Country report

Timor-Leste upstream fiscal summary

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Report summary

The latest model Production Sharing Contract (PSC) was introduced in 2005 and is relatively straight forward. The State has the right to take an equity interest of up to 20% in any commercial discovery. The First Tranche Petroleum (FTP) rate cost recovery ceiling and profit oil splits are all fixed; there is an additional profits tax (called Supplemental Profits Tax) levied at 22.5% on net receipts after a project achieves a 16.5% rate of return post corporation tax. There is also a...

What's included

This report contains

  • Document

    Timor-Leste upstream fiscal summary

    PDF 334.82 KB

Table of contents

  • Executive summary
    • Basis
    • Licence terms
    • Government equity participation
      • Ring Fencing
      • Bonuses, Rentals and Fees
      • Indirect Taxes
      • Royalty
      • PSC Cost Recovery
      • PSC Profit Sharing
        • Small Field Depreciation (not included in the model):
      • Additional Profits 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 16 images and tables including:

Images

  • Revenue flow chart: Timor Leste 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

Tables

  • Timeline details
  • Effective royalty rate and minimum state share
  • Maximum government share and maximum state share
  • Bonuses, Rentals and Fees
  • Indirect Taxes
  • Assumed terms by location - oil and gas

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