Country Report

Canada (Nova Scotia) upstream fiscal summary

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04 July 2018

Canada (Nova Scotia) upstream fiscal summary

Report summary

Concession-based fiscal regime. Royalty is levied on a two tier system – gross royalty and net royalty. Gross royalty is levied on wellhead revenues at 2% until project payback and at 5% thereafter (project payback is determined on the basis of cumulative wellhead revenues less cumulative gross and net royalties less cumulative capital and operating costs less uplift less a return allowance). Net royalty is levied on net revenues at varying rates according to the project's IRR. Federal...

Table of contents

  • Executive summary
    • Basis
    • Licence terms
    • Government equity participation
    • Fiscal terms
      • Ring fencing
      • Bonuses, rentals and fees
      • Indirect taxes
      • VAT/Sales Taxes
      • Royalty
      • Federal income tax
      • Provincial income tax
      • Product pricing
      • Summary of modelled terms
    • Recent history of fiscal changes
    • Split of the barrel and share of profit
    • Effective royalty rate and maximum government share
      • Maximum government share and maximum state share - Onshore/shelf, Oil
    • Progressivity
    • Fiscal deterrence

Tables and charts

This report includes 19 images and tables including:

  • Revenue flowchart: Nova Scotia 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/shelf, Oil
  • Effective royalty rate and minimum state share - deepwater, Oil
  • State share versus Pre-Share IRR - oil
  • State share versus Pre-Share IRR - gas
  • Investor IRR versus Pre-Share IRR - oil
  • Investor IRR versus Pre-Share IRR - gas
  • Bonuses, rentals and fees
  • Royalty rates - Basic Royalty
  • Royalty rates - Net Royalty
  • Assumed terms by location - oil
  • Economic analysis: Table 3
  • Maximum government share and maximum state share - deepwater, Oil

What's included

This report contains:

  • Document

    Canada (Nova Scotia) upstream fiscal summary

    PDF 316.84 KB