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Philippines Upstream Fiscal and Regulatory Report - Regulatory Uncertainty Clouds Near-Term Licensing Outlook

Press Release   •   Nov 03, 2016 06:18 EDT

Philippines Upstream Fiscal and Regulatory Report - Regulatory Uncertainty Clouds Near-Term Licensing Outlook, presents the essential information relating to the terms which govern investment into Philippiness 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 states take from hydrocarbon production. Considering political, economic and industry specific variables, the report also analyses future trends for Philippiness upstream oil and gas investment climate.

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Scope

- Overview of current fiscal terms governing upstream oil and gas operations in Philippines

- Assessment of the current fiscal regimes 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 Philippines

Reasons to buy

- Understand the complex regulations and contractual requirements applicable to Philippiness upstream oil and gas sector

- Evaluate factors determining profit levels in the industry

- Identify potential regulatory issues facing investors in the countrys upstream sector

- Utilize considered insight on future trends to inform decision-making

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 Bonuses and Fees 6

4.1.1 Signature Bonus 6

4.1.2 Production Bonus 6

4.1.3 Developmental Assistance Contribution 6

4.1.4 Training Allowance 6

4.1.5 Rentals 6

4.2 Filipino Participation Incentive Allowance (FPIA) 6

4.3 Cost Recovery 7

4.3.1 Cost Recovery Limit 7

4.3.2 Recoverable Costs 7

4.3.3 Cross Recovery 7

4.4 Profit-Sharing 8

4.5 Direct Taxation 8

4.5.1 Corporate Income Tax 8

4.5.2 Production Allowance 8

4.5.3 Deductions and Depreciation 8

4.5.4 Special Tax on Subcontractors 8

4.5.5 Withholding Tax 8

4.6 Indirect Taxation 9

4.6.1 Value Added Tax 9

4.6.2 Customs Duty 9

4.6.3 Tax on Alien Workers 9

4.7 Stabilization 9

5 Regulation and Licensing 10

5.1 Legal Framework 10

5.1.1 Governing Laws 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 11

5.3 Licensing Process 11

5.3.1 Bidding 11

5.4 License Terms 12

5.4.1 Duration 12

5.4.2 Relinquishment 12

5.4.3 Work Obligation 12

5.4.4 Domestic Obligation 12

6 Outlook 13

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