Back to the future: fiscal responses to lower oil prices (Part 1) Report

Insight 14 May 2015

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Report summary

In Part 1 of this analysis we summarise fiscal developments since the beginning of 2014, highlighting changes made for producing assets since the price started to fall. We also look at fiscal terms that automatically respond to price movements, where terms are being reviewed and consider the impact of lower prices on current licensing activity.

Executive Summary
- Some fiscal terms have been changed in response to lower prices..
- ..while others have been changing automatically
- Most governments are considering their options
- Ecuador's service fee conundrum
- Conclusions
- References
- Appendix 1 - Changes to terms that impact existing assets since mid 2014
- Argentina
- China
- Kazakhstan
- Russia
- United Kingdom
- United States
- Appendix 2 - Other fiscal changes that impact future licences (2014/15)
- Australia
- Colombia
- Congo (Br.)
- Croatia
- Gabon
- Gambia
- Greenland
- Guinea
- Ireland
- Kenya
- Liberia
- Madagascar
- Malaysia
- Mexico
- Mozambique
- Myanmar
- Tanzania
- Thailand
- Trinidad & Tobago
- Uganda
- Appendix 3 Open and planned licensing rounds
- Open rounds
- Planned rounds

Tables and charts

This report includes 5 images and tables including:

Figure 1 - Changes in fiscal terms 2014 - 2015
Figure 3 - Fiscal terms linked to prevailing oil prices
Figure 4 - Fiscal terms under review (April 2015)
Figure 5 - Open and planned licensing rounds
Figure 6 - Share of revenue under Ecuador's service contract terms (based on average contract fee (US$32/bbl))