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  5. > Madagascar Upstream Fiscal and Regulatory Report - Accommodative Madagascar Fiscal Regime Likely to Remain Stable Through Petroleum Code Review

Madagascar Upstream Fiscal and Regulatory Report - Accommodative Madagascar Fiscal Regime Likely to Remain Stable Through Petroleum Code Review

Summary

“Madagascar Upstream Fiscal and Regulatory Report - Accommodative Madagascar Fiscal Regime Likely to Remain Stable Through Petroleum Code Review”, presents the essential information relating to the terms which govern investment into Madagascar’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 Madagascar’s upstream oil and gas investment climate.

Scope

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

Reasons to buy

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

Madagascar Upstream Fiscal and Regulatory Report - Accommodative Madagascar Fiscal Regime Likely to Remain Stable Through Petroleum Code Review
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 7
4.1 Upfront Payments 7
4.1.1 Administrative Fees 7
4.1.2 Training Fees 7
4.1.3 Royalty 7
4.1.4 Production Bonus 8
4.2 Cost Recovery 8
4.2.1 Cost Recovery Limit 8
4.2.2 Recoverable Costs 8
4.3 Profit-Sharing 8
4.4 Direct Taxation 10
4.4.1 Direct Tax on Hydrocarbons 10
4.4.2 Deductions and Depreciation 10
4.5 Indirect Taxation 10
4.5.1 VAT 10
4.5.2 Customs Duties 10
5 Regulation and Licensing 11
5.1 Legal Framework 11
5.1.1 Governing Law 11
5.1.2 Contract Type 11
5.1.3 Title to Hydrocarbons 11
5.2 Institutional Framework 12
5.2.1 Licensing Authority 12
5.2.2 Regulatory Agency 12
5.2.3 National Oil Company 12
5.3 Licensing Process 13
5.3.1 Licensing Rounds 13
5.3.2 Prequalification 13
5.3.3 Bidding 13
5.4 License Terms 13
5.4.1 Duration and Relinquishment 13
5.4.2 Obligations 13
5.4.3 Local Content 13
5.4.4 Domestic Market Obligation 13
5.5 Environmental Regulation 14
6 Outlook 15
7 Contact Information 16

1.1 List of Tables
Table 1: Summary 3
Table 2: Madagascar, Liquid Royalty Rates (%), 2015 7
Table 3: Madagascar, Gas Royalty Rates (%), 2015 7
Table 4: Madagascar, Heavy Oil and Bitumen Royalty Rates (%), Block 3105, 3106 and 3107, 2004 7
Table 5: Madagascar, Production Bonus, pre-2005 PSAs 8
Table 6: Madagascar, Cost Recovery Limits, Pre-2005 PSAs 8
Table 7: Madagascar, Grand Prix (Offshore) Profit-Sharing Mechanism, 2008 9
Table 8: Madagascar, Block 3114 PSA (Onshore) Profit-Sharing Mechanism, 2012 9
Table 9: Madagascar, pre-2005 Profit Sharing Mechanism 9
Table 10: Direct Tax on Hydrocarbons Rate (Corporate Tax Rate), 2004-2015 10

1.2 List of Figures
Figure 1: Regime Flow Chart 4
Figure 2: Madagascar, Indicative NPV10/boe, IRR and Fiscal Take Comparison - Regional, 2015 5
Figure 3: Madagascar, Indicative NPV10/boe, IRR and Fiscal Take Comparison - Internal, 2015 6
Figure 4: Madagascar, Legal Framework 11
Figure 5: Madagascar, Institutional Framework 12

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