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Fiscal systems for oil in Russia

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Report summary

The Russian government has recently backed a profit based oil taxation initiative but the bill still needs to be passed. Low oil prices have heated up the taxation debate between the government and the industry. Current taxation is suitable for maintaining production at low cost fields. 10 oil tax incentives have been introduced since 2007 for higher cost projects. Profit based taxation could become a long term solution if a suitable mechanism for tax deductible capital expenses is established.

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    Fiscal systems for oil in Russia.xls

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Table of contents

Tables and charts

This report includes 8 images and tables including:

Images

  • Pre-tax cash flow split* for a sample mature field under standard taxation in 2015
  • Marginal and effective oil MET and ED rates in 2015
  • Government share* of sample projects under standard taxation in 2015
  • Cost sensitivity of government share* under standard taxation in 2015, at US$50/bbl
  • Oil tax incentives timeline
  • Application of oil tax incentives
  • Reduced MET and ED shown as a proportion of standard tax terms for various oil tax incentives, at US$50/bbl
  • Government share comparison under various oil tax incentives in 2015, at US$50/bbl

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