Country Report

Morocco upstream fiscal summary

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28 June 2018

Morocco upstream fiscal summary

Report summary

Upstream licences in Morocco are awarded under concession terms which are governed by the 2003 hydrocarbon law and 2014 petroleum agreement. The application and awarding of licences are done on an ad hoc basis. Royalty rates vary by location and oil/gas, with an initial volume exempt from royalty. Corporate income tax is levied at 31% with a 10 year tax holiday. State-owned L'Office national des Hydrocarbures et des Mines (ONHYM) participates in an exploration agreement or commercial discovery development with an equity stake of up to 25%.

Table of contents

  • Executive summary
    • Basis
    • Licence terms
    • Government equity participation
    • Fiscal terms
      • Ring Fencing
      • Bonuses, rentals and fees
      • Indirect Taxes
      • Royalty
      • Corporate income tax
      • Fiscal treatment of decommissioning
      • 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
    • Fiscal deterrence

Tables and charts

This report includes 21 images and tables including:

  • Revenue flowchart: Morocco Concession
  • Timeline
  • Timeline details
  • Split of the barrel - oil
  • Split of the barrel - gas
  • Share of profit - oil
  • Share of profit - gas
  • Effective royalty rate and minimum state share
  • Maximum government share - onshore, oil
  • Maximum government share - shelf/deepwater, oil
  • Maximum government share - onshore, gas
  • Maximum government share - shelf/deepwater, 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
  • Assumed terms by location - oil
  • Assumed terms by location - Gas

What's included

This report contains:

  • Document

    Morocco upstream fiscal summary

    PDF 299.07 KB

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