Feb 14, 2019   SOURCE: BusinessWire

Iraq Upstream Fiscal and Regulatory Report 2018 - ResearchAndMarkets.com

The "Iraq Upstream Fiscal and Regulatory Report - Sector Challenged by Regulatory Uncertainty and Tough Fiscal Terms" report has been added to ResearchAndMarkets.com's offering.

Iraq Upstream Fiscal and Regulatory Report - Sector Challenged by Regulatory Uncertainty and Tough Fiscal Terms, 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.

In April 2018, Iraq held its fifth licensing round on the basis of a new model version of service contracts introduced in the previous weeks. However, with these new service contracts, the levels of state take are among the highest in the world and this explains why the bid round obtained mixed results with only 6 blocks assigned out of 11 on offer and no major international oil companies among the winners. In March 2018, Parliament passed legislation, still to be implemented by the government, whose goal is to reform completely the management of Iraq's petroleum sector, but the regulatory outlook remains uncertain. The most important element of the legislation would be to re-establish the Iraq National Oil Company, which would be put in charge of Iraq's petroleum contracts and would be the holding company controlling Iraq's regional oil companies.

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.

Key Topics Covered:

1. Tables & Figures

2. Regime Overview

3. State Take Assessment

4. Key Fiscal Terms- Service Contract

4.1. Bonuses and Fees

4.1.1. Signature Bonus

4.1.2. Commerciality Bonus -Round 5 Contracts

4.1.3. Employment, Training, and Technology Transfer Fund

4.1.4. Infrastructure Fund -Round 5 Contracts

4.2. Royalty-Round 5 Contracts

4.3. Cost Recovery - Round 5 Contracts

4.3.1. Cost Recovery Limit

4.3.2. Recoverable Costs

4.4. Remuneration - Round 5 Contracts

4.5. Service Fees - Round 1-4 Contracts

4.5.1. Recoverable Costs

4.5.2. Remuneration Fees

4.6. Supplementary Fees - Rounds 1-4

4.7. Taxation

4.7.1. Corporate Income Tax

4.7.2. Customs Duties

4.7.3. Transfer Tax -Fifth Licensing Round

4.8. State Participation

4.9. Abandonment and Site Restoration

5. Key Fiscal Terms - Production Sharing Agreement

5.1. Bonuses

5.1.1. Signature and Capacity Building Bonus

5.1.2. Production Bonus

5.1.3. Additional Project Funding Support

5.2. Surface Rentals

5.3. Fees and Contributions

5.3.1. Personnel Fees

5.3.2. Training Fees

5.3.3. Environment Fund Contributions

5.3.4. Technological and Logistical Assistance Contributions

5.4. Royalty

5.5. Cost Recovery

5.5.1. Cost Recovery Limit

5.5.2. Recoverable Costs

5.6. Profit Sharing

5.7. Capacity Building Payments

5.8. Direct Taxation

5.8.1. Corporate Income Tax

5.8.2. Deductions and Depreciation

5.9. Customs Duties

5.10. State Participation

6. Regulation and Licensing

6.1. Legal Framework

6.1.1. Governing Laws

6.1.2. Contract Type

6.1.3. Title to Hydrocarbons

6.2. Institutional Framework

6.2.1. Licensing Authority

6.2.2. Regulatory Agency

6.2.3. National Oil Company

6.2.4. Joint Management of Petroleum Operations

6.3. Licensing Process

6.3.1. Federal Licensing Rounds

6.3.2. Bidding in Federal Rounds

6.4. License Terms

6.4.1. Duration

6.4.2. Work Obligations

6.4.3. Gas and Natural Gas Liquids Obligations

6.4.4. Relinquishment

6.5. Local Content

7. Outlook

8. Appendix

List of Tables

  • Iraq Regime Overview
  • Iraq, Signature Bonuses for First Four Licensing Rounds
  • Iraq, Winning Remuneration Percentage Bids, Fifth Licensing Round (2018)
  • Iraq -Service Contracts, Production Targets and Plateau Periods, First Four Licensing Rounds
  • Iraq - Service Contract, Remuneration Fee, First Four Licensing Rounds
  • Iraq, Service Contract, Remuneration Fee Adjustment Factors - Rounds 1-3
  • Iraq, Service Contract, Remuneration Fee Adjustment Factors - Round 4
  • Iraq, PSA, Signature and Capacity Building Bonuses (US$) - Selected PSAs, 2006-2011
  • Iraq, PSA, Capacity Building Bonuses, Additional Payments, 2007 and 2008
  • Iraq, PSA, Production Bonuses (US$), Standard Rates and Other Variations
  • Iraq, PSA, Production Bonuses (US$), Arbat and Baranan PSAs
  • Iraqi Kurdistan, Production Bonuses (US$), Acquired Government Interest Stakes, Harir, Safen and Garmian PSAs
  • Iraqi, Production Bonuses By Cumulative Production Levels (US$), Wasit Province PSA
  • Iraqi Kurdistan, Training Fees By Project Phase, Selected PSAs
  • Iraqi Kurdistan, Environment Fund Contributions By Project Phase (US$), Selected PSAs
  • Iraqi Kurdistan, Technological and Logistical Assistance Contributions (US$), Selected PSAs
  • Iraq, PSA, Cost Recovery Limits (%), Selected PSAs
  • Iraq, PSA, Contractor's Share of Profit Oil (%), 2007 Atrush PSA
  • Iraq - PSA, Contractor's Share of Profit Oil (%) for PSAs Issued from 2006 to 2011
  • Iraq - PSA, Contractor's Share of Profit Oil (%), 2011 Salah ad Din PSA
  • Iraq - PSA, Contractor's Share of Profit Oil (%), 2011 Wasit PSA
  • Iraq - PSA, Profit Oil Capacity Building Payments, Selected PSAs
  • Iraq - PSA, Capacity Building Payments, Selected PSAs
  • Iraq - PSA, Capacity Building Payments, Atrush and Sarsang PSAs, 2007
  • Iraq - PSA, Capacity Building Payments, Hawler PSA, 2007
  • Iraq - PSA, Capacity Building Payments, Kurdamir PSA
  • Iraq - PSA, Capacity Building Payments, Safen and Harir PSAs, 2010
  • Iraq - PSA, Capacity Building Payments, Qala Dze, Piramagrun and Taza PSAs, 2011
  • Iraq - PSA, Kurdistan Depreciation Rates (%)

List of Figures

  • Iraq Regime Flow Chart - Service Contract (Fifth Round)
  • Iraq Regime Flow Chart - Production Sharing Contract
  • Indicative NPV10/boe, IRR and State Take Comparison, Regional Comparison - 2018
  • Iraq, Legal Framework
  • Iraq, Institutional Framework

For more information about this report visit https://www.researchandmarkets.com/research/6pdm9v/iraq_upstream?w=4