You guys have to remember that the company still has to pay taxes and royalties but 82% is still bad, us somalis are lucking that Turkey will only be get 30% and that they still have to pay taxes and royalties on
An Australian Oil Company Has An 82% Stake On Oil They Would Be Extracting From Senegal đź’€
- Thread starter killerxsmoke
- Start date
You guys have to remember that the company still has to pay taxes and royalties but 82% is still bad, us somalis are lucking that Turkey will only be get 30% and that they still have to pay taxes and royalties on
Just found this and apparently they would be getting 50%, dont know if it's TRUE
This is what chat gpt wrote for me
The text you provided discusses the revenue distribution from the SNE oil field in Senegal. Here is a summary of the key points from the document:
### Revenue Distribution from the SNE Oil Field
#### Production and Profit Oil
- **Production Estimates**: The SNE oil field's production is estimated to range between 75,000 and 125,000 barrels per day.
- **Profit Oil Share**: The Senegalese state will earn between 15% and 25% of the "Profit Oil" from SNE throughout the field's life.
#### Petrosen's Participation
- **Petrosen's Share**: As a part of the contractor, Petrosen's share, though it belongs to the Senegalese state, is added to the state's revenue.
- **Article 24.2 of CRPP**: This allows Petrosen's share to increase from 10% to 18% in the association of companies. If Petrosen utilizes this option, 18% of the contractor's "Profit Oil" will go to Petrosen.
#### Corporate Tax
- **Tax on Companies**: Contractors will also pay a corporate tax on their annual net profits from petroleum operations. This tax, which fluctuates, is set at 30% as of January 1, 2018.
#### Total Revenue Sources for Senegal
1. **State's Profit Oil**: 15% to 25% of the "Profit Oil" based on production rates.
2. **Petrosen's Share**: 18% of the contractor's "Profit Oil."
3. **Corporate Tax**: 30% of net profits.
The exact total revenues are currently indeterminable due to the absence of a finalized DFT and unknown costs. These factors include production rates, technological changes, and oil price volatility.
#### Revenue Estimates
- **Initial Approximations**: Based on Cairn Energy's data and various hypotheses, the total revenue for Senegal from SNE oil is estimated between $10 billion and $14 billion over 20 to 25 years.
- **International Companies**: These companies might earn between $7 billion and $10 billion from SNE.
### Key Points on Revenue Sharing
- **Indicative Figures**: These estimates depend on oil prices, production costs, real production profiles, inflation, etc.
- **State's Revenue Share**: Likely to represent between 55% and 60% of the oil rent from SNE, with international companies getting 40% to 45%.
- **Important Distinctions**: The 10% share of Petrosen during exploration should not be confused with the state's total share, which includes Petrosen's increased share and corporate taxes.
### Additional Discoveries
- Discoveries at SNE NORTH-1, FAN-1, and FAN SOUTH-1 could significantly increase Senegal's oil revenues, pending further evaluation and determination of reserves.
### Production Sharing Agreement
- **CRPP Agreement**: Signed in 2004 between the State, Cairn Energy, Woodside, FAR, and Petrosen, organizing production sharing.
- **Cost Oil**: Up to 75% of production can be used to reimburse exploration, development, and production costs.
- **Profit Oil**: The remaining production after deducting "Cost Oil" is shared between the contractor and the state as per the CRPP agreement.
#### Detailed Production Sharing
- **Production Rates and Shares**:
- 0 to 50,000 barrels/day: 15% State, 85% Contractor
- 50,000 to 100,000 barrels/day: 20% State, 80% Contractor
- 100,000 to 150,000 barrels/day: 25% State, 75% Contractor
- 150,000 to 200,000 barrels/day: 30% State, 70% Contractor
- Over 200,000 barrels/day: 40% State, 60% Contractor
These detailed points offer a comprehensive view of how the revenues from the SNE oil field are expected to be distributed among the Senegalese state, Petrosen, and international companies involved in the project.
And I asked chatgpt how much is the percentage senegal will be receiving
The percentage of the total oil rent from the SNE field that Senegal is expected to receive can be broken down as follows:
### State's Profit Oil Share
- The Senegalese state will receive between 15% and 25% of the "Profit Oil," depending on the daily production rates.
### Petrosen's Share
- Petrosen, as part of the contractor group, will receive 18% of the contractor's share of the "Profit Oil." This share also ultimately belongs to the Senegalese state.
### Corporate Tax
- Additionally, the state will receive 30% of the net profits from the companies through corporate tax.
### Total Estimated Share
Based on the detailed revenue sharing model, the total revenue share for Senegal (combining the state's direct share, Petrosen's share, and corporate taxes) is estimated to represent between 55% and 60% of the total oil rent from the SNE field. This means that Senegal will receive a majority share, while the remaining 40% to 45% will go to the international oil companies involved in the project.
Kizaru
Yo
Bassirou Diomaye Faye - Wikipedia
At this point, give them 100%
pinkyandthebrain
VIP
Africa is a weak content which suffer from inferiority complex. Any nation a shade lighter they would give themselves away. Africa will never prosper until they finally start to have high self esteem and stop pandering for the west/east.
Their new president will do something about this. After all it was the previous that signed on this.
He’s a good president, reminds me of cheese but less corrupt. He’s auditing and renegotiating the deal.This the nigga that won lol. Nigga looks like a puppet. 82%Bassirou Diomaye Faye - Wikipedia
en.wikipedia.org
At this point, give them 100%
Kizaru
Yo
yh i just watch a few videos on him. He wants to move away from the CFA franc
Good for Australia. If you get exploited, you deserve it
i heard saudi also getting a cut from this oil what’s finesse
The worst thing is to jump to oil and gas production without diversifying and developing your economy in other aspects. So you don't become overly reliant on it or subject to exploitation or corruption.
That's the biggest way to avoid the oil curse.
polisci.ucla.edu
That's the biggest way to avoid the oil curse.
The Oil Curse: How Petroleum Wealth Shapes the Development of Nations
Countries that are rich in petroleum have less democracy, less economic stability, and more frequent civil wars than countries without oil. What explains this oil curse? And can it be fixed?
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Saudi's economy is currently doing really bad because it is overly reliant on oil.
Every year the western YouTubers make video where they say the same shit that Saudia Arabia will bankrupt. The reason is cause they are jealous of their wealth.
The alchemist
VIP
This is an oil company based in Australia, not an oil company representing Australia. Senegal would have gotten a better deal if the conversation was carried out through state-mediated diplomacy. Turkey's approach to Somalia is a state agenda based where the oil services are one instrument to bolster a relationship. Capturing 82% would work against building anything long-term since it prioritizes the immediate gain with a short ceiling for broader influence, something that favors little to Turkey's plans. Besides, it's in Turkey's interest to raise Somalia's GDP. You cannot do that if you cripple the one channel that is often the largest factor in increasing the government budget and enlargens the state, second to taxes (before taxes now).
Africa would’ve been in a much better place if the West didn’t open the borders for them in the first place. People would be forced to stand up against puppets and fix their countries.
Westerners are rich and their economy is more developed. Nothing to be jealous about
Norway for example has a diverse well developed economy and not overly reliant on oil despite being oil rich. They also save much of that oil wealth and half of it's reserve hasn't been even extracted yet.
What people are counting down is a ticking time bomb since its unsustainable in the long run and it's already witnessing a uneven economic job creation and economic growth. So now Saudi is on a race to diversify it's economy away from oil, so we will see if it's ultimately successful in that.
Saudi is making some gains in its non-oil private sectors.
Saudi participation in private sector increases by 30 percent in 2023
Saudi Arabia’s private sector-led economic growth beyond Vision 2030 target, says minister
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Nah Saudi is actually cooked.
They have crazy poverty stats and a worsening cost of living crisis. But the government isn’t doing anything about it because that would mean admitting to the existence of poor Saudis.
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