Country report

Syria upstream fiscal summary

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Report summary

Companies operating in Syria generally do so under the terms of a Production Sharing Contract (PSC) first introduced in 1985 although Service Contracts also exist. In the event of a commercial discovery a joint venture operating company owned 50% by state oil company SPC and 50% by the contractor is established. The contractor retains 100% equity in the contract and funds all exploration capital and operating costs. Royalty rates are fixed for oil and gas at 12.5%. Cost...

What's included

This report contains

  • Document

    Syria upstream fiscal summary

    PDF 406.40 KB

Table of contents

  • Executive summary
    • Basis
    • Licence Terms
    • Government equity participation
      • Ring Fencing
      • Bonuses, rentals and fees
      • Indirect taxes
      • Royalty
      • PSC cost recovery
        • Contractor effective oil profit share
        • Contractor gas profit share
      • Corporate income tax
      • Product Pricing
      • Summary of modelled terms
    • Recent history of fiscal changes
    • Stability Provisions
    • Split of the barrel and share of profit
    • Effective royalty rate and maximum government share
    • Progressivity
    • Fiscal deterrence

Tables and charts

This report includes 23 images and tables including:

Images

  • Revenue flowchart - Syria PSC
  • Timeline
  • Split of the barrel - oil
  • Split of the barrel - gas
  • Share of profit - oil
  • Share of profit - 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
  • Current licence, equity and fiscal terms: Image 1
  • Current licence, equity and fiscal terms: Image 2

Tables

  • Timeline details
  • Effective royalty rate and minimum state share - oil
  • Effective royalty rate and minimum state share - gas
  • Maximum government share – oil
  • Maximum government share – gas
  • Bonuses, rentals and fees
  • Indirect taxes
  • Profit sharing
  • Assumed terms by location - oil
  • Assumed terms by location - gas
  • Contractor gas profit share

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