Press release
Papua New Guinea Upstream Fiscal and Regulatory Report-On the Road Towards a Tightening of its Favorable Fiscal Terms
About Papua New Guinea Upstream Fiscal Market
"Papua New Guinea Upstream Fiscal and Regulatory Report - On the Road Towards a Tightening of its Favorable Fiscal Terms", presents the essential information relating to the terms which govern investment into Papua New Guineas 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 states take from hydrocarbon production. Considering political, economic and industry specific variables, the report also analyses future trends for Papua New Guineas upstream oil and gas investment climate.
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Scope
- Overview of current fiscal terms governing upstream oil and gas operations in Papua New Guinea
- Assessment of the current fiscal regimes 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 Papua New Guinea
Reasons to buy
- Understand the complex regulations and contractual requirements applicable to Papua New Guineas upstream oil and gas sector
- Evaluate factors determining profit levels in the industry
- Identify potential regulatory issues facing investors in the countrys upstream sector
- Utilize considered insight on future trends to inform decision-making
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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
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4. Key Fiscal Terms 6
4.1. Royalties, Bonuses and Fees 6
4.1.1. Royalty 6
4.1.2. Development Levy 6
4.1.3. License Fees (Repealed in 2016) 6
4.2. Direct Taxation 7
4.2.1. Petroleum Income Tax 7
4.2.2. Deductions and Depreciation 7
4.2.3. Withholding Tax 7
4.2.4. Additional Profits Tax 7
4.3. Indirect Taxation 9
4.3.1. Customs Duties 9
4.3.2. Other Taxes 9
4.4. Fiscal Stabilization 9
4.5. State Participation 9
5. Regulation and Licensing 10
5.1. Legal Framework 10
5.1.1. Governing Law 10
5.1.2. Contract Type 11
5.1.3. Title to Hydrocarbons 11
5.2. Institutional Framework 11
5.2.1. Licensing Authority 12
5.2.2. Regulatory Agency 12
5.2.3. National Oil Company 12
5.3. Licensing Process 12
5.4. License Terms 13
5.4.1. Duration and Relinquishments 13
5.4.2. Work Obligation 13
5.5. Local Content 13
6. Outlook 14
7. Appendix 15
7.1. Contact Us 15
7.2. Disclaimer 15
1.1 List of Tables
Table 1: Regime Overview 3
Table 2: Papua New Guinea, Pre-2016 License Fees (PGK) 6
Table 3: Papua New Guinea, Pre-2017 Income Tax Rates (%) 7
Table 4: Papua New Guinea: Additional Profits Tax 8
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