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Summary“Argentina Upstream Fiscal and Regulatory Report - Reformist Macri Government Liberalizing Oil and Gas Prices”, presents the essential information relating to the terms which govern investment into Argentina’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 Argentina’s upstream oil and gas investment climate.Scope- Overview of current fiscal terms governing upstream oil and gas operations in Argentina- 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 ArgentinaReasons to buy- Understand the complex regulations and contractual requirements applicable to Argentina’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 31.2 List of Figures 32 Regime Overview 43 State Take Assessment 64 Key Fiscal Terms 74.1 Bonuses 74.2 Royalty 74.3 Rental Fees 84.4 Extraordinary Income Levy (Where Directly Negotiated) 94.4.1 Neuquén 94.4.2 Mendoza 94.4.3 Santa Cruz 104.4.4 Salta 104.5 Export Duty 104.5.1 Oil and Condensate 104.6 Federal Corporate Taxation 114.6.1 Corporate Income Tax 114.6.2 Withholding Tax 124.6.3 Deductions and Depreciation 124.7 Provincial Taxation 124.7.1 Turnover Tax 124.7.2 Stamp Duty 124.7.3 Property Tax 124.8 Value Added Tax 124.9 Corporate Social Responsibility Payments 134.10 Incentives 134.10.1 Stimulus Program for the Export of Escalante Crude Oil Surplus 134.10.2 Investment Promotion Scheme for Hydrocarbon Production 134.10.3 Gas Plan Incentives 144.10.4 Promotional Scheme for Hydrocarbon Exploration and Production 154.10.5 Oil Plus (Repealed July 13, 2015) 154.10.6 Gas Plus 164.10.7 Stimulus Program for Crude Oil Production (2015 Only) 174.10.8 Special Regime for Tierra del Fuego, Antarctica and South Atlantic Islands (Ended) 175 Regulation and Licensing 185.1 Legal Framework 185.1.1 Governing Law 185.1.2 Contract Type 195.1.3 Title to Hydrocarbons 195.2 Institutional Framework 195.2.1 Licensing Authority 205.2.2 Regulatory Agencies 205.2.3 National Oil Company 205.3 Licensing Process 215.4 License Terms 215.4.1 Duration and Relinquishment 215.4.2 Area 225.4.3 Obligations 225.4.4 Local Content 225.5 Profit Repatriation 226 Outlook 237 Contact Information 251.1 List of TablesTable 1: Summary 4Table 2: Argentina, Rental Fees, October 31, 2014 Onwards 8Table 3: Argentina, Rental Fees, 2007-October 30, 2014 8Table 4: Argentina, Rental Fees, Prior to 2007 8Table 5: Argentina, Neuquén Extraordinary Income Levy Rates (%), 2010 YPF Extension 9Table 6: Argentina, Mendoza Extraordinary Income Levy Rates (%), 2010 Law 9Table 7: Argentina, Salta Extraordinary Income Levy Rates (%), 2012 YPF Extension 10Table 8: Argentina, Additional Export Duty Rates, August 2004 10Table 9: Argentina, Oil Export Duty Rates Below US$80/bbl , October 22-December 31, 2014 11Table 10: Argentina, Gas Plan II - Subsidized Prices, 2016 14Table 11: Argentina, ‘Oil Plus’ Tax Credit for Production Rates 16Table 12: Argentina, ‘Oil Plus’ Tax Credit for Reserves Rates 16Table 13: Argentina, Provincial Regulatory Agencies, 2016 20Table 14: Argentina, Provincial Oil Companies, 2016 211.2 List of FiguresFigure 1: Regime Flow Chart 5Figure 2: Argentina, Indicative NPV10/boe, IRR and State Take Comparison - Regional, 2016 6Figure 3: Argentina, Legal Framework 18Figure 4: Argentina, Institutional Framework 19