Country report
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10 Pages

Philippines upstream fiscal summary


Philippines upstream fiscal summary

Report summary

The upstream regime in the Philippines is a straight-forward Production Sharing Contract (PSC) despite being called service contracts. There is a fixed cost recovery ceiling and production sharing splits.  Depending upon the level of participation of Filipino companies in the contract, contractors can recover up to additional 7.5% of gross revenues as part of their cost recovery. Corporate income tax is generally paid on behalf of the contractor by the Government with few exception...

What's included?

This report includes 1 file(s)

  • Philippines upstream fiscal summary PDF - 332.69 KB 10 Pages, 8 Tables, 10 Figures

Description

Volatility in oil markets has led players in the upstream oil and gas industry to focus on reducing capital spend and operating costs. At the same time, governments need to review fiscal terms to maintain attractiveness and investment.

This country report gives an overview of the key fiscal issues for this country. If you’re interested in identifying and assessing upstream investment and expansion opportunities, this upstream fiscal summary report is your definitive commercial guide.

Potential investors, governments and companies in the oil and gas sector can use it to gain a better understanding of the critical issues for development opportunities in this country.

Wood Mackenzie's 500 dedicated analysts are located in the markets they cover. They produce forward-looking analysis at both country and asset level across the globe, backed by our robust proprietary database of trusted research. Proprietary data means a superior level of analysis that is simply not available anywhere else. Wood Mackenzie is the recognised gold standard in commercial data and analysis.

  • Executive summary
  • Current licence, equity and fiscal terms
    • Basis
    • Licence terms
    • Government equity participation
    • Fiscal terms
      • Ring fencing
      • Royalty
      • PSC cost recovery
        • Filipino participation incentive allowance
      • PSC profit sharing
      • Corporate income tax
      • Product pricing
  • Fiscal stability
    • Recent history of fiscal changes
    • Stability provisions
  • Economic analysis
    • Split of the barrel and share of profit
    • Effective royalty rate and maximum government share
    • Progressivity
    • Fiscal deterrence

In this report there are 18 tables or charts, including:

  • Executive summary
    • Revenue flowchart: Philippines PSC
  • Current licence, equity and fiscal terms
    • Bonuses, rentals and fees
    • Indirect taxes
    • Current licence, equity and fiscal terms: Table 3
    • Current licence, equity and fiscal terms: Table 4
    • Summary of modelled terms
  • Fiscal stability
    • Fiscal stability: Image 1
    • Fiscal stability: Table 1
  • Economic analysis
    • Split of Barrel - oil
    • Split of barrel - gas
    • Share of profit - oil
    • Share of profit - gas
    • Effective royalty rate and minimum state share
    • Maximum government share and maximum state share
    • 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
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