Guyana Upstream Fiscal and Regulatory Report - Competitive Fiscal Terms and Liza Discovery Fuel Interest

1 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. State Take Assessment 5
4. Key Fiscal Terms 6
4.1. Royalties, Bonuses, and Fees 6
4.1.1. Royalty 6
4.1.2. Rental Fee 6
4.1.3. Employment and Training 6
4.2. Cost Recovery 6
4.3. Profit Sharing 6
4.4. Direct Taxation 7
4.4.1. Corporate Income Tax 7
4.4.2. Deductions and Depreciation 8
4.4.3. Withholding Tax 8
4.5. Indirect Taxation 8
4.5.1. Value Added Tax 8
4.5.2. Customs Duties 9
4.5.3. Property Tax 9
4.6. License Stability 9
5. Regulation and Licensing 10
5.1. Legal Framework 10
5.1.1. Governing Law 10
5.1.2. Contract Type 10
5.1.3. Title to Hydrocarbons 10
5.2. Institutional Framework 11
5.2.1. Licensing Authority 11
5.2.2. Regulatory Agency 11
5.2.3. National Oil Company 12
5.3. Licensing Process 12
5.3.1. Licensing Rounds 12
5.3.2. Prequalification 12
5.3.3. Bidding 12
5.4. License Terms 12
5.4.1. Duration and Relinquishments 12
5.4.2. Work Obligation 13
5.5. Local Content 13
6. Outlook 14
7. Appendix 15
7.1. Contact Us 15
7.2. Disclaimer 15

1.1 List of Tables
Table 1: Regime Overview 3
Table 2: Guyana, Orinduik Block PSA Profit Sharing Framework (%) 7
Table 3: Guyana, Corentyne and Demerara Block PSA Profit Sharing Framework (%) 7
Table 4: Guyana, Historic Tax Rates (%), 1970 onwards 8
Table 5: Guyana, Property Tax Rates (%) 9

1.2 List of Figures
Figure 1: Regime Flow Chart 4
Figure 2: Guyana, Indicative NPV10/boe, IRR and State Take Comparison, Regional 5
Figure 3: Guyana, Legal Framework 10
Figure 4: Guyana, Institutional Framework 11