Country Report

Kenya upstream fiscal summary

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Report summary

Relatively straight-forward Production Sharing Contract (PSC) fiscal regime, with no royalty and with the contractors income tax liability being paid by the government.  Cost recovery is negotiable, and production sharing is based on a sliding scale mechanism with project profitability (R-Factors).  The State, through Kenya National Oil Company (KNOC), is entitled to a 10% stake in the event of a commercial discovery with no development carry. A windfall profits tax is payable when oil...

What's included

This report contains

  • Document

    Kenya upstream fiscal summary

    PDF 288.32 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 20 images and tables including:

Tables

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

Images

  • Revenue flowchart: Kenya PSC
  • Timeline
  • Economic analysis: Image 1
  • Economic analysis: Image 2
  • Share of profit - oil
  • Share of profit - 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
  • Contractor profit share

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