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Tanzania Upstream Fiscal and Regulatory Report - New Laws Add Substantial Contract Risk

  • Published Date: 04 Aug 2017
  • Number of Pages: 29
  • Category: Energy and Utilities
  • Country: Tanzania
Tanzania Upstream Fiscal and Regulatory Report - New Laws Add Substantial Contract Risk

Summary

Tanzania Upstream Fiscal and Regulatory Report - New Laws Add Substantial Contract Risk, presents the essential information relating to the terms which govern investment into Tanzanias 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 states take from hydrocarbon production. Considering political, economic and industry specific variables, the report also analyses future trends for Tanzanias upstream oil and gas investment climate.

Scope

- Overview of current fiscal terms governing upstream oil and gas operations in Tanzania
- Assessment of the current fiscal regimes 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 Tanzania

Reasons to buy

- Understand the complex regulations and contractual requirements applicable to Tanzanias upstream oil and gas sector
- Evaluate factors determining profit levels in the industry
- Identify potential regulatory issues facing investors in the countrys upstream sector
- Utilize considered insight on future trends to inform decision-making
Publisher Name : GlobalData
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 6
4. Key Fiscal Terms 8
4.1. Royalties, Bonuses and Fees 8
4.1.1. Annual Fees 8
4.1.2. Bonuses 8
4.1.3. Royalties 8
4.2. Cost Recovery 9
4.2.1. Limit on Recovery 9
4.2.2. Recoverable Costs 9
4.3. Profit Sharing 10
4.3.1. Model Contract Terms 10
4.3.2. Current License Terms 14
4.4. Direct Taxation 16
4.4.1. Petroleum Income Tax 16
4.4.2. Deductions and Depreciation 16
4.4.3. Minimum Alternate Tax 16
4.4.4. Additional Profits Tax 16
4.4.5. Branch Remittance Tax 16
4.4.6. Withholding Tax 17
4.4.7. Capital Gains Tax 17
4.5. Indirect Taxation 17
4.5.1. Value Added Tax 17
4.5.2. Customs Duties 17
4.6. Assignment Fees 18
4.7. Decommissioning Fund 18
4.8. State Participation 18
5. Regulation and Licensing 20
5.1. Legal Framework 20
5.1.1. Governing Law 20
5.1.2. Contract Type 20
5.1.3. Title to Hydrocarbons 21
5.2. Institutional Framework 22
5.2.1. Licensing Authority 22
5.2.2. Regulatory Agency 22
5.2.3. National Oil Company 23
5.3. Licensing Process 23
5.3.1. Licensing Rounds 23
5.3.2. Prequalification 23
5.3.3. Bidding 23
5.4. License Terms 24
5.4.1. Duration and Relinquishments 24
5.4.2. Work Obligation 24
5.5. Domestic Market Obligation 25
5.6. Local Content 25
6. Outlook 26
7. Appendix 28
7.1. Contact Us 28
7.2. Disclaimer 28

List Of Tables


Table 1: Regime Overview 4
Table 2: Tanzania, Annual Charge (US$/km2), 1995, 2004, 2008 and 2013 Model Contracts 8
Table 3: Tanzania, Royalty Rates (%), 1995, 2004, 2008 and 2013 Model Contracts 9
Table 4: Tanzania, Profit Sharing Framework, 2013 Model Contract, Onshore and Continental Shelf 10
Table 5: Tanzania, Profit Sharing Framework, 2013 Model Contract, Deepwater and Lake Tanganyika 11
Table 6: Tanzania, Profit Sharing Framework, 2008 Model Contract 12
Table 7: Tanzania, Profit Sharing Framework, 2004 Model Contract, Onshore and Continental Shelf 12
Table 8: Tanzania, Profit Sharing Framework, 2004 Model Contract, Deepwater 13
Table 9: Tanzania, Profit Sharing Framework, 1995 Model Contract 13
Table 10: Tanzania, Profit Sharing Framework, Block 2 PSA 14
Table 11: Tanzania, Profit Sharing Framework, Pangani and Kilosa-Kilombero PSAs 14
Table 12: Tanzania, Profit Sharing Framework, Mnazi Bay PSA 15
Table 13: Tanzania, Profit Sharing Framework, Songo Songo Field, Natural Gas 15
Table 14: Tanzania, Withholding Tax Rates (%) 17
Table 15: Tanzania, Maximum TPDC Interest (%), 2004 Model, Onshore and Continental Shelf 18
Table 16: Tanzania, Maximum TPDC Interest (%), 2004 Model, Deepwater (Water Depth > 500m) 19
Table 17: Tanzania, Maximum TPDC Interest (%), 1995 Model 19
Table 18: Tanzania, Preferential Weighting for Domestic Contractors, Public Procurement Regulations, 2013 24
Table 19: Tanzania, Local Content, Minimum Petroleum Industry Local Employment Levels (%) 25

List Of Figures


Figure 1: Regime Flow Chart 5
Figure 2: Tanzania, Indicative NPV10/boe, IRR and State Take Comparison, Internal 6
Figure 3: Tanzania, Indicative NPV10/boe, IRR and State Take Comparison, Regional 7
Figure 4: Tanzania, Legal Framework 20
Figure 5: Tanzania, Institutional Framework 22

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