Country Report

Georgia upstream fiscal summary

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Report summary

Early agreements in Georgia were Joint Ventures under royalty/tax fiscal terms, but all contracts are now Production Sharing Contracts (PSCs).  Existing PSC terms and conditions, in particular profit splits, vary from contract to contract depending on when and how they were negotiated.  Under the terms of the PSC, costs are recovered and profits allocated on a conventional fixed production-sharing basis.  In recent contracts, the only Government take is through the profit split calculation,...

What's included

This report contains

  • Document

    Georgia upstream fiscal summary

    PDF 267.39 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
    • Fiscal deterrence

Tables and charts

This report includes 16 images and tables including:

Tables

  • Timeline details
  • Effective royalty rate - oil and gas
  • Maximum government share – oil and gas
  • Bonuses, rentals and fees
  • Indirect taxes
  • Assumed terms by location

Images

  • Revenue flowchart: Georgia PSC
  • Timeline
  • Split of the barrel - oil
  • Economic analysis: Image 2
  • Economic analysis: Image 3
  • Economic analysis: Image 4
  • 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

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