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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. Royalties, Bonuses and Fees 74.1.1. Bonuses 74.1.2. Royalty 74.1.3. Rental Fees 74.2. Extraordinary Income Levy (Where Directly Negotiated) 94.3. Export duty 104.4. Federal Direct Taxation 124.4.1. Corporate Income Tax 124.4.2. Deductions and Depreciation 124.4.3. Withholding Tax 124.5. Provincial Taxation 124.5.1. Turnover Tax 124.5.2. Stamp Duty 134.5.3. Property Tax 134.6. Indirect Taxation 134.6.1. Value Added Tax 134.6.2. Customs Duties 134.6.3. Corporate Social Responsibility Payments 134.7. Incentives 144.7.1. Stimulus Program for the Export of Escalante Crude Oil Surplus 144.7.2. Investment Promotion Scheme for Hydrocarbon Production 144.7.3. Gas Plan Incentives 144.7.4. Promotional Scheme for Hydrocarbon Exploration and Production 164.7.5. Oil Plus (Repealed July 13, 2015) 164.7.6. Gas Plus 184.7.7. Stimulus Program for Crude Oil Production (2015 Only) 184.7.8. Special Regime for Tierra del Fuego, Antarctica and South Atlantic Islands (Ended) 185. Regulation and Licensing 195.1. Legal Framework 195.1.1. Governing Law 195.1.2. Contract Type 205.1.3. Title to Hydrocarbons 205.2. Institutional Framework 215.2.1. Licensing Authority 215.2.2. Regulatory Agency 215.2.3. National Oil Company 225.3. Licensing Process 235.4. License Terms 235.4.1. Duration and Relinquishments 235.4.2. Area 245.4.3. Work Obligation 245.5. Local Content 245.6. Profit Repatriation 246. Outlook 257. Appendix 277.1. Contact Us 277.2. Disclaimer 271.1 List of TablesTable 1: Regime Overview 4Table 2: Argentina, Rental Fees, October 31, 2014 Onward 8Table 3: Argentina, Rental Fees, 2007 to October 31, 2014 8Table 4: Argentina, Rental Fees, Prior to 2007 8Table 5: Argentina, Neuquén Province, Extraordinary Income Levy Rates (%), 2010 YPF Extension 9Table 6: Argentina, Mendoza Province, Extraordinary Income Levy Rates (%), 2010 Law 9Table 7: Argentina, Salta Province, Extraordinary Income Levy Rates (%), 2012 YPF Extension 10Table 8: Argentina, Additional Export Duty Rates, August 2004 11Table 9: Argentina, Oil Export Duty Rates Below US$80/bbl, October 22 - December 31, 2014 11Table 10: Argentina, Gas Plan II - Subsidized Prices 15Table 11: Argentina, Gas Plan - Subsidized Prices, Resolution 46-E/2017 16Table 12: Argentina, ‘Oil Plus' Tax Credit for Production Rates 17Table 13: Argentina, ‘Oil Plus' Tax Credit for Reserves Rates 17Table 14: Argentina, Provincial Regulatory Agencies 22Table 15: Argentina, Provincial Oil Companies 231.2 List of FiguresFigure 1: Regime Flow Chart 5Figure 2: Argentina, Indicative NPV10/boe, IRR and State Take Comparison, Regional 6Figure 3: Argentina, Legal Framework 19Figure 4: Argentina, Institutional Framework 21