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Kazakhstan Upstream Fiscal And Regulatory Report - Amendments to Subsoil Law Aim to Promote Onshore Exploration

Summary

“Kazakhstan Upstream Fiscal And Regulatory Report - Amendments to Subsoil Law Aim to Promote Onshore Exploration”, GlobalData’s latest release, presents the essential information relating to the terms which govern investment into Kazakhstan’s upstream oil and gas sector. The report sets out in detail the licensing 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 Kazakhstan’s upstream oil and gas investment climate.

Scope

- Overview of the fiscal and regulatory regime governing upstream oil and gas operations in Kazakhstan
- Detail on legal framework and governing bodies administering the industry
- Levels of upfront payments and taxation applicable to oil and gas production
- Information on reduced tax rates applicable to high-viscosity, water-flooded, marginal and depleted fields
- Detailed information on the terms of production sharing agreements
- Assessment of the current fiscal regime’s attractiveness to investors against regional peers
- Outlook on future of fiscal and regulatory terms in Kazakhstan

Reasons to buy

- Understand the complex regulations and contractual requirements applicable to Kazakhstan’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

Kazakhstan Upstream Fiscal And Regulatory Report - Amendments to Subsoil Law Aim to Promote Onshore Exploration
1 Table of Contents
1 Table of Contents 1
1.1 List of Tables 2
1.2 List of Figures 2
2 Regime Overview 3
3 Fiscal Take Assessment 6
4 Key Fiscal Terms - Royalty/Tax Subsoil Use Contracts 8
4.1 Upfront Payments 8
4.1.1 Signature Bonus 8
4.1.2 Commercial Discovery Bonus 8
4.1.3 Historical Cost Compensation 8
4.2 Mineral Extraction Tax 8
4.2.1 General Rates 8
4.2.2 Rates for Low-Profit, High-Viscosity, Water-Flooded, Marginal and Depleted Fields 9
4.3 Export Taxes 10
4.3.1 Rental Tax on Exports 10
4.3.2 Export Duty 11
4.4 Direct Taxation 11
4.4.1 Corporate Income Tax 11
4.4.2 Branch Profits Tax 11
4.4.3 Excess Profit Tax 11
4.4.4 Deductions and Depreciation 13
4.4.5 Withholding Tax 13
4.5 Indirect Taxation 13
4.5.1 Value Added Tax 13
4.5.2 Property Tax 13
4.5.3 Land Tax 13
4.5.4 Import Duties 13
4.5.5 Environmental Levy 14
4.6 Liquidation Fund 14
5 Key Fiscal Terms - Production Sharing Agreement 15
5.1 Upfront Payments 15
5.1.1 Bonuses 15
5.1.2 Social Contributions 15
5.1.3 Training Contributions 15
5.1.4 Royalty/MET 15
5.2 Cost Recovery 16
5.3 Profit-Sharing 17
5.3.1 2005 PSA Model 17
5.3.2 North Caspian Sea PSA 18
5.3.3 Chinarevskoye PSA 19
5.4 Export Duty 19
5.5 Taxation 19
5.5.1 Corporate Income Tax 19
5.5.2 Deductions and Depreciation 20
5.5.3 Top Up Tax 20
5.5.4 Tax Exemptions 20
5.6 Fiscal Stability 20
6 Regulation and Licensing 21
6.1 Legal Framework 21
6.1.1 Governing Law 21
6.1.2 Contract Type 21
6.1.3 Title to Hydrocarbons 21
6.2 Institutional Framework 22
6.2.1 Licensing Authority 22
6.2.2 Regulatory Agency 22
6.2.3 National Oil Company 23
6.3 Licensing Process 23
6.3.1 Competitive Tenders and Auctions 23
6.3.2 Direct Negotiation 23
6.4 License Terms 23
6.4.1 Duration 23
6.4.2 Work Obligations 23
6.4.3 Local Content 23
6.4.4 Domestic Market Obligation 24
6.5 State Participation 24
6.6 Environmental Regulation 24
7 Outlook 25
8 Contact Information 26

1.1 List of Tables
Table 1: Summary 3
Table 2: Kazakhstan, MET Rates - Oil (%), 2009-2015 8
Table 3: Kazakhstan, MET Rates - Domestic Gas (%), 2015 9
Table 4: Kazakhstan, Oil MET Rates - High Viscosity, Water-Flooded, Marginal and Depleted Fields (%), 2015 9
Table 5: Kazakhstan, Rental Tax on Export Rates (%), 2009 onwards 10
Table 6: Kazakhstan, Oil Export Duty Rates (US$/tonne), 2008 onwards 11
Table 7: Kazakhstan, Excess Profit Tax Rates (%), 1998 onwards 12
Table 8: Kazakhstan, Excess Profits Tax Rates - Kenbay, 1996 12
Table 9: Kazakhstan, Depreciation Rates by Asset Class (%), 2009 onwards 13
Table 10: Kazakhstan, Environmental Levy - Gas Flaring Rates, 2015 14
Table 11: Kazakhstan - North Caspian Sea PSA, Bonuses (US$ mil) 15
Table 12: Kazakhstan - Chinarevskoye PSA, Royalty Rates (%) 16
Table 13: Kazakhstan - 2005 PSA Model, Profit-Sharing (%) 17
Table 14: Kazakhstan - North Caspian Sea PSA, Profit-Sharing (%) 18
Table 15: Kazakhstan - Chinarevskoye PSA, Profit-Sharing (%) 19
Table 16: Kazakhstan - North Caspian Sea PSA, Tax Rate (%) 19

1.2 List of Figures
Figure 1: Regime Flow Chart - Royalty/Tax Subsoil Use Contract 4
Figure 2: Regime Flow Chart - Production Sharing Agreement (2005 Model) 5
Figure 3: Kazakhstan, Indicative Fiscal Take Comparison - Internal, 2015 6
Figure 4: Kazakhstan, Indicative NPV10/boe, IRR and Fiscal Take Comparison - Regional, 2015 7
Figure 5: Kazakhstan, Legal Framework 21
Figure 6: Kazakhstan, Institutional Framework 22

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