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Summary"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 Guinea'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 Papua New Guinea's upstream oil and gas investment climate.Scope- Overview of current fiscal terms governing upstream oil and gas operations in Papua New Guinea- 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 Papua New GuineaReasons to buy- Understand the complex regulations and contractual requirements applicable to Papua New Guinea'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
1 Table of Contents1 Table of Contents 11.1. List of Tables 21.2. List of Figures 22. Regime Overview 33. State Take Assessment 54. Key Fiscal Terms 64.1. Royalties, Bonuses and Fees 64.1.1. Royalty 64.1.2. Development Levy 64.1.3. License Fees (Repealed in 2016) 64.2. Direct Taxation 74.2.1. Petroleum Income Tax 74.2.2. Deductions and Depreciation 74.2.3. Withholding Tax 74.2.4. Additional Profits Tax 74.3. Indirect Taxation 94.3.1. Customs Duties 94.3.2. Other Taxes 94.4. Fiscal Stabilization 94.5. State Participation 95. Regulation and Licensing 105.1. Legal Framework 105.1.1. Governing Law 105.1.2. Contract Type 115.1.3. Title to Hydrocarbons 115.2. Institutional Framework 115.2.1. Licensing Authority 125.2.2. Regulatory Agency 125.2.3. National Oil Company 125.3. Licensing Process 125.4. License Terms 135.4.1. Duration and Relinquishments 135.4.2. Work Obligation 135.5. Local Content 136. Outlook 147. Appendix 157.1. Contact Us 157.2. Disclaimer 151.1 List of TablesTable 1: Regime Overview 3Table 2: Papua New Guinea, Pre-2016 License Fees (PGK) 6Table 3: Papua New Guinea, Pre-2017 Income Tax Rates (%) 7Table 4: Papua New Guinea: Additional Profits Tax 81.2 List of FiguresFigure 1: Regime Flow Chart 4Figure 2: Papua New Guinea, Indicative NPV10/boe, IRR and State Take Comparison, Internal 5Figure 3: Papua New Guinea, Legal Framework 10Figure 4: Papua New Guinea, Institutional Framework 11