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Greenland Upstream Fiscal And Regulatory Report - Possible Corporate Tax Changes Have Potential to Support Exploration

Summary

“Greenland Upstream Fiscal And Regulatory Report - Possible Corporate Tax Changes Have Potential to Support Exploration”, GlobalData’s latest release, presents the essential information relating to the terms which govern investment into Greenland’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 Greenland’s upstream oil and gas investment climate.

Scope

- Overview of current fiscal terms governing upstream oil and gas operations in Greenland
- Detail on legal framework and governing bodies administering the industry
- Levels of upfront payments and taxation applicable to oil and gas production
- Explanation of the different royalty regimes applicable to licenses awarded before and after 2014
- Assessment of the current fiscal regime’s attractiveness to investors
- Outlook on future of fiscal and regulatory terms in Greenland

Reasons to buy

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

Greenland Upstream Fiscal And Regulatory Report - Possible Corporate Tax Changes Have Potential to Support 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 5
4 Key Fiscal Terms 6
4.1 Upfront Payments 6
4.1.1 Fees 6
4.1.2 Rentals 6
4.1.3 Royalties 6
4.2 Direct Taxation 7
4.2.1 Corporate Income Tax 7
4.2.2 Deductions and Depreciation 7
4.2.3 Withholding Tax 7
4.3 Indirect Taxation 7
5 Regulation and Licensing 8
5.1 Legal Framework 8
5.1.1 Governing Law 8
5.1.2 Contract Type 8
5.1.3 Title to Hydrocarbons 8
5.2 Institutional Framework 9
5.2.1 Licensing Authority 9
5.2.2 Regulatory Agency 9
5.2.3 National Oil Company 9
5.3 Licensing Process 10
5.3.1 Licensing Rounds 10
5.3.2 Open-Door Licensing Rounds 10
5.3.3 Qualification 10
5.3.4 Applicant Fee 11
5.3.5 Application Evaluation 11
5.4 License Terms 11
5.4.1 Duration and Relinquishment 11
5.4.2 Work Obligations 12
5.4.3 Local Content 12
5.4.4 State Participation 12
5.4.5 Environmental Regulation 13
6 Outlook 14
7 Contact Information 15

1.1 List of Tables
Table 1: Summary 3
Table 2: Greenland, Surplus Royalty Rates, Post-2014 Licenses 6
Table 3: Greenland, Surplus Royalty Rate Structure, 2012-2013 Licensing Round 7
Table 4: Greenland, Depreciation Rates by Asset Class 7
Table 5: Greenland, Transferability of Qualifications for Regions (1-4) 10
Table 6: Greenland, Application Evaluation Criteria, Current and New Model License Contracts 11
Table 7: Greenland, Relinquishment Rates 12

1.2 List of Figures
Figure 1: Regime Flow Chart 4
Figure 2: Greenland, Indicative NPV10/boe Comparison - Pre-2014 and Post-2014 Regimes 5
Figure 3: Greenland, Indicative NPV10/boe, IRR and Fiscal Take Comparison - Resource Peer Group, 2015 5
Figure 4: Greenland, Legal Framework 8
Figure 5: Greenland, Institutional Framework 9

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