Iraq Upstream Fiscal and Regulatory Report - Sector Challenged by Regulatory Uncertainty and Tough Fiscal Terms

Published by Global Data on 31st October 2018 | Ref: 1106984 | This Report Is In Stock

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$2550 | SAVE $450 | Site License
$3825 | SAVE $675 | Enterprise License

Introduction

Iraq Upstream Fiscal and Regulatory Report - Sector Challenged by Regulatory Uncertainty and Tough Fiscal Terms

Summary

In April 2018, Iraq held its fifth licensing round on the basis of a new model version of service contracts introduced in the previous weeks. However, with these new service contracts, the levels of state take are among the highest in the world and this explains why the bid round obtained mixed results with only 6 blocks assigned out of 11 on offer and no major international oil companies among the winners. In March 2018, Parliament passed legislation, still to be implemented by the government, whose goal is to reform completely the management of Iraq’s petroleum sector, but the regulatory outlook remains uncertain. The most important element of the legislation would be to re-establish the Iraq National Oil Company, which would be put in charge of Iraq’s petroleum contracts and would be the holding company controlling Iraq’s regional oil companies.

“Iraq Upstream Fiscal and Regulatory Report - Sector Challenged by Regulatory Uncertainty and Tough Fiscal Terms”, presents the essential information relating to the terms which govern investment into Iraq’s upstream oil and gas sector. The report sets out in detail the contractual framework under which firms must operate in the industry, clearly defining factors affecting profitability and quantifying the state’s take from hydrocarbon production. Considering political, economic and industry specific variables, the report also analyses future trends for Iraq’s upstream oil and gas investment climate.

Scope

- Overview of current fiscal terms governing upstream oil and gas operations in Iraq

- Assessment of the current fiscal regime’s state take and attractiveness to investors

- Charts illustrating the regime structure, and legal and institutional frameworks

- Detail on legal framework and governing bodies administering the industry

- Levels of upfront payments and taxation applicable to oil and gas production

- Information on application of fiscal and regulatory terms to specific licenses

- Outlook on future of fiscal and regulatory terms in Iraq.

Reasons to buy

- Understand the complex regulations and contractual requirements applicable to Iraq’s upstream oil and gas sector

- Evaluate factors determining profit levels in the industry

- Identify potential regulatory issues facing investors in the country’s upstream sector

- Utilize considered insight on future trends to inform decision-making.

Table of Contents

1 Table of Contents

1 Table of Contents 1

1.1. List of Tables 3

1.2. List of Figures 3

2. Regime Overview 4

3. State Take Assessment 8

4. Key Fiscal Terms- Service Contract 9

4.1. Bonuses and Fees 9

4.2. Royalty-Round 5 Contracts 10

4.3. Cost Recovery - Round 5 Contracts 11

4.4. Remuneration - Round 5 Contracts 12

4.5. Service Fees - Round 1-4 Contracts 12

4.6. Supplementary Fees ─ Rounds 1-4 17

4.7. Taxation 17

4.8. State Participation 18

4.9. Abandonment and Site Restoration 18

5. Key Fiscal Terms - Production Sharing Agreement 19

5.1. Bonuses 19

5.2. Surface Rentals 23

5.3. Fees and Contributions 23

5.4. Royalty 25

5.5. Cost Recovery 25

5.6. Profit Sharing 27

5.7. Capacity Building Payments 30

5.8. Direct Taxation 34

5.9. Customs Duties 35

5.10. State Participation 35

6. Regulation and Licensing 36

6.1. Legal Framework 36

6.2. Institutional Framework 38

6.3. Licensing Process 39

6.4. License Terms 40

6.5. Local Content 42

7. Outlook 43

8. Appendix 45

8.1. References 45

8.2. Contact Us 49

8.3. Disclaimer 49

Additional Details

Publisher

Global Data

Publisher Information

Reference

1106984 | GDGE0151UFR

Number of Pages

50

Report Format

PDF

This report is published by Global Data

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