Published : Dec-2018
No. of Pages : 35
1 Table of Contents 1
1.1. List of Tables 3
1.2. List of Figures 3
2. Regime Overview 4
3. State Take Assessment 6
4. Key Fiscal Terms 7
4.1. Royalties, Bonuses, and Fees 7
4.1.1. Signature Bonus 7
4.1.2. Production Bonus 7
4.1.3. Permit Fees 7
4.1.4. Acreage Fees 8
4.1.5. Training Allowance 9
4.1.6. Technology Allowance 10
4.1.7. Royalty 10
4.2. Special Gas Provisions 11
4.3. Decommissioning Fund 11
4.4. Direct Taxation 12
4.4.1. Corporate Income Tax 12
4.4.2. Deductions and Depreciation 12
4.4.3. Additional Oil Entitlement 12
4.4.4. Withholding Tax 17
4.4.5. Capital Gains Tax 17
4.5. Indirect Taxation 17
4.5.1. Value Added Tax (VAT) 17
4.5.2. Import Tax 17
4.5.3. Export Tax 17
4.6. State Participation 18
4.7. Stability Clause 19
5. Regulation and Licensing 20
5.1. Legal Framework 20
5.1.1. Governing Law 21
5.1.2. Contract Type 21
5.1.3. Title to Hydrocarbons 21
5.2. Institutional Framework 22
5.2.1. Licensing Authority 22
5.2.2. Regulatory Agency 22
5.2.3. National Oil Company 22
5.3. Licensing Process 23
5.3.1. First Licensing Round (2018) 23
5.3.2. Open Competitive Licensing Round (Blocks 2, 3 and 4) 23
5.3.3. Direct Negotiations (Blocks 5 and 6) 23
5.3.4. GNPC Allocation (Block 1) 23
5.4. License Terms 24
5.4.1. Duration and Relinquishments 24
5.4.2. Work Obligation 24
5.5. Local Content 24
5.6. Domestic Market Obligation 28
6. Outlook 29
7. Appendix 31
7.1. References 31
7.2. Contact Us 34
7.3. Disclaimer 34
1.1 List of Tables
Table 1: Regime Overview 4
Table 2: Ghana, Exploration and Development Permit Fees (US$), 2016 7
Table 3: Ghana, Production Permit Fees (US$), 2016 8
Table 4: Ghana, Annual Acreage Fees, US$/sq. km, 2018 9
Table 5: Ghana, Annual Acreage Fees (US$/sq. km) 9
Table 6: Ghana, Annual Training Allowances (US$) 10
Table 7: Ghana, Technology Allowance (US$) 10
Table 8: Ghana, Royalty Rates (%), Various Agreement, 2004 - 2014 11
Table 9: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, 2016 13
Table 10: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, Shallow Water Cape Three Points Offshore License, 2014 13
Table 11: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, Deepwater Cape Three Points West Offshore Agreement, 2014 14
Table 12: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, South-West Saltpond Agreement, 2014 14
Table 13: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, East Keta Ultra-deepwater Agreement, 2014 14
Table 14: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, Keta Agreement, 2010 15
Table 15: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, Offshore Saltpond Agreement, 2008 15
Table 16: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, Shallow Water Tano Agreement, 2006 15
Table 17: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, Deepwater Tano Agreement, 2006 16
Table 18: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, Offshore Cape Three Points Agreement, 2005 16
Table 19: Ghana, Internal Rate of Return Thresholds and Corresponding AOE Tax Rate, West Cape Three Points Agreement, 2004 16
Table 20: Ghana, GNPC Interest (%), Various Agreements, 2004 - 2014 18
Table 21: Ghana, Top-level Minimum Local Content Percentages (US%), 2014 25
Table 22: Ghana, Minimum Local Content (%) of Specific Goods and Services, 2016 25
Table 23: References 31
1.2 List of Figures
Figure 1: Regime Flow Chart 5
Figure 2: Ghana, Indicative NPV10/boe, IRR and State Take Comparison, Regional 6
Figure 3: Ghana, Legal Framework 20
Figure 4: Ghana, Institutional Framework 22
