Country Report

Eritrea upstream fiscal summary

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04 July 2018

Eritrea upstream fiscal summary

Report summary

Frontier petroleum exploration province with a relatively simple Production Sharing Contract (PSC) fiscal regime.  Royalty rates, cost recovery ceilings and profit oil splits are all linked to production rates.  The Government has the option to participate in any commercial discovery with a participating interest of up to 20% and is carried through the exploration period. Eritrea is a one-party political state, with the ruling People's Front for Democracy and Justice the only party allowed...

Table of contents

  • Executive summary
    • Basis
    • Licence terms
    • Government equity participation
    • Fiscal terms
      • Ring fencing
      • Bonuses, rentals and fees
      • Indirect taxes
      • Royalty
      • PSC cost recovery
      • PSC profit sharing
      • Corporate income tax
      • 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

Tables and charts

This report includes 24 images and tables including:

  • Revenue flowchart: Eritrea PSC
  • Split of the barrel - oil
  • Split of the barrel - gas
  • Share of profit - oil
  • Share of profit - gas
  • Effective royalty rate - onshore/shelf/deepwater, oil
  • Effective royalty rate - onshore/shelf/deepwater, gas
  • Maximum government share - onshore/shelf/deepwater, oil
  • Maximum government share - onshore/shelf/deepwater, 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
  • Royalty rates
  • Marginal and effective rates for oil royalty
  • Current licence, equity and fiscal terms: Image 2
  • Cost recovery
  • Profit sharing
  • Current licence, equity and fiscal terms: Image 3
  • Current licence, equity and fiscal terms: Image 4
  • Assumed terms by location - oil
  • Assumed terms by location - gas

What's included

This report contains:

  • Document

    Eritrea upstream fiscal summary

    PDF 318.35 KB

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