Senegal upstream fiscal summary Report

Country Report 31 October 2023

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Report summary

Senegal's upstream industry is governed by the 2019 Petroleum Code. The previous 1998 code was aimed at stimulating exploration in Senegal's then unproven basins. However, with exploration successes resulting in the discoveries of SNE and Tortue, the latest petroleum code represented a shift in favour of the state. Royalties are payable with rates varying by terrain and hydrocarbon. Cost recovery ceilings are negotiable, but maximum ceilings are set in the legislation. PSC profit shares are non-negotiable, defined in the law, and based on an R-factor. Corporate income tax is payable at the prevailing rate when a PSC is signed...

Basis
Licence Terms
Government equity participation
Fiscal terms
- Ring fencing
- Bonuses, Rentals and Fees
- Indirect taxes
- Royalty
- PSC cost recovery
- PSC profit sharing
- Additional petroleum taxes
- Domestic Market Obligation (DMO)
- 4 more item(s)...
Recent history of fiscal changes
Stability Provision
Split of the barrel and share of profit
Effective royalty rate and maximum government share
Progressivity
Fiscal deterrence