Country Report

Australia upstream fiscal summary

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03 July 2019

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; 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.

Table of contents

  • Basis
    • Offshore (Federal) licences
    • Onshore/inland waters (State) licences
  • Government equity participation
    • Bonuses, rentals and fees
    • Indirect taxes
    • Royalty
    • Ring fencing
    • Base
    • Rate
    • Payment schedule
    • Excise duty
    • Base
    • Rate
    • Payment schedule
    • Petroleum resource rent tax
    • Ring fencing
    • Base
    • Rate
    • Payment schedule
    • Federal income tax
    • Ring fencing
    • Base
    • Rate
    • Payment schedule
    • Fiscal treatment of decommissioning costs
    • Product pricing
    • Liquids pricing
    • Natural gas 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
  • Fiscal deterrence

Tables and charts

This report includes 22 images and tables including:

  • 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
  • Onshore/inland waters marginal excise duty rate
  • Onshore/inland waters effective excise duty rate
  • PRRT uplift on carried forward expenditures - Pre- and Post-July 2019
  • Assumed terms by location
  • State share versus Pre-Share IRR - oil
  • State share versus Pre-Share IRR - gas

What's included

This report contains:

  • Document

    Australia upstream fiscal summary

    PDF 940.14 KB

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