Country report

Australia upstream fiscal summary

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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.

What's included

This report contains

  • Document

    Australia upstream fiscal summary

    PDF 365.11 KB

Table of contents

Tables and charts

This report includes 22 images and tables including:

Images

  • Revenue flowchart: Australia Concession
  • Timeline
  • Split of the barrel - oil
  • Split of the barrel - gas
  • Share of profit - oil
  • Share of profit - gas
  • Investor IRR versus Pre-Share IRR - oil
  • Investor IRR versus Pre-Share IRR - gas
  • State share versus Pre-Share IRR - oil
  • State share versus Pre-Share IRR - gas
  • Onshore/inland waters effective excise duty rate

Tables

  • Timeline details
  • 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
  • Licence terms for onshore/inland waters
  • Bonuses, rentals and fees
  • Indirect taxes
  • State royalty rates
  • Assumed terms by location
  • Onshore/inland waters marginal excise duty rate

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