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Summary“Greenland Upstream Fiscal And Regulatory Report - Possible Corporate Tax Changes Have Potential to Support Exploration”, GlobalData's latest release, presents the essential information relating to the terms which govern investment into Greenland'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 Greenland's upstream oil and gas investment climate.Scope- Overview of current fiscal terms governing upstream oil and gas operations in Greenland- Detail on legal framework and governing bodies administering the industry- Levels of upfront payments and taxation applicable to oil and gas production- Explanation of the different royalty regimes applicable to licenses awarded before and after 2014- Assessment of the current fiscal regime's attractiveness to investors- Outlook on future of fiscal and regulatory terms in GreenlandReasons to buy- Understand the complex regulations and contractual requirements applicable to Greenland'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 Fiscal Take Assessment 54 Key Fiscal Terms 64.1 Upfront Payments 64.1.1 Fees 64.1.2 Rentals 64.1.3 Royalties 64.2 Direct Taxation 74.2.1 Corporate Income Tax 74.2.2 Deductions and Depreciation 74.2.3 Withholding Tax 74.3 Indirect Taxation 75 Regulation and Licensing 85.1 Legal Framework 85.1.1 Governing Law 85.1.2 Contract Type 85.1.3 Title to Hydrocarbons 85.2 Institutional Framework 95.2.1 Licensing Authority 95.2.2 Regulatory Agency 95.2.3 National Oil Company 95.3 Licensing Process 105.3.1 Licensing Rounds 105.3.2 Open-Door Licensing Rounds 105.3.3 Qualification 105.3.4 Applicant Fee 115.3.5 Application Evaluation 115.4 License Terms 115.4.1 Duration and Relinquishment 115.4.2 Work Obligations 125.4.3 Local Content 125.4.4 State Participation 125.4.5 Environmental Regulation 136 Outlook 147 Contact Information 151.1 List of TablesTable 1: Summary 3Table 2: Greenland, Surplus Royalty Rates, Post-2014 Licenses 6Table 3: Greenland, Surplus Royalty Rate Structure, 2012-2013 Licensing Round 7Table 4: Greenland, Depreciation Rates by Asset Class 7Table 5: Greenland, Transferability of Qualifications for Regions (1-4) 10Table 6: Greenland, Application Evaluation Criteria, Current and New Model License Contracts 11Table 7: Greenland, Relinquishment Rates 121.2 List of FiguresFigure 1: Regime Flow Chart 4Figure 2: Greenland, Indicative NPV10/boe Comparison - Pre-2014 and Post-2014 Regimes 5Figure 3: Greenland, Indicative NPV10/boe, IRR and Fiscal Take Comparison - Resource Peer Group, 2015 5Figure 4: Greenland, Legal Framework 8Figure 5: Greenland, Institutional Framework 9