The Petroleum Law introduced in 2015 states that all future licences will be production sharing contracts (PSCs), and will be awarded via licensing rounds. The Petroleum Law left a number of key questions on fiscal terms unanswered. We expect the regime to be further clarified in a model PSC, but this has yet to be released by the government. We expect the terms to comprise of royalty, super profit oil (SPO), cost recovery, excess cost oil and profit share. Further taxes could be applied. Corporate income tax (CIT) will be paid by the government.