Country Report

Australia upstream fiscal summary

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04 July 2018

Australia upstream fiscal summary

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; corporate income tax at a rate of 30% and Petroleum Resource Rent Tax (PRRT) at a rate of 40% are payable.

Table of contents

  • Executive summary
    • Basis
    • Licence terms
      • Offshore (Federal) licences
      • Onshore/inland waters (State) licences
    • Government equity participation
    • Fiscal terms
      • Ring fencing
      • Bonuses, rentals and fees
      • Indirect taxes
      • Royalty
        • Excise duty
      • Additional profits tax
        • Petroleum resource rent tax
      • Corporate income tax
      • Fiscal treatment of decommissioning
      • Product pricing
      • Summary of modelled terms
    • 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

Tables and charts

This report includes 22 images and tables including:

  • Revenue flowchart: Australia Concession
  • Timeline
  • Timeline details
  • Split of the barrel - oil
  • Split of the barrel - gas
  • Share of profit - oil
  • Share of profit - gas
  • Effective royalty rate and minimum state share - onshore, oil and gas
  • Effective royalty rate and minimum state share - shelf/deepwater, oil and gas
  • Maximum government share and maximum state share - onshore, oil and gas
  • Maximum government share and maximum state share - shelf/deepwater, oil and gas
  • Investor IRR versus Pre-Share IRR - oil
  • Investor IRR versus Pre-Share IRR - gas
  • Licence terms for onshore/inland waters
  • Bonuses, rentals and fees
  • Indirect taxes
  • State royalty rates
  • Assumed terms by location
  • State share versus Pre-Share IRR - oil
  • State share versus Pre-Share IRR - gas
  • Onshore/inland waters marginal excise duty rate
  • Onshore/inland waters effective excise duty rate

What's included

This report contains:

  • Document

    Australia upstream fiscal summary

    PDF 285.18 KB