Country Report
Cyprus upstream fiscal summary
Report summary
Upstream licences in Cyprus are awarded through licensing rounds under production sharing contract terms (PSCs). Signature bonus, production bonus, cost recovery ceiling and contractor profit share are all biddable parameters. Profit sharing rates are linked to project profitability. Income tax is paid by the state from its share of profits. The state does not have any equity participation in the PSC regime.
Table of contents
- Basis
-
Licence terms
- Duration
- Relinquishment
- Government equity participation
-
Fiscal terms
- Ring fencing
- Bonuses, rentals and fees
- Bonus, 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
- Split of the barrel and share of profit
- Effective royalty rate and maximum government share
- Progressivity
- Fiscal deterrence
Tables and charts
This report includes 18 images and tables including:
- Split of the barrel - oil
- Split of the barrel - gas
- Share of profit - oil
- Share of profit - gas
- Effective royalty rate and minimum state share
- Maximum Government Share and maximum state share
- 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
- Summary of licence terms
- Bonuses, rentals and fees
- Indirect taxes
- Profit Sharing - deepwater
- Contractor profit share (oil and gas)
- Cypurs PSC terms
- Timeline
- Timeline detail
What's included
This report contains:
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