1 Table of Contents
1 Table of Contents 1
1.1 List of Tables 3
1.2 List of Figures 4
2 Regime Overview 5
3 State Take Assessment 7
4 Key Fiscal Terms 9
4.1 Bonuses 9
4.2 Permit Fees 9
4.3 Surface Rentals 10
4.4 Training Allowance 10
4.5 Technology Allowance 11
4.6 Royalty 11
4.7 Direct Taxation 13
4.7.1 Corporate Tax 13
4.7.2 Deductions and Depreciation 13
4.7.3 Ring-fencing 13
4.7.4 Withholding Tax 13
4.7.5 Capital gains Tax 13
4.8 Additional Oil Entitlement 13
4.9 Indirect Taxation 17
4.9.1 Value Added Tax 17
4.9.2 Customs Duties 17
4.10 State Participation 17
4.10.1 Initial Interest 17
4.10.2 Additional Interest 17
4.11 Stability Clauses 18
4.12 Domestic Market Obligation 18
5 Regulation and Licensing 19
5.1 Legal Framework 19
5.1.1 Governing Law 20
5.1.2 Contract Type 20
5.1.3 Title to Hydrocarbons 20
5.2 Institutional Framework 21
5.2.1 Licensing Authority 21
5.2.2 Regulatory Agency 21
5.2.3 National Oil Company 22
5.3 Licensing Process 22
5.4 License Terms 22
5.4.1 Duration 22
5.4.2 Obligations 23
5.4.3 Relinquishment 23
5.5 Local Content 23
6 Outlook 28
7 Contact Information 30

1.1 List of Tables
Table 1: Summary 5
Table 2: Ghana, Exploration and Development Permit Fees (US$), 2016 9
Table 3: Ghana, Production Permit Fees (US$), 2016 9
Table 4: Ghana, Annual Rental Fees (US$ per km2) East Keta Ultra Deepwater Agreement, 2014 10
Table 5: Ghana, Annual Rental Fees (US$ per km2) Deepwater Tano Agreement, 2006 10
Table 6: Ghana, Annual Training Fees (US$), Various Agreements, 2014 11
Table 7: Ghana, Technology Allowance (US$), Various Agreements, 2014 11
Table 8: Ghana, Royalty Rates (%), Southwest Saltpond Agreement, 2014 12
Table 9: Ghana, Royalty Rates (%), East Keta Agreement, 2014 12
Table 10: Ghana, Royalty Rates (%), Deepwater Tano Agreement, 2006 12
Table 11: Ghana, Crude Oil Royalty Rates (%),Offshore Cape Three Points Agreement, 2005 12
Table 12: Ghana, Royalty Rates (%), West Cape Three Points Agreement, 2004 12
Table 13: Ghana, AOE Rates, Shallow Water Cape Three Points Offshore License, 2014 14
Table 14: Ghana, AOE Rates, Deepwater Cape Three Points West Offshore Agreement, 2014 15
Table 15: Ghana, AOE Rates, South-West Saltpond Agreement, 2014 15
Table 16: Ghana, AOE Rates, East Keta Ultra-deepwater Agreement, 2014 15
Table 17: Ghana, AOE Rates, Keta Agreement, 2010 15
Table 18: Ghana, AOE Rates, Offshore Saltpond Agreement, 2008 16
Table 19: Ghana, AOE Rates, Shallow Water Tano Agreement, 2006 16
Table 20: Ghana, AOE Rates, Deepwater Tano Agreement, 2006 16
Table 21: Ghana, AOE Rates, Offshore Cape Three Points Agreement, 2005 16
Table 22: Ghana, AOE Rates, West Cape Three Points Agreement, 2004 17
Table 23: Ghana, GNPC Interest (%), Various Agreements, 2004-2014 18
Table 24: Ghana, Top-Level Minimum Local Content Percentages (US%), 2016 24
Table 25: Ghana, Minimum Local Content (%) of Specific Goods and Services, 2016 24

1.2 List of Figures
Figure 1: Regime Flow Chart 6
Figure 2: Ghana, Indicative NPV10/boe, IRR and Fiscal Take Comparison - Internal, 2016 7
Figure 3: Ghana, Indicative NPV10/boe, IRR and Fiscal Take Comparison - Regional, 2016 8
Figure 4: Ghana, Legal Framework 19
Figure 5: Ghana, Institutional Framework 21