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Venezuela Upstream Fiscal and Regulatory Report - Significant Barriers to Change Remain After Opposition Election Victory

Summary

“Venezuela Upstream Fiscal and Regulatory Report - Significant Barriers to Change Remain After Opposition Election Victory”, presents the essential information relating to the terms which govern investment into Venezuela’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 Venezuela’s upstream oil and gas investment climate.

Scope

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

Reasons to buy

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

Venezuela Upstream Fiscal and Regulatory Report - Significant Barriers to Change Remain After Opposition Election Victory
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 Participation Bonus 6
4.1.2 Surface Tax 6
4.1.3 Royalty and Extraction Tax 6
4.1.4 Export Registration Tax 6
4.2 Special Contribution Tax 7
4.3 Direct Taxation 7
4.3.1 Corporate Income Tax 7
4.3.2 Deductions and Depreciation 7
4.3.3 Social Contributions 7
4.3.4 Special Advantage Tax 8
4.3.5 Withholding Tax 8
4.4 Indirect Taxation 8
4.4.1 Value Added Tax 8
4.4.2 Tax on Consumption 8
4.4.3 Import Duty 8
4.5 State Participation 8
5 Regulation and Licensing 9
5.1 Legal Framework 9
5.1.1 Governing Law 9
5.1.2 Contract Type 9
5.1.3 Title to Hydrocarbons 9
5.2 Institutional Framework 10
5.2.1 Licensing Authority 10
5.2.2 Regulatory Agency 10
5.2.3 National Oil Company 10
5.3 Licensing Process 10
5.4 License Terms 11
5.4.1 Duration 11
5.4.2 Work Obligations 11
5.4.3 Local Content 11
6 Outlook 12
7 Contact Information 13

1.1 List of Tables
Table 1: Summary 3
Table 2: Venezuela, Royalty Rates (%), 2015 6
Table 3: Venezuela, Special Contribution Tax, 2015 7
Table 4: Venezuela, Corporate Income Tax Rates (%), 1999 onwards 7

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

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