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...

Executive summary
Current licence, equity and fiscal terms
- 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
Fiscal stability
- Recent history of fiscal changes
- Stability Provisions
Economic analysis
- Split of the barrel and share of profit
- Effective royalty rate and maximum government share
- Progressivity
- Fiscal deterrence