Oman Upstream Fiscal and Regulatory Report - Oil Price Drop Forces Government to Look to Boost Revenue Summary "Oman Upstream Fiscal and Regulatory Report - Oil Price Drop Forces Government to Look to Boost Revenue", presents the essential information relating to the terms which govern investment into Oman'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 Oman's upstream oil and gas investment climate. Scope - Overview of current fiscal terms governing upstream oil and gas operations in Oman - 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 Oman Reasons to Buy - Understand the complex regulations and contractual requirements applicable to Oman'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
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 Key Fiscal Terms - Production Sharing Agreement 7 3.1 Upfront Payments 7 3.1.1 Bonuses 7 3.1.2 Rental, Training and Data Fees 7 3.2 Cost Recovery 7 3.2.1 Limit on Recovery 7 3.2.2 Recoverable Costs 7 3.3 Profit-Sharing 7 3.4 Direct Taxation 8 3.4.1 Corporate Income Tax 8 3.4.2 Deductions and Depreciation 9 3.5 Indirect Taxation 9 3.5.1 Customs Duties 9 3.5.2 Value Added Tax 9 3.6 State Participation 9 4 Key Fiscal Terms - Service Contract 10 4.1 Signature Bonus 10 4.2 Cost Recovery 10 4.2.1 Limit on Recovery 10 4.2.2 Recoverable Costs 10 4.3 Remuneration 10 4.4 Taxation 10 4.5 State Participation 10 5 Key Fiscal Terms - PDO Concession Agreement 11 5.1 Royalty 11 5.2 Taxation 11 5.2.1 Income Tax 11 5.2.2 Deductions and Depreciation 11 5.3 Natural Gas 11 5.4 State Participation 11 6 Regulation and Licensing 12 6.1 Legal Framework 12 6.1.1 Governing Law 12 6.1.2 Contract Type 12 6.1.3 Title to Hydrocarbons 12 6.2 Institutional Framework 13 6.2.1 Licensing Authority 13 6.2.2 Regulatory Agency 13 6.2.3 National Oil Company 13 6.3 Licensing Process 13 6.4 License Terms 14 6.4.1 Duration 14 6.4.2 Work Obligations 14 6.4.3 Local Content 14 7 Outlook 15 8 Contact Information 16
List of Tables
Table 1: Summary 3 Table 2: Oman - PSA, Rental, Training and Data Fee Rates (US$/year), Block 38 7 Table 3: Oman - PSA, Profit-Sharing (%), Block 55 (2009) 7 Table 4: Oman - PSA, Profit-Sharing (%), Block 38 (2012) 8 Table 5: Oman - PSA, Profit-Sharing (%), Block 56 (2014) 8 Table 6: Oman - PSA, Profit-Sharing (%), Blocks 3 & 4 (2003) 8 Table 7: Oman, Tax Rates for Non-GCC Permanent Establishments (%), 2001-2010 9 Table 8: Oman, Depreciation Rates (%), 2016 9 Table 9: Oman - Service Contract, Signature Bonuses, 2016 10 Table 10: Oman - PDO Concession, Royalty Rates (%) 1971 Onwards 11 Table 11: Oman - PDO Concession, Income Tax Rates (%) 1971 Onwards 11 Table 12: Oman - PDO Concession, Depreciation Schedule, 1977 Onwards 11
List of Figures
Figure 1: Regime Flow Chart - Production Sharing Agreement 4 Figure 2: Regime Flow Chart - Service Contract 5 Figure 3: Regime Flow Chart - PDO Concession Agreement 6 Figure 4: Oman, Legal Framework 12 Figure 5: Oman, Institutional Framework 13
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