Country Report
Libya upstream fiscal summary
Report summary
Upstream licences in Libya are awarded under exploration and production sharing agreements terms (EPSA). Previously licences were awarded under concession terms. Following on from the success of the EPSA IV licensing rounds, Libya has been working towards converting existing concession and early EPSA licences over to the modern EPSA IV contract terms. This report focuses on the EPSA IV terms.Under the EPSA IV terms, the national oil corporation of Libya takes a large share of production in the range of 70% to 90% 'off the top', but contributes to only 50% of the capital expenditure.The key fiscal terms - contractor's primary production allocation, profit share and signature bonuses are biddable parameters. Profit oil is divided between the contractor and the government on a dual sliding scale basis, which is linked to production rates and a profitability metric.
Table of contents
- Basis
- Licence terms
- Government equity participation
-
Fiscal terms
- Indirect Taxes
- PSC production sharing
- Ring fencing
- PSC Cost Recovery
- Base
- Rate (cost fee ceiling)
- Recoverable costs
- Unrecovered costs
- Base
- Rate
- Corporate Income Tax
- Fiscal treatment of decommissioning
- Product Pricing
- Recent history of fiscal changes
- Stability Provisions
- Split of the barrel and share of profit
- Effective royalty rate and maximum government share
- Fiscal deterrence
Tables and charts
This report includes 25 images and tables including:
- Bonuses, rentals and fees
- Timeline
- Timeline details
- Split of the barrel - oil
- Split of the barrel - gas
- Share of profit - oil
- Share of profit - gas
- Effective royalty rate - onshore, oil
- Effective royalty rate - offshore, oil
- Effective royalty rate - onshore, gas
- Effective royalty rate - offshore, gas
- Maximum government share - onshore, oil
- Maximum government share - offshore, oil
- Maximum government share - onshore, gas
- Maximum government share - offshore, 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
- Indirect Taxes
- Contractor profit share
- Summary of modelled terms
What's included
This report contains:
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