Country Report

Nigeria upstream fiscal summary

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28 June 2018

Nigeria upstream fiscal summary

Report summary

In 2008, the Government published a draft Petroleum Industry Bill (PIB) proposing fundamental reforms for the industry. Most controversially, it proposes to increase Government Share on all deepwater oil and gas projects. However, after four years, the PIB has not yet passed into law and it is most likely to be delayed until late 2012 at the earliest. Only then will the impact on the industry be clear. This uncertainty has contributed to a downturn in deepwater E&A activity and project...

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
      • Income tax
        • Petroleum profits tax
        • Education tax
        • Corporate income tax
      • PSC profit sharing
      • 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
      • Effective royalty rate - shelf, oil
      • Effective royalty rate - onshore, gas
      • Effective royalty rate - shelf, gas
      • Effective royalty rate - deepwater, gas
      • Maximum government share - shelf, oil
      • Maximum government share - deepwater, oil
      • Maximum government share -
      • Maximum government share -
      • shelf, gas
      • Maximum government share -
      • deepwater, gas
    • Progressivity
    • Fiscal deterrence

Tables and charts

This report includes 36 images and tables including:

  • Revenue flowchart: Nigeria PSC
  • Timeline
  • Timeline detail
  • Economic analysis: Image 1
  • Economic analysis: Image 2
  • Economic analysis: Image 3
  • Share of profit - gas
  • Effective royalty rate - onshore, oil
  • 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
  • Current licence, equity and fiscal terms: Table 3
  • Current licence, equity and fiscal terms: Table 4
  • Cost recovery
  • Current licence, equity and fiscal terms: Table 10
  • Effective contractor profit share - oil
  • Assumed terms by location - oil
  • Assumed terms by location - gas
  • Economic analysis: Table 2
  • Effective royalty rate - deepwater, oil
  • Economic analysis: Table 4
  • Economic analysis: Table 5
  • Economic analysis: Table 6
  • Maximum government share - onshore, oil
  • Economic analysis: Table 8
  • Economic analysis: Table 9
  • Economic analysis: Table 10
  • Economic analysis: Table 11
  • Economic analysis: Table 12
  • Current licence, equity and fiscal terms: Table 6
  • Current licence, equity and fiscal terms: Table 7
  • Current licence, equity and fiscal terms: Table 8
  • Current licence, equity and fiscal terms: Table 9

What's included

This report contains:

  • Document

    Nigeria upstream fiscal summary

    PDF 319.51 KB

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