Country Report

Dominican Republic upstream fiscal summary

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26 November 2019

Dominican Republic upstream fiscal summary

Report summary

All licences in the Dominican Republic operate under a PSC regime. Blocks are awarded during licensing rounds. The first licensing round took place in November 2019. There are no biddable or negotiable fiscal terms at present. The fiscal regime consists of royalty, corporate income tax and minimum state profit share. Separate royalty rates for oil and gas are linked to production and price and depend on shore status. Rates vary between 3% and 25% for oil and between 2% and 8% for gas. Contracts have stability clauses protecting them against royalty rate changes. Corporate income tax is charged at the standard rate of 27%. The Minimum Participation Tax, which guarantees Government a minimum profit share of 40%, is calculated based on a ratio of cumulative undiscounted profits to cumulative Government share.

Table of contents

  • Basis
  • Licence terms
  • Government equity participation
    • Bonuses, rentals and fees
    • Indirect taxes
    • State Shared Income (Royalty)
    • Corporate income tax
    • Minimum Participation Tax
    • Fiscal treatment of decommissioning
    • Summary of modelled terms
    • 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 31 images and tables including:

  • Area Rentals
  • Onshore liquids SSI rates
  • Offshore liquids SSI rates
  • Onshore liquids SSI rates
  • Offshore liquids SSI rates
  • Onshore gas SSI rates
  • Offshore gas SSI rates
  • Onshore gas SSI rates
  • Offshore gas SSI rates
  • Summary of onshore liquids terms
  • Summary of offshore liquids terms
  • Summary of onshore gas terms
  • Summary of offshore gas terms
  • Dominican Republic timeline
  • Split of the barrel - oil
  • Split of the barrel - gas
  • Share of profit - oil
  • Share of profit - gas
  • Effective royalty rate - onshore liquids
  • Effective royalty rate - offshore liquids
  • Effective royalty rate - onshore gas
  • Effective royalty rate - offshore gas
  • Maximum government share - onshore liquids
  • Maximum government share - offshore liquids
  • Maximum government share - onshore gas
  • Maximum government share - offshore gas
  • State share versus pre-share IRR - liquids
  • State share versus pre-share IRR - gas
  • Investor IRR versus pre-share IRR - liquids
  • Investor IRR versus pre-share IRR - gas

What's included

This report contains:

  • Document

    Dominican Republic upstream fiscal summary

    PDF 919.00 KB