Country Report

Georgia upstream fiscal summary

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30 April 2019

Georgia upstream fiscal summary

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,...

Table of contents

  • Basis
  • Licence terms
  • Government equity participation
    • Bonuses, rentals and fees
    • Indirect taxes
    • Royalty
    • PSC production sharing
    • Ring fencing
    • PSC cost recovery
    • Base
    • Rate (cost recovery ceiling)
    • Recoverable costs
    • Unrecovered costs
    • PSC profit sharing
    • Base
    • Rate
    • Payment schedule
    • Corporate income tax
    • Fiscal treatment of decommissioning costs
    • Product pricing
    • Liquids pricing
    • Natural gas 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:

  • Timeline
  • Timeline details
  • Split of the barrel - oil
  • Split of the barrel - gas
  • Share of profit - oil
  • Share of profit - gas
  • Effective royalty rate - oil and gas
  • Maximum government share – 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
  • Bonuses, rentals and fees
  • Indirect taxes
  • Profit oil splits for 2018 licensing round terms
  • Assumed terms by location

What's included

This report contains:

  • Document

    Georgia upstream fiscal summary

    PDF 900.80 KB

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