Country Report
Georgia upstream fiscal summary
Report summary
Upstream licences are awarded via licensing rounds under Production Sharing Contract (PSC) terms. The fiscal terms include a fixed cost recovery ceiling and R-factor based profit share. The bonuses and profit share splits are biddable for each licensing round. The state retains the right to a minimum 10% participation option for offshore and 20% for onshore blocks. Corporate income tax is paid on behalf of the contractor by the Georgian Oil and Gas Corporation (GOGC).
Table of contents
- Basis
- Licence terms
- Government equity participation
-
Fiscal terms
- Bonuses, rentals and fees
- Indirect taxes
- 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
- Base
- Rate
- 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 19 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
- Profit share splits, onshore
- Profit share splits, offshore
- Assumed terms by location
What's included
This report contains:
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