Country Report

Benin upstream fiscal summary

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04 July 2018

Benin upstream fiscal summary

Report summary

Simple Production Sharing Contract (PSC)-based fiscal regime, where the State has the option to back in to any commercial development up to a maximum of 15% equity provided that a minimum of 20,000 b/d is produced from the discovery.  Royalty (known as Petroleum Production Tax, or PPT) is levied at a flat rate on both oil and gas, whilst cost recovery ceilings are negotiable up to 80%.  Production remaining after PPT and cost recovery is divided between the government and contractor on a...

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
      • Product pricing
      • Summary of modelled terms
    • Recent history of fiscal changes
    • Stability provisions
    • Split of the barrel and share of profit
    • Effective royalty rate and maximum government share
      • Effective royalty rate - deepwater, oil
    • Progressivity
      • State share versus Pre-Share IRR - gas
    • Fiscal deterrence

Tables and charts

This report includes 26 images and tables including:

  • Revenue flowchart: Benin PSC
  • Timeline
  • Timeline detail
  • Economic analysis: Table 1
  • Economic analysis: Table 2
  • Effective royalty rate - onshore, oil
  • State share versus Pre-Share IRR - oil
  • Investor IRR versus Pre-Share IRR - oil
  • Investor IRR versus Pre-Share IRR - gas
  • Bonuses, rentals and fees
  • Indirect taxes
  • Royalty rates - oil
  • Royalty rates - gas
  • Profit sharing
  • Effective contractor profit share - oil
  • Effective contractor share profit - gas
  • Assumed terms by location - oil
  • Assumed terms by location - gas
  • Economic analysis: Table 4
  • Effective royalty rate - onshore, gas
  • Effective royalty rate - deepwater, gas
  • Economic analysis: Table 7
  • Maximum government share – deepwater, oil
  • Maximum government share – onshore, gas
  • Maximum government share – deepwater, gas
  • Economic analysis: Image 2

What's included

This report contains:

  • Document

    Benin upstream fiscal summary

    PDF 315.28 KB

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