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Ireland Upstream Fiscal and Regulatory Report - High Interest in 2015 Licensing Round Despite Tax Increase

Summary

“Ireland Upstream Fiscal and Regulatory Report - High Interest in 2015 Licensing Round Despite Tax Increase”, presents the essential information relating to the terms which govern investment into Ireland’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 Ireland’s upstream oil and gas investment climate.

Scope

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

Reasons to buy

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

Ireland Upstream Fiscal and Regulatory Report - High Interest in 2015 Licensing Round Despite Tax Increase
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 Rental Fees 6
4.1.2 Contributions to Research Funds 6
4.1.3 Royalty (Abolished for New Licenses From 1987) 6
4.2 Direct Taxation 6
4.2.1 Petroleum Production Tax (Licenses Awarded From June 18, 2014) 6
4.2.2 Profit Resource Rent Tax (Licenses Awarded Between January 1, 2007 and June 18, 2014) 7
4.2.3 Corporate Income Tax 7
4.2.4 Deductions and Depreciation 7
4.2.5 Remittance 7
4.3 Indirect Taxation 8
4.3.1 Value Added Tax (VAT) 8
4.3.2 Customs Duty 8
4.3.3 EU Emissions Trading Scheme 8
5 Regulation and Licensing 9
5.1 Legal Framework 9
5.1.1 Governing Law 9
5.1.2 Contract and License Types 9
5.1.3 Title to Hydrocarbons 9
5.2 Institutional Framework 10
5.2.1 Licensing Authority 10
5.2.2 Regulatory Agencies 10
5.3 Licensing Process 10
5.3.1 Application Fees 11
5.4 License Terms 11
5.4.1 Duration 11
5.4.2 Exploration Obligations 11
5.4.3 Development Plans 11
5.4.4 Joint Development 11
5.4.5 Surrender of Licenses 12
6 Outlook 13
7 Contact Information 14

1.1 List of Tables
Table 1: Summary 3
Table 2: Ireland, Annual Rental Fees (€/sq.km), 2015 6
Table 3: Ireland, Petroleum Production Tax Rates (%), 2015 7
Table 4: Ireland, Profit Resource Rent Tax (%), 2015 7
Table 5: Ireland, License Application Scoring System, 2015 10
Table 6: Ireland, License Application Fees (€), 2015 11

1.2 List of Figures
Figure 1: Regime Flow Chart 4
Figure 2: Ireland, Indicative NPV10/boe Comparison - Internal, 2015 5
Figure 3: Ireland, Indicative NPV10/boe, IRR and Fiscal Take Comparison - Regional, 2015 5
Figure 4: Ireland, Legal Framework 9
Figure 5: Ireland, Institutional Framework 10

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