Country Report

Ghana upstream fiscal summary

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04 July 2018

Ghana upstream fiscal summary

Report summary

All licences in Ghana are governed by concession terms.  The main elements are royalty, income tax and an additional profits tax (called Additional Oil Entitlement, or AOE) which is based on rates of return.  Specific terms exists for deepwater developments, with lower royalty and AOE rates. Following the significant Jubilee discovery, the Ghanaian government has made slight fiscal changes to recent petroleum agreements with investors. With the increased interest shown by operators in...

Table of contents

  • Executive summary
    • Basis
    • Licence terms
    • Government equity participation
    • Fiscal terms
      • Ring fencing
      • Bonuses, rentals and fees
      • Indirect taxes
      • Royalty
      • Corporate income tax
      • Additional petroleum taxes
        • Additional oil entitlement
      • 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 25 images and tables including:

  • Revenue flowchart: Ghana Concession
  • Timeline
  • Timeline details
  • Economic analysis: Table 1
  • Economic analysis: Table 2
  • Effective royalty rate - onshore/shelf, oil
  • Effective royalty rate - deepwater, oil
  • Effective royalty rate - onshore/shelf, gas
  • Effective royalty rate - deepwater, gas
  • Maximum government share - onshore/shelf, oil
  • Maximum government share - deepwater, oil
  • Maximum government share - onshore/shelf, gas
  • Maximum government share - deepwater, 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
  • Royalty taxes - Oil
  • Royalty taxes - Gas
  • Assumed terms by location - oil
  • Assumed terms by location - Gas
  • Additional oil entitlement
  • Additional oil entitlement

What's included

This report contains:

  • Document

    Ghana upstream fiscal summary

    PDF 318.62 KB