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Brazil Upstream Fiscal and Regulatory Report - Petrobras Scandal Opens Prospect of Reduced Regulation but also Creates Uncertainty

Brazil Upstream Fiscal and Regulatory Report - Petrobras Scandal Opens Prospect of Reduced Regulation but also Creates Uncertainty

Summary

“Brazil Upstream Fiscal and Regulatory Report - Petrobras Scandal Opens Prospect of Reduced Regulation but also Creates Uncertainty”, presents the essential information relating to the terms which govern investment into Brazil’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 Brazil’s upstream oil and gas investment climate.

Scope

  • Overview of current fiscal terms governing upstream oil and gas operations in Brazil
  • 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 Brazil
Reasons to buy
  • Understand the complex regulations and contractual requirements applicable to Brazil’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


  • Regime Overview
    • Table Summary
    • Table Figure 1: Regime Flow Chart
    • Table Figure 2: Regime Flow Chart
  • State Take Assessment
    • Table Figure 3: Brazil, Indicative NPV10/boe, IRR and State Take Comparison - Internal, 2016
    • Table Figure 4: Brazil, Indicative NPV10/boe, IRR and State Take Comparison - Resource Peer Group, 2016
    • Signature Bonus
      • Table Brazil, Average Winning Signature Bonus Bid (BRL million) by Round, 2016
    • Royalty
      • Table Brazil, Reduced Royalty Rates (%), Selected Onshore and Offshore Fields, 2016
    • Rental Fees
      • Table Brazil, Rental Fees - 13th Concession Round, 2015
    • Landowner Fees
    • Special Participation
      • Table Brazil, Special Participation Rates: Onshore Areas, Rivers, Lakes, Fluvial or Lake islands
      • Table Brazil, Special Participation Rates: Continental Shelf - Seabed Depth < 400m
      • Table Brazil, Special Participation Rates: Continental Shelf - Seabed Depth > 400m
    • Corporate Income Tax
      • IRPJ and CSLL
      • Deductions and Depreciation
    • Other Taxes
      • COFINS and PIS/PASEP
      • Customs and Excise Duties
      • Goods and Services Tax
      • Withholding Tax
    • Tax Incentives
      • Regional Income Tax Reductions
      • REPETRO
    • Research, Development and Innovation Expenditure
    • Environmental Levy (Rio de Janeiro)
  • Key Fiscal Terms - Production Sharing Agreement
    • Signature Bonus
    • Royalty
    • Cost Recovery
      • Cost Recovery Limit
      • Recoverable Costs
    • Profit-Sharing
      • Table Brazil PSA, Government Share of Profit Oil, 1st Round (Libra)
    • Taxation
    • Research, Development and Innovation Expenditure
    • Petrobras Participation
  • Regulation and Licensing
    • Legal Framework
      • Table Figure 5: Brazil, Legal Framework
      • Governing Law
      • Contract Type
      • Title to Hydrocarbons
    • Institutional Framework
      • Table Figure 6: Brazil, Institutional Framework
      • Licensing Authority
      • Regulatory Agency
      • National Oil Company
    • Licensing Process - Concession Rounds
      • Qualifications
        • Table Brazil, Operator Qualifications, 2013
      • Participation Fee
        • Table Brazil, Participation Fees - 13th Concession Round, 2015
      • Bidding
    • Licensing Process - 1st Pre-Salt Round
      • Table Brazil, Consortium Participation, Libra Block PSA, 2013
    • License Terms - Concession Agreement
      • Duration
        • Table Brazil, Exploratory Phases - 12th Concession Round, 2013
      • Relinquishment
      • Minimum Work Obligations
      • Participation
    • License Terms - 1st Pre-Salt Round
      • Duration
      • Minimum Work Obligations
    • Local Content
      • Table Brazil, Average Local Content (%), Exploration and Production Periods, Rounds 1, 2, 3, 4, 5, 6, 7, 9, 10, 11, 12
      • Rounds 7-13
        • Table Brazil, Minimum and Maximum Overall Local Content (%), Offshore and Onshore Blocks, Concession Rounds 7-13
        • Table Brazil, Minimum Local Content (%) of Items and Subitems, Offshore Blocks > 100m, Rounds 7, 8, 9, 11 and 13
        • Table Brazil, Minimum Local Content (%) of Items and Subitems, Offshore Blocks < 100m, Rounds 7, 8, 9, 11 and 13
        • Table Brazil, Minimum Local Content (%) of Items and Subitems, Onshore Blocks, Rounds 7-13
      • Rounds 5 and 6
        • Table Brazil, Minimum Local Content (%), Concession Rounds 5 and 6
      • Rounds 1-4
        • Table Brazil, Local Content Incentives, Uplift Factors to Increase Percentage Share of Local Content, Concession Rounds 1-4
      • 1st Pre-Salt Round
        • Table Brazil, Libra Block Local Content Requirements, 2013
  • Outlook
  • Contact Information

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