Country report

Libya upstream fiscal summary

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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.

What's included

This report contains

  • Document

    Libya upstream fiscal summary

    PDF 412.05 KB

Table of contents

  • Executive summary
  • Current licence, equity and fiscal terms
  • Fiscal stability
  • Economic analysis

Tables and charts

This report includes 26 images and tables including:

Images

  • Revenue flowchart: Libya PSC
  • Timeline
  • Split of the barrel - oil
  • Split of the barrel - gas
  • Share of profit - oil
  • Share of profit - gas
  • Investor IRR versus Pre-Share IRR - oil
  • Investor IRR versus Pre-Share IRR - gas
  • Contractor profit share
  • State share versus Pre-Share IRR - oil
  • State share versus Pre-Share IRR - gas

Tables

  • Current licence, equity and fiscal terms: Table 1
  • Timeline details
  • 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
  • Bonuses, rentals and fees
  • Indirect Taxes
  • Current licence, equity and fiscal terms: Table 4
  • Current licence, equity and fiscal terms: Table 5
  • Summary of modelled terms

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