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Country Report

Gambia upstream fiscal summary

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25 May 2023

Gambia upstream fiscal summary

Report summary

Companies operating in Gambia do so under Concession terms. Contracts may be awarded through licensing rounds or via direct negotiation. In 2022, the, government announced a licensing round and updated the model contract. Royalty is now linked to oil and gas prices with a minimum floor of 2.5% and maximum ceiling of 35%. There is an additional profits tax (APT) payable on a sliding scale, linked to contractor's rate of return.

Table of contents

  • Basis
  • License terms
  • Government equity participation
    • Royalty
    • Ring fencing
    • Base
    • Rate
    • Payment schedule
    • Corporate income tax
    • Ring fencing
    • Base
    • Depreciation:
    • Payment schedule
    • Additional profit tax
    • Ring fencing
    • Base
    • Rate
    • Payment schedule
    • Fiscal treatment of decommissioning
    • Product pricing
    • 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 19 images and tables including:

  • Bonuses, Rentals and Fees
  • Split of the barrel - oil
  • Share of profit - oil
  • Share of barrel - gas
  • Share of profit - gas
  • Effective royalty rate - deepwater, oil and gas
  • Maximum government share - deepwater, oil and 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
  • Royalty rates - Oil and Gas
  • APT - tranches and rates
  • APT - marginal and effective rates
  • Timeline

What's included

This report contains:

  • Document

    Gambia upstream fiscal summary

    PDF 938.69 KB