Country Report

Somalia upstream fiscal summary

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04 July 2018

Somalia upstream fiscal summary

Report summary

Complex PSC Regime split under three governing bodies. Petroleum operations are regulated and taxed by the different administrative authorities in Somalia, Somaliland, and the semi-autonomous region of Puntland.  While tax categories are the same in all regions (consisting primarily of Royalties, Profit Share, and Income Tax), but amounts and structure vary by regime.

Table of contents

  • Executive summary
    • Basis
      • Somalia (Federal)
      • Somaliland
      • Puntland
    • Licence terms
      • Somalia and Puntland
      • Somaliland
    • Government equity participation
      • Somalia
      • Somaliland
      • Puntland
    • Fiscal terms
      • Ring fencing
      • Each licence has its own ring fence for tax purposes.
      • Bonuses, rentals and fees
      • Indirect taxes
      • Royalty
        • Somalia
        • Somaliland
        • Puntland
      • PSC cost recovery
        • Somalia
        • Somaliland
        • Puntland
      • PSC profit sharing
        • Somalia
        • Somaliland
        • Puntland
      • Additional petroleum taxes
        • Somalia
      • Corporate income tax
        • omalia
        • Somaliland
        • Puntland
      • Product pricing
      • Summary of modelled terms
    • Recent history of fiscal changes
    • Stability provisions
    • Somalia (Federal) PSC
      • Split of the barrel and share of profit
    • Effective royalty rate and maximum government share
    • Progressivity
    • Fiscal deterrence
    • Somaliland PSC
      • Split of the barrel and share of profit
    • Effective royalty rate and maximum government share
      • Maximum government share - Oil and Gas
    • Progressivity
    • Fiscal deterrence
    • Puntland PSC
      • Split of the barrel and share of profit
    • Effective royalty rate and maximum government share
      • Maximum government share and maximum state share
    • Progressivity
    • Fiscal deterrence

Tables and charts

This report includes 61 images and tables including:

  • Revenue flowchart: Somalia (Federal) PSC
  • Revenue flowchart: Somaliland PSC
  • Revenue flowchart: Puntland PSC
  • Timeline
  • Timeline details
  • Economic analysis: Table 1
  • Effective royalty rate - Gas
  • Economic analysis: Table 3
  • 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
  • Effective royalty rate - Oil
  • Effective royalty rate - 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
  • Effective royalty rate and minimum 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
  • Current licence, equity and fiscal terms: Table 1
  • Indirect taxes
  • Current licence, equity and fiscal terms: Table 10
  • Somalia - Assumed terms Gas
  • Current licence, equity and fiscal terms: Table 12
  • Puntland - Assumed terms
  • Split of the barrel - oil
  • Split of the barrel - gas
  • Share of profit - oil
  • Share of profit - gas
  • Split of the barrel - oil
  • Split of the barrel - gas
  • Share of profit - oil
  • Share of profit - gas
  • Economic analysis: Table 6
  • Split of the barrel - oil
  • Split of the barrel - gas
  • Share of profit - oil
  • Share of profit - gas
  • Economic analysis: Table 8
  • Oil royalty:
  • Gas royalty:
  • Current licence, equity and fiscal terms: Image 1
  • Current licence, equity and fiscal terms: Image 2
  • Current licence, equity and fiscal terms: Image 3
  • Current licence, equity and fiscal terms: Image 4
  • Royalty rates in Puntland
  • Current licence, equity and fiscal terms: Image 5
  • Current licence, equity and fiscal terms: Image 6
  • Oil Profit Sharing (contractor profit share)
  • Gas Profit Sharing (contractor profit share)
  • Current licence, equity and fiscal terms: Image 7
  • Current licence, equity and fiscal terms: Image 8
  • Current licence, equity and fiscal terms: Image 9
  • Current licence, equity and fiscal terms: Image 10
  • Current licence, equity and fiscal terms: Table 8
  • Current licence, equity and fiscal terms: Table 9
  • Current licence, equity and fiscal terms: Image 11

What's included

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    Somalia upstream fiscal summary

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