Ghana Upstream Fiscal and Regulatory Report-First Licensing Round to Test New Fiscal Terms

In October 2018, Ghana launched its first licensing round to gauge investor appetite for its newly introduced upstream fiscal and regulatory framework. The round is scheduled to close in May 2019 and offers six offshore blocks. Royalties, which are biddable under the new regime combined with the additional oil entitlement (which acts as a windfall tax) will determine the competitiveness of future petroleum agreements and the fiscal burden faced by winning bidders. Additionally under the new regulations, the government is promoting local content and domestic participation in the sector, which may present barriers to investment or limit opportunities for international companies to deeper waters.

"Ghana Upstream Fiscal and Regulatory Report - First licensing round to test new fiscal terms", presents the essential information relating to the terms which govern investment into Ghana’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 Ghana’s upstream oil and gas investment climate.

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Scope:
- Overview of current fiscal terms governing upstream oil and gas operations in Ghana
- 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 Ghana.

Reasons to buy:
- Understand the complex regulations and contractual requirements applicable to Ghana’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.

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Key Points from TOC:
2. Regime Overview 4
3. State Take Assessment 6
4. Key Fiscal Terms 7
4.1. Royalties, Bonuses, and Fees 7
4.1.1. Signature Bonus 7
4.1.2. Production Bonus 7
4.1.3. Permit Fees 7
4.1.4. Acreage Fees 8
4.1.5. Training Allowance 9
4.1.6. Technology Allowance 10
4.1.7. Royalty 10
4.2. Special Gas Provisions 11
4.3. Decommissioning Fund 11
4.4. Direct Taxation 12
4.4.1. Corporate Income Tax 12
4.4.2. Deductions and Depreciation 12
4.4.3. Additional Oil Entitlement 12
4.4.4. Withholding Tax 17
4.4.5. Capital Gains Tax 17
4.5. Indirect Taxation 17
4.5.1. Value Added Tax (VAT) 17
4.5.2. Import Tax 17
4.5.3. Export Tax 17
4.6. State Participation 18
4.7. Stability Clause 19
5. Regulation and Licensing 20
5.1. Legal Framework 20
5.1.1. Governing Law 21
5.1.2. Contract Type 21
5.1.3. Title to Hydrocarbons 21
5.2. Institutional Framework 22
5.2.1. Licensing Authority 22
5.2.2. Regulatory Agency 22
5.2.3. National Oil Company 22
5.3. Licensing Process 23
5.3.1. First Licensing Round (2018) 23
5.3.2. Open Competitive Licensing Round (Blocks 2, 3 and 4) 23
5.3.3. Direct Negotiations (Blocks 5 and 6) 23
5.3.4. GNPC Allocation (Block 1) 23
5.4. License Terms 24
5.4.1. Duration and Relinquishments 24
5.4.2. Work Obligation 24
5.5. Local Content 24
5.6. Domestic Market Obligation 28
6. Outlook 29
7. Appendix 31

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