Country Report

Yemen upstream fiscal summary

04 July 2018

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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...

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 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