Country Report

Madagascar upstream fiscal summary

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Report summary

Relatively straight-forward Production Sharing Contract (PSC) fiscal regime, with royalty rates and production sharing splits based on sliding scale mechanisms with production rates.  Cost recovery ceilings and corporate income tax rates are fixed.  There is no State participation.   Split of the Barrel The barrel = lifetime revenue / field reserves. Profit = revenue – costs from barrel charts.  For further details see New Investment: Methodology. Source: Wood Mackenzie

What's included

This report contains

  • Document

    Madagascar upstream fiscal summary

    PDF 315.95 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

Tables and charts

This report includes 26 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
  • Royalty rates
  • Current licence, equity and fiscal terms: Table 4
  • Profit sharing
  • Assumed terms by location - oil
  • Assumed terms by location - Gas

Images

  • Revenue flowchart: Madagascar PSC
  • Timeline
  • Split of the barrel - oil
  • Split of the barrel - gas
  • 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
  • Marginal and effective oil royalty rates
  • Current licence, equity and fiscal terms: Image 2
  • Marginal and effective share of profit oil
  • Current licence, equity and fiscal terms: Image 4

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