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Iraq Upstream Fiscal and Regulatory Report - Movement on Long-Delayed Hydrocarbons Law Appears Unlikely

Iraq Upstream Fiscal and Regulatory Report - Movement on Long-Delayed Hydrocarbons Law Appears Unlikely

Summary

“Iraq Upstream Fiscal and Regulatory Report - Movement on Long-Delayed Hydrocarbons Law Appears Unlikely”, presents the essential information relating to the terms which govern investment into Iraq’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 Iraq’s upstream oil and gas investment climate.

Scope

  • Overview of current fiscal terms governing upstream oil and gas operations in Iraq
  • 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 Iraq
Reasons to buy
  • Understand the complex regulations and contractual requirements applicable to Iraq’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 - Service Contract
    • Table Figure 2: Regime Flow Chart - Production Sharing Agreement
  • State Take Assessment
    • Table Figure 3: Iraq, Indicative NPV10/boe, IRR and State Take Comparison - Internal, 2016
    • Table Figure 4: Iraq, Indicative NPV10/boe, IRR and State Take Comparison - Resource Peer Group, 2016
  • Key Fiscal Terms - Service Contract
    • Signature Bonus
      • Table Iraq - Service Contract, Signature Bonus (US$ mm) by License, 2016
    • Employment, Training and Technology Transfer Fund
    • Service Fees
      • Table Iraq - Service Contract, Production Targets and Plateau Periods, 2016
      • Cost Recovery
      • Remuneration Fees
        • Table Iraq - Service Contract, Remuneration Fee Bid by License, 2016
        • Table Iraq - Service Contract, Remuneration Fee Adjustment Factors - Rounds 1-3, 2016
        • Table Iraq - Service Contract, Remuneration Fee Adjustment Factors - Round 4, 2016
    • Supplementary Fees
    • Taxation
      • Corporate Income Tax
    • Customs Duties
    • State Participation
  • Key Fiscal Terms - Production Sharing Agreement
    • Bonuses
      • Signature and Capacity Building Bonus
        • Table Iraq - PSA, Signature and Capacity Building Bonuses (US$) - Selected PSAs, 2006-2011
        • Table Iraq - PSA, Capacity Building Bonuses, Additional Payments, 2007 and 2008
      • Production Bonus
        • Table Iraq - PSA, Production Bonuses (US$), Standard Rates
        • Table Iraq - PSA, Production Bonuses (US$), Atrush, Bazian, Kurdamir, Sangaw North and Garmian PSAs
        • Table Iraq - PSA, Production Bonuses (US$), Arbat and Baranan PSAs, 2009
        • Table Iraqi Kurdistan, Production Bonuses (US$), Acquired Government Interest Stakes, Harir, Safen and Garmian PSAs
        • Table Iraqi, Production Bonuses By Cumulative Production Levels (US$), Wasit PSA
      • Additional Project Funding Support
    • Surface Rentals
    • Fees and Contributions
      • Personnel Fees
      • Training Fees
        • Table Iraqi Kurdistan, Training Fees By Project Phase, Selected PSAs
      • Environment Fund Contributions
        • Table Iraqi Kurdistan, Environment Fund Contributions By Project Phase (US$), Selected PSAs
      • Technological and Logistical Assistance Contributions
        • Table Iraqi Kurdistan, Technological and Logistical Assistance Contributions (US$), Selected PSAs
    • Royalty
    • Cost Recovery
      • Cost Recovery Limit
        • Table Iraq - PSA, Cost Recovery Limits (%), Selected PSAs
      • Recoverable Costs
    • Profit Sharing
      • Table Iraq - PSA, Contractor's Share of Profit Oil (%), 2007 Atrush PSA
      • Table Iraq - PSA, Production Sharing Terms, Contractor Share (%), Selected PSAs
      • Table Iraq - PSA, Contractor's Share of Profit Oil (%), 2011 Saladin PSA
      • Table Iraq - PSA, Contractor's Share of Profit Oil (%), 2011 Wasit PSA
    • Capacity Building Payments
      • Table Iraq - PSA, Profit Oil Capacity Building Payments, Selected PSAs
      • Table Iraq - PSA, Capacity Building Payments, Selected PSAs
      • Table Iraq - PSA, Capacity Building Payments, Atrush and Sarsang PSAs, 2007
      • Table Iraq - PSA, Capacity Building Payments, Hawler PSA, 2007
      • Table Iraq - PSA, Capacity Building Payments, Kurdamir PSA
      • Table Iraq - PSA, Capacity Building Payments, Safen and Harir PSAs, 2010
      • Table Iraq - PSA, Capacity Building Payments, Qala Dze, Piramagrun and Taza PSAs, 2011
    • Direct Taxation
      • Corporate Income Tax
      • Deductions and Depreciation
        • Table Iraq - PSA, Kurdistan Depreciation Rates (%), 2016
    • Customs Duties
    • State Participation
  • Regulation and Licensing
    • Legal Framework
      • Table Figure 5: Iraq, Legal Framework
      • Governing Law
      • Contract Type
      • Title to Hydrocarbons
    • Institutional Framework
      • Table Figure 6: Iraq, Institutional Framework
      • Licensing Authority
      • Regulatory Agency
      • National Oil Company
    • Licensing Process
      • Federal Licensing Rounds
      • Bidding in Federal Rounds
    • License Terms
      • Duration
      • Obligations
    • Local Content
  • Outlook
  • Contact Information

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