Country Report

Eritrea upstream fiscal summary

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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...

What's included

This report contains

  • Document

    Eritrea upstream fiscal summary

    PDF 318.35 KB

Table of contents

  • Executive summary
    • Basis
    • Licence terms
    • Government equity participation
      • 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:

Tables

  • 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
  • Bonuses, rentals and fees
  • Indirect taxes
  • Royalty rates
  • Cost recovery
  • Profit sharing
  • Assumed terms by location - oil
  • Assumed terms by location - gas

Images

  • Revenue flowchart: Eritrea PSC
  • Split of the barrel - oil
  • Split of the barrel - gas
  • Share of profit - oil
  • Share of profit - 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
  • Marginal and effective rates for oil royalty
  • Current licence, equity and fiscal terms: Image 2
  • Current licence, equity and fiscal terms: Image 3
  • Current licence, equity and fiscal terms: Image 4

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