Country Report

Senegal upstream fiscal summary

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08 May 2019

Senegal upstream fiscal summary

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...

Table of contents

  • Basis
  • Licence Terms
  • Government equity participation
    • Ring fencing
    • Bonuses, Rentals and Fees
    • Indirect taxes
    • Royalty
    • PSC cost recovery
    • PSC profit sharing
    • Additional petroleum taxes
    • Domestic Market Obligation (DMO)
    • Export duty
    • Corporate income tax
    • Product pricing
    • Summary of modelled terms
  • 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

Tables and charts

This report includes 30 images and tables including:

  • Timeline
  • Timeline detail
  • Split of the barrel - oil
  • Split of the barrel - gas
  • Share of profit - oil
  • Share of profit - gas
  • Effective royalty rate - onshore oil
  • Effective royalty rate - shelf oil
  • Effective royalty rate - deepwater oil
  • Effective royalty rate - onshore gas
  • Effective royalty rate - shelf gas
  • Effective royalty rate - deepwater gas
  • Maximum government share – onshore oil
  • Maximum government share – shelf oil
  • Maximum government share – deepwater oil
  • Maximum government share – onshore gas
  • Maximum government share – shelf gas
  • Maximum government share – deepwater 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
  • Royalty rates - oil
  • Cost recovery - oil and gas
  • Profit sharing
  • Contractor share oil and gas
  • Assumed terms by location - oil
  • Assumed terms by location - gas

What's included

This report contains:

  • Document

    Senegal upstream fiscal summary

    PDF 1.00 MB

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