Australia upstream fiscal summary Report

Country Report 16 May 2023

This report is currently unavailable

Share link

First name
Last name
Job Title
Company
Email
Telephone

Country

Message

Consent

Please keep me informed about Wood Mackenzie products, services and events.

Submit Category

For details on how your data is used and stored, see our Privacy Notice.

- FAQs about online orders
- Find out more about subscriptions

*Please note that this report only includes an Excel data file if this is indicated in "What's included" below

Report summary

Upstream licences are awarded under concession terms through the licensing rounds and direct negotiation. For onshore projects (under State jurisdiction) royalty rates vary from 10% to 12.5% depending on which State the block is located in. Excise duties can range from 0%-55% for oil and condensate, with an exemption for the first 30 million barrels produced. Offshore projects located more than three nautical miles from the baseline (under Federal jurisdiction) are exempt from royalties and excise duties. For both, onshore and offshore projects, there is no government equity participation; Petroleum Resource Rent Tax (PRRT) at a rate of 40% is payable for offshore projects; corporate income tax at a rate of 30% is payable for both.

Basis
Licence terms
- Offshore (Federal) licences
- Onshore/inland waters (State) licences
Government equity participation
Fiscal terms
- Bonuses, rentals and fees
- Indirect taxes
- Royalty
- Ring fencing
- Base
- Rate
- Payment schedule
- Excise duty
- 23 more item(s)...
Recent history of fiscal changes
Stability provisions
Split of the barrel and share of profit
Effective royalty rate and maximum government share
Progressivity
Fiscal deterrence