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General Information of Hydro Carbon PDF Print E-mail
Saturday, 29 November 2008

The Minister of Energy and Mines is responsible for granting petroleum rights, executing petroleum contracts and implementing the petroleum law. Administration is carried out by the Hydrocarbons Division of the Department of Energy of the Ministry.

Petroleum exploration and production activities are governed by the Revised Petroleum Proclamation No. 108 of 2000. It provides a framework under which the state may make agreements with private companie,to carry out petroleum operations. Detailed terms are contained in the Revised Petroleum Regulations, Legal Notice No. 45 /2000 issued by the Ministry of Energy and Mines.

A model production sharing contract (PSC) was issued in September 1995, although the petroleum law permits other contract types.The taxation of petroleum operations is governed by the Revised Petroleum Income Tax Proclamation No. 109 / 2000.

Terms, most of which are negotiable, include, up to 8 years for exploration and a 25+10 year production period, carried state participation, production bonuses, sliding scale royalty, cost recovery ceiling, profit sharing on a sliding scale linked to production and a 35% income tax rate.

Last Updated ( Friday, 23 October 2009 )
 
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