Country Report

Western Sahara upstream fiscal summary

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04 July 2018

Western Sahara upstream fiscal summary

Report summary

Production sharing Contract (PSC)-based fiscal regime.  Signature bonuses, cost recovery ceiling and profit sharing (linked to the contractor's rate of return (IRR)) are all negotiable, while royalty rates are fixed by government.  The contractors liability for income tax is paid by the state. Since the withdrawal of the Spanish colonial government in 1976 Morocco has governed Western Sahara.  SADR claims that it has never been a part of the Kingdom of Morocco.  Despite growing...

Table of contents

  • Executive summary
    • Basis
    • Licence terms
    • Government equity participation
    • Fiscal terms
      • Ring fencing
      • Bonuses, rentals and fees
      • Indirect taxes
      • Royalty
      • PSC cost recovery
      • PSC profit sharing
      • 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 22 images and tables including:

  • Revenue flowchart: Western Sahara PSC
  • Timeline
  • Timeline details
  • Split of the barrel - oil
  • Split of the barrel - gas
  • Share of profit - oil
  • Share of profit - gas
  • Effective royalty rate - onshore
  • Effective royalty rate - shelf
  • Effective royalty rate - deepwater
  • Maximum government share - onshore
  • Maximum government share - shelf
  • Maximum government share - deepwater
  • 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
  • Profit sharing
  • Contractor profit share
  • Assumed terms by location - oil

What's included

This report contains:

  • Document

    Western Sahara upstream fiscal summary

    PDF 309.14 KB

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