Country Report
Namibia upstream fiscal summary
Report summary
Concession-based fiscal regime, governed by the 1991 Petroleum Act and based on the 2007 model contract. Royalty and Petroleum Income Tax (PIT) rates are fixed and payable by the contractor. There is an additional profits tax (APT) payable on a sliding scale, linked to contractor's rate of return. First tranche of APT is defined in the law to be 25% between rates of return 15 to 20%. The second (20-25% IRR) and third (>25% IRR) tranches are negotiable. There is no mandatory state participation, but the state oil company NAMCOR may negotiate an interest as part of the licence award process.
Table of contents
- Basis
- Licence terms
- Government equity participation
-
Fiscal terms
- Bonuses, rentals and fees
- Indirect taxes
- Royalty
- Ring fencing
- Base
- Rate
- Payment schedule
- Additional petroleum taxes
- Ring fencing
- Base
- Rate
- Payment schedule
- Petroleum income tax
- Ring fencing
- Base
- Rate
- Payment schedule
- Fiscal treatment of decommissioning costs
- 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 20 images and tables including:
- 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 - onshore/shelf/deepwater
- Maximum government share and maximum state share - onshore
- Maximum government share and maximum state share - shelf/deepwater
- 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
- APT - tranches and rates - onshore
- APT - tranches and rates - offshore
- APT - marginal and effective rates for Onshore
- APT - marginal and effective rates for Offshore
- Assumed terms by location - oil and gas
What's included
This report contains:
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