Country Report

Equatorial Guinea upstream fiscal summary

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30 January 2019

Equatorial Guinea upstream fiscal summary

Report summary

Production sharing Contract (PSC)-based fiscal regime, with royalty rates varying with production rates, and profit oil splits based on cumulative production.  Cost recovery is negotiable, and the contractor is also liable for income tax.  A range of bonuses, rentals and fees are also payable.   The barrel = lifetime revenue / field reserves. Profit = revenue – costs from barrel charts.  For further details see New Investment: Methodology Source: Wood Mackenzie

Table of contents

  • Executive summary
    • Basis
    • Licence terms
    • Government equity participation
    • Fiscal terms
      • Bonuses, rentals and fees
      • Indirect taxes
      • Royalty
        • Ring fencing
        • Base
        • Rate
        • Payment schedule
      • PSC production sharing
        • Ring fencing
      • PSC cost recovery
        • Base
        • Rate
        • Recoverable costs
        • Unrecovered costs
        • Excess cost recovery
      • PSC profit sharing
        • Rate
        • Payment schedule
      • Corporate income tax
        • Ring fencing
        • Base
        • Rate
        • Payment schedule
      • Fiscal treatment of decommissioning costs
      • 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 21 images and tables including:

  • Revenue flowchart - Equatorial Guinea PSC
  • Timeline
  • Timeline detail
  • Split of the barrel - oil
  • Split of the barrel - gas
  • Share of profit - oil
  • Share of profit - gas
  • Effective royalty rate - onshore, oil and gas
  • Effective royalty rate - shelf, deepwater, oil and gas
  • Maximum government share - onshore, oil and gas
  • Maximum government share - shelf, deepwater, oil and gas
  • Bonuses, rentals and fees
  • Indirect taxes
  • Assumed terms by location - oil
  • Assumed terms by location - 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
  • Current licence, equity and fiscal terms: Table 3
  • Onshore

What's included

This report contains:

  • Document

    Equatorial Guinea upstream fiscal summary

    PDF 810.65 KB

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