Country Report

Yemen upstream fiscal summary

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04 July 2018

Yemen upstream fiscal summary

Report summary

Production Sharing Contract (PSC)-based fiscal regime.  The Yemen Oil Company (YOC) has the right to take a carried equity interest of between 5% and 25% upon a commercial discovery.  Royalty and production sharing splits are determined by production rates.  Cost recovery ceilings are variable and a range of bonuses, rentals and fees are payable. Government efforts to promote gas exploration and develop a domestic gas market have seen the most recent generation of PSCs begin to outline...

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
      • Product Pricing
      • Summary of 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 21 images and tables including:

  • Revenue flowchart - Yemen PSC
  • Split of the barrel - oil
  • Split of the barrel - gas
  • Share of profit - oil
  • Share of profit - gas
  • Effective royalty rate and minimum state share - Oil
  • Effective royalty rate and minimum state share - Gas
  • Maximum government share – Oil
  • Maximum government share – Gas
  • State share versus pre-share IRR - oil
  • State share versus pre-share IRR - gas
  • Economic analysis: Image 7
  • Investor IRR versus pre-share IRR - gas
  • Bonuses, rentals and fees
  • Indirect taxes
  • Royalty rate
  • Profit sharing
  • Contractor profit share - liquids
  • Contractor profit share - gas
  • Assumed terms by location - oil
  • Assumed terms by location - gas

What's included

This report contains:

  • Document

    Yemen upstream fiscal summary

    PDF 308.08 KB