Galp Energia s E&P portfolio main tax regimes

Transcription

1 November 2012 Solid foundations to deliver sustainable value

2 Click on the country to go to the country slide Portugal Brazil Angola Mozambique East-Timor Uruguay 2

3 Angola tax regime: Production Sharing Agreement Gross revenue Based on working interest Maximum of 50% of annual WI, which can increase to 65% if there are development costs to recover from more than 4 years Developments costs recovery have an uplift of 50% 100% cost recovery Cost recovery Profit Oil Contractor share ranges between 70% to 10% Contractor Concessionaire Net entitlement Oil Net Profit 50% of contractor share of profit oil 3 Note: Some of the PSA details differ from contract to contract.

4 Brazil tax regime: Tax & royalty concession Gross revenue Royalty Standard 10% of total Net revenue Operating expenses Amortization and provisions Taxable income SPT Taxable income (post SPT) From 0% to 40% depending on of oil/ng, offshore/onshore, water depth and year Corporate 4 Net Profit Note: Based on legislation It is comprised of a basic 15% corporate income tax, plus a 10% surtax and a 9% social contribution on net profit

5 Mozambique tax regime: Production Sharing Agreement Gross revenue Based on working interest Royalty Maximum of 75% of annual WI (after royalties) 100% cost recovery Cost recovery Profit Oil Ranges between 2% and 8%, depending if oil/ng and onshore/offshore Contractor share ranges between 85% to 45% Net entitlement Contractor Concessionaire Operating expenses Amortization and provisions Income tax Net Profit 24% - First 8 years 32% - Following years 5 Note: Some of the PSA details differ from contract to contract.

6 East-Timor tax regime: Production Sharing Agreement Gross revenue Based on working interest Maximum of 100% of annual WI value (after royalties) Non-recovered costs are uplifted by T-Bills (30y) + 11% 100% cost recovery Cost recovery Profit Oil Ministry royalty 5% of working interest Net entitlement Operating expenses Amortization and provisions SPT Taxable income (post SPT) SPT = 32%*ANR Income Net Profit 6 Note: Based on legislation

7 Portugal tax regime: Tax & royalty concession Revenue Royalties Annual payment of 240/km2 Production tax: Between 5% and 9% for oil Between 2% and 7% for ng Operating expenses Amortizations and provisions Income 31.5% Net income 7 Note: Some of the contract details differ from contract to contract.

8 Uruguay tax regime: Production Sharing Agreement Gross revenue Based on working interest Maximum of 35% of annual WI, or 100% if level of is low. These percentages vary accordingly to oil API gravity 100% cost recovery Cost recovery Profit Oil Contractor share ranges between 70% to 85%. These percentages vary accordingly to oil API gravity Contractor Concessionaire Net entitlement Operating expenses Amortization and provisions Income 25% Net Profit 8 Note: Some of the PSA details differ from contract to contract.

9 Disclaimer and Acronyms Disclaimer Please note that this presentation is intended as a support document when looking into the tax regime of the countries where Galp Energia operates. It is an illustrative and non-exhaustive interpretation of each tax regime and does not prevail in any case over formal contracts established between the different consortia and the governments or over the law of each country. The information contained in this presentation speaks only as at the date of this presentation, and is subject to change without notice. Galp Energia does not intend to, and expressly disclaim any duty, undertaking or obligation to, make or disseminate any supplement, amendment, update or revision to any of the information contained in this presentation to reflect any change in events, conditions or circumstances. Acronyms ANR Accumulated Net Receipts API American Petroleum Institute E&P Exploration & Production ng natural gas PSA Production Sharing Agreement SPT (Brazil) - Special Participation Tax SPT (East-Timor) - Supplemental Petroleum Tax T-Bills Treasury Bills WI Working interest 9

10 November 2012 Solid foundations to deliver sustainable value