Country Report

Madagascar upstream fiscal summary

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28 June 2018

Madagascar upstream fiscal summary

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

Table of contents

  • Executive summary
    • Basis
    • Licence terms
    • Government equity participation
    • Fiscal terms
      • 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:

  • Revenue flowchart: Madagascar PSC
  • Timeline
  • Timeline details
  • Split of the barrel - oil
  • Split of the barrel - gas
  • Share of profit - oil
  • Share of profit - gas
  • Effective royalty rate - Oil
  • Effective royalty rate - Gas
  • Maximum government share - Oil
  • Maximum government share - 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
  • Bonuses, rentals and fees
  • Indirect taxes
  • Royalty rates
  • Marginal and effective oil royalty rates
  • Current licence, equity and fiscal terms: Image 2
  • Current licence, equity and fiscal terms: Table 4
  • Profit sharing
  • Marginal and effective share of profit oil
  • Current licence, equity and fiscal terms: Image 4
  • Assumed terms by location - oil
  • Assumed terms by location - Gas

What's included

This report contains:

  • Document

    Madagascar upstream fiscal summary

    PDF 315.95 KB

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