Table of Contents
TABLE OF CONTENTS
1 Table of Contents 2
1.1 List of Tables 4
1.2 List of Figures 4
2 Introduction 5
2.1 Global Markets Direct
Report Coverage 5
2.2 What Is This Report About? 5
2.3 How To Use This
Report 5
3 China Petroleum Fiscal Environment 6
3.1 Governing Law
6
3.2 Licensing Authority 6
3.3 National Oil Company 6
3.4
Contract Type 6
3.5 State Participation 6
4 License terms 7
4.1
Exploration 7
4.1.1 Area 7
4.1.2 Duration 7
4.1.3 Relinquishment
7
4.1.4 Exploration obligation 8
4.2 Production 8
4.2.1 Area 8
4.2.2 Duration 8
5 Key Fiscal Terms 9
5.1 Royalty 9
5.2 Bonuses
10
5.3 Rentals 10
5.4 Fees 10
5.5 Cost Recovery 10
5.6 Profit
Sharing 10
5.7 Taxation 12
5.8 Value Added Tax 12
5.9 Deductions
and Depreciation 12
5.10 Withholding Tax 12
5.11 Ring Fence 12
6
sample cashflows calculations 13
7 APPENDIX 14
7.1 Methodology 14
7.2 Units of Measure 14
7.3 Definition 14
7.4 Contact Us 15
7.5
About Global Markets Direct 15
7.6 Disclaimer 15
1.1 List of
Tables
Table 1: China, Crude Oil and Natural Gas, Onshore
Relinquishment Requirement, 2007 7
Table 2: China, Crude Oil and Natural
Gas, Offshore Relinquishment Requirement, 2007 8
Table 3: China, Crude
Oil, Royalty Rate, 2007 9
Table 4: China, Natural Gas, Royalty Rate, 2007
9
Table 5: China, Natural Gas, Profit Gas, 2007 11
Table 6: China,
Crude Oil, Profit Oil, 2007 11
1.2 List of Figures
Figure 1:
China, Upstream Oil & Gas Fiscal Regime (PSA), Sample Cashflows, 2005-2016
13
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