PSC based on a new model contract introduced in 2014. Elements include signature bonuses, annual fees, royalties and income tax. Cost recovery is fixed at 70%, whilst production splits vary on a sliding scale by rate of return. Exploration success in the region led the government to toughen the fiscal terms. However, there has been little exploration success in Liberia. Nevertheless, Liberian fiscal terms are relatively attractive on a global scale, with government take between 60-70%.