Country Report

Congo upstream fiscal summary

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04 July 2018

Congo upstream fiscal summary

Report summary

Production Sharing Contract (PSC)-based fiscal regime, where most terms are negotiable and State-owned SNPC retains the right to participate in all licences. The first claim on production is a sharing of ‘ super-profits', with all revenue above a specified base price divided between the contractor and state on favourable terms for the state. Remaining production is then available for royalty, cost recovery and profit sharing. The amount of revenue available for cost recovery...

Table of contents

  • Executive summary
    • Basis
    • Licence terms
    • Government equity participation
    • Fiscal terms
      • Ring fencing
      • Bonuses, rentals and fees
      • Indirect taxes
      • Royalty
        • Super profit oil (SPO, liquids only)
        • Conventional Royalty (liquids and gas)
        • PID/PIH (liquids and gas)
      • PSC cost recovery
      • PSC profit sharing
      • Corporate income tax
      • Fiscal treatment of decommissioning
      • 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
    • Progressivity
    • Fiscal deterrence

Tables and charts

This report includes 27 images and tables including:

  • Revenue flowchart: Congo-Brazzaville PSC
  • Timeline
  • Fiscal stability: Table 1
  • Split of the barrel - oil
  • Split of the barrel - gas
  • Share of profit - oil
  • Share of profit - gas
  • Effective royalty rate - onshore and shelf, oil
  • Effective royalty rate - deepwater, oil
  • Effective royalty rate - gas
  • Maximum government share - onshore and shelf, oil
  • Maximum government share - deepwater, oil
  • Maximum government share - gas
  • State share versus Pre-Share IRR - oil
  • State share versus Pre-Share IRR - gas
  • Investor IRR versus Pre-Share IRR - oil
  • Investor IRR versus Pre-Share IRR - gas
  • Bonuses, rentals and fees
  • Indirect taxes
  • Cost recovery ceilings
  • Profit sharing
  • Current licence, equity and fiscal terms: Image 3
  • Assumed terms by location - oil
  • Assumed terms by location - gas
  • SPO base prices and rates
  • Contractor SPO - onshore and shelf
  • Contractor SPO - deepwater

What's included

This report contains:

  • Document

    Congo upstream fiscal summary

    PDF 292.83 KB