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Uruguay Upstream Fiscal and Regulatory Report - Third Offshore Bid Round Delayed Due to Low Prices

Summary

“Uruguay Upstream Fiscal and Regulatory Report - Third Offshore Bid Round Delayed Due to Low Prices”, presents the essential information relating to the terms which govern investment into Uruguay’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 Uruguay’s upstream oil and gas investment climate.

Scope

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

Reasons to buy

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

Uruguay Upstream Fiscal and Regulatory Report - Third Offshore Bid Round Delayed Due to Low Prices
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 State Take Assessment 5
4 Key Fiscal Terms 6
4.1 Cost Recovery 6
4.1.1 Cost Recovery Limit 6
4.1.2 Recoverable Costs 6
4.2 Profit-Sharing 6
4.3 Direct Taxation 7
4.3.1 Corporate Income Tax 7
4.3.2 Round II Tax Exemption 10
4.3.3 Deductions and Depreciation 10
4.4 Indirect Taxation 10
4.4.1 Value-Added Tax 10
4.4.2 Customs Duties 11
4.5 State Participation 11
4.6 Domestic Market Obligation 11
5 Regulation and Licensing 12
5.1 Legal Framework 12
5.1.1 Governing Law 12
5.1.2 Contract Type 12
5.1.3 Title to Hydrocarbons 12
5.2 Institutional Framework 13
5.2.1 Licensing Authority 13
5.2.2 Regulatory Agency 13
5.2.3 National Oil Company 13
5.3 Licensing Process 14
5.3.1 Prequalification 14
5.3.2 Bidding 14
5.4 License Terms 15
5.4.1 Duration 15
5.4.2 Work Obligations 15
5.4.3 Right of Purchase 15
6 Outlook 16
7 Contact Information 17

1.1 List of Tables
Table 1: Summary 3
Table 2: Uruguay, Cost Recovery Limits, First Offshore Round 6
Table 3: Uruguay, Profit-Sharing - R-factor, Onshore PSAs and 2nd Round Offshore PSAs 6
Table 4: Uruguay, Profit-Sharing, First Offshore Round, 2009 7
Table 5: Uruguay, Indicator composition and point score weightings for investment exemption, 2012 7
Table 6: Uruguay, Employment generation criteria for bids (%), 2015 8
Table 7: Uruguay, Weight of criteria for bids (%), 2015 9
Table 8: Uruguay, Montevideo investment credit qualification points, 2015 9
Table 9: Uruguay, Industrial sector investment credit qualiciation points, 2015 10
Table 10: Uruguay, Value of Exploratory Programs, 2015 14
Table 11: Uruguay, Weight of Criteria for Bids (%), 2015 15

1.2 List of Figures
Figure 1: Regime Flow Chart 4
Figure 2: Uruguay, State Take Comparison - Internal, 2015 5
Figure 3: Uruguay, Indicative NPV10/boe, IRR and State Take Comparison - Resource Peer Group, 2015 5
Figure 4: Uruguay, Legal Framework 12
Figure 5: Uruguay, Institutional Framework 13

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