Country Report
Somalia 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
Petroleum operations in Somalia are regulated and taxed under three different administrative authorities: Somalia (Federal), Somaliland, and the semi-autonomous region of Puntland. Production sharing contract terms (PSCs) are awarded in all three regions having the same fiscal term elements (consisting primarily of royalties, profit share, and income tax), but rates and structure vary by regime. The federal government enacted a petroleum law in 2020, which includes a revenue sharing agreement between the government and the states. The law created the Somali National Oil Company (SONOC) and authorised the federal government to exclusively grant petroleum licenses, a prerogative which is challenged by Somaliland and Puntland. Given the continuing uncertainty, we provide a summary of licensing from the three administrative authorities.
Table of contents
-
Basis
- Somalia (Federal)
- Somaliland
- Puntland
-
Licence terms
- Somalia (Federal)
- Somaliland
- Puntland
-
Government equity participation
- Somalia (Federal)
- Somaliland
- Puntland
-
Fiscal terms
- Bonuses, rentals, and fees
- Indirect taxes
- Royalty
- Ring fencing
- Somalia (Federal)
- Payment schedule
- Somaliland
- Puntland
- 22 more item(s)...
- 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
-
SomalilandPSC
- Split of the barrel and share of profit
- Effective royalty rate and maximum government share
- 6 more item(s)...
Tables and charts
This report includes the following images and tables:
- Timeline
- Timeline details
- Effective royalty rate - oil
- Effective royalty rate - gas
- Maximum government share – oil
- Maximum government share – 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 - Oil
- Effective royalty rate - Gas
- 38 more item(s)...
What's included
This report contains:
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