre-share IRR - oil
- State share versus pre-share IRR - gas
- Economic analysis: Image 7
- Investor IRR versus pre-share IRR - gas
- Bonuses, rentals and fees
- Indirect taxes
- Current licence, equity and fiscal terms: Image 1
- Current licence, equity and fiscal terms: Table 3
- Profit share ratios for shelf/deepwater
- Profit share ratios for shelf/deepwater
- Assumed terms by location - oil and gas
What's included
This report contains:
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