Country Report
Philippines upstream fiscal summary
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Upstream licences are awarded via licensing rounds under what is effectively a simple Production Sharing Contract (PSC), despite being referred to as a Service Contract (SC).The fiscal terms include a fixed cost recovery ceiling and fixed production share. Depending on the level of participation of Filipino companies, contractors can recover up to an additional 7.5% of gross revenues as an incentive. The fiscal terms are fixed and agreed before each licensing round is launched.Corporate income tax is paid on behalf of the contractor by the Government.
Table of contents
- Basis
- Licence terms
- Government equity participation
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Fiscal terms
- Bonuses, rentals and fees
- Indirect taxes
- Filipino participation incentive allowance
- PSC production sharing
- PSC cost recovery
- PSC profit sharing
- Corporate income tax
- Fiscal treatment of decommissioning
- 2 more item(s)...
- 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 the following images and tables:
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Split of Barrel - oil
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Split of barrel - gasShare of profit - oilShare of profit - gasEffective royalty rate and minimum state share - deepwater, oil and gasEffective royalty rate and minimum state share - onshore and shallow, oil and gasMaximum government share and maximum state share, oil and gasState share versus Pre-Share IRR - oilState share versus Pre-Share IRR - gasInvestor IRR versus Pre-Share IRR - oil
- 6 more item(s)...
What's included
This report contains:
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