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São Tomé and Príncipe upstream fiscal summary

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04 July 2018

São Tomé and Príncipe upstream fiscal summary

Report summary

Upstream licences are awarded under production sharing contract (PSC) terms which are governed by the Petroleum Taxation Law 2009 and Exclusive Economic Zone (EEZ) model contract. Licences are granted through bidding rounds or direct negotiations with companies (single licensing round was held in 2010). Royalty rates and cost recovery ceilings are fixed. Profit sharing is based on the contractors pre-tax rate of return. Corporate income tax is levied at a 30% rate on contractor's revenue less operating costs, depreciation of capital expenditures and abandonment provision. Signature bonuses and fees are payable and are the only biddable or negotiable fiscal terms…

Table of contents

  • Executive summary
    • Licence terms
    • Government equity participation
    • Fiscal terms
      • Ring fencing
      • Royalty
      • PSC cost recovery
      • PSC profit sharing
      • Corporate income tax
    • Recent history of fiscal changes
    • Stability provisions
    • Split of the barrel and share of profit
    • Effective royalty rate and maximum government share
      • Maximum government share - onshore/ shelf/ deepwater oil, gas
    • Progressivity
    • Fiscal deterrence

Tables and charts

This report includes 18 images and tables including:

  • Revenue flowchart: São Tomé and Príncipe PSC
  • Fiscal stability: Image 1
  • Fiscal stability: Table 1
  • Split of the barrel - oil
  • Split of the barrel - gas
  • Share of profit - oil
  • Share of profit - gas
  • Effective royalty rate - onshore/ shelf/ deepwater oil, 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
  • Current licence, equity and fiscal terms: Table 3
  • Current licence, equity and fiscal terms: Image 1
  • Fiscal treatment of decommissioning
  • Economics analysis: Table 2

What's included

This report contains:

  • Document

    MinMaxShare Sao Tome Principe PSC.xls

    XLS 163.00 KB

  • Document

    São Tomé and Príncipe upstream fiscal summary

    PDF 296.47 KB

  • Document

    São Tomé and Príncipe upstream fiscal summary

    ZIP 340.75 KB

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