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Cuba Upstream Fiscal and Regulatory Report - Attractive Deepwater Fiscal Regime Supported by Foreign Investment Incentives

Cuba Upstream Fiscal and Regulatory Report - Attractive Deepwater Fiscal Regime Supported by Foreign Investment Incentives

Summary

“Cuba Upstream Fiscal and Regulatory Report - Attractive Deepwater Fiscal Regime Supported by Foreign Investment Incentives”, presents the essential information relating to the terms which govern investment into Cuba’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 Cuba’s upstream oil and gas investment climate.

Scope

  • Overview of current fiscal terms governing upstream oil and gas operations in Cuba
  • 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 Cuba
Reasons to buy
  • Understand the complex regulations and contractual requirements applicable to Cuba’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 Contents
1.1 List of Tables
1.2 List of Figures
2 Regime Overview
3 State Take Assessment
4 Key Fiscal Terms
4.1 Royalties, Bonuses and Fees
4.1.1 Bonuses
4.1.2 Training Fee
4.2 Cost Recovery
4.2.1 Limit on Recovery
4.2.2 Recoverable Costs
4.3 Profit-Sharing
4.3.1 Onshore
4.3.2 Shallow-Water
4.3.3 Deepwater
4.4 Direct Taxation
4.4.1 Corporate Income Tax
4.4.2 Deductions and Depreciation
4.4.3 Withholding Tax
4.5 Indirect Taxation
4.5.1 Sales and services
4.5.2 Import duties and taxes
4.6 State Participation
5 Regulation and Licensing
5.1 Legal Framework
5.1.1 Governing Law
5.1.2 Contract Type
5.1.3 Title to Hydrocarbons
5.2 Institutional Framework
5.2.1 Licensing Authority
5.2.2 Regulatory Agency
5.2.3 National Oil Company
5.3 Licensing Process
5.4 License Terms
5.4.1 Duration
5.4.2 Work Obligations
5.5 Local Content
6 Outlook
7 Contact Information
1.1 List of Tables
Table 1: Summary
Table 2: Cuba, Value-Based Cost Recovery Limit (%), Deepwater Model PSA
Table 3: Cuba, Cost Recovery Limit (%), Block 7 PSA, 1996
Table 4: Cuba, Profit-Sharing Split (%), Onshore, 2016
Table 5: Cuba, Profit-Sharing Split (%), Block 7, 1996
Table 6: Cuba, Profit-Sharing Split (%), Shallow-Water, 2016
Table 7: Cuba, Profit-Sharing Split (%), Deepwater, 2016
Table 8: Cuba, Cupet Windfall Price Benefit, Deepwater PSAs, 2016
Table 9: Cuba, Annual Depreciation Rates (%), Tangible Assets, 2016
1.2 List of Figures
Figure 1: Regime Flow Chart
Figure 2: Cuba, Indicative NPV10/boe, IRR, and State Take Comparison - Regional, 2016
Figure 3: Cuba, Legal Framework
Figure 4: Cuba, Institutional Framework

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