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Israel Upstream Fiscal and Regulatory Report - First Competitive Bid Round for Offshore Acreage Launched

Published: Nov-2016 | Format: PDF | GlobalData | Number of pages: 20 | Code: MRS - 94623

Israel Upstream Fiscal and Regulatory Report - First Competitive Bid Round for Offshore Acreage Launched

Summary

“Israel Upstream Fiscal and Regulatory Report - First Competitive Bid Round for Offshore Acreage Launched”, presents the essential information relating to the terms which govern investment into Israel’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 Israel’s upstream oil and gas investment climate.

Scope

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

Reasons to buy

- Understand the complex regulations and contractual requirements applicable to Israel’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
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 Signature Bonus 6
4.2 License Fees 6
4.3 Royalty 6
4.4 Direct Taxation 7
4.4.1 Petroleum Profit Tax 7
4.4.2 Corporate Income Tax 8
4.4.3 Deductions and Depreciation 9
4.4.4 Withholding Tax 9
4.4.5 Ring-Fencing 9
4.5 Indirect Taxation 10
4.5.1 Value Added Tax 10
4.5.2 Customs Duties 10
5 Regulation and Licensing 11
5.1 Legal Framework 11
5.1.1 Governing Law 11
5.1.2 Contract Type 12
5.1.3 Title to Hydrocarbons 12
5.2 Institutional Framework 13
5.2.1 Licensing Authority 13
5.2.2 Regulatory Agency 13
5.3 Licensing Process 14
5.3.1 Licensing Rounds 14
5.3.2 Prequalification 14
5.3.3 Bidding 15
5.4 License Terms 16
5.4.1 Duration 16
5.4.2 Obligations 16
5.4.3 Domestic Market Obligation 17
5.4.4 Marginal Field Incentive 17
6 Outlook 18
7 Contact Information 20

1.1 List of Tables
Table 1: Summary 3
Table 2: Israel, Licence Fees (NIS/1000 Dunams), Petroleum Licenses 6
Table 3: Israel, Minimum Royalty Payments, Barrels of Oil/1,000 dunams 7
Table 4: Israel, PPT Rates Until End of 2015 7
Table 5: Israel, PPT Rates From 2016 7
Table 6: Israel, CIT Rates 2006-2016 9
Table 7: Israel, Prequalification Requirements, 1st Offshore Round, 2016 14
Table 8: Israel, Evaluation Criteria, 1st Offshore Round, 2016 15

1.2 List of Figures
Figure 1: Regime Flow Chart 4
Figure 2: Israel, Indicative NPV10/boe, IRR and State Take Comparison - Resource Peer Group, 2016 5
Figure 3: Israel, Legal Framework 11
Figure 4: Israel, Institutional Framework 13

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