Country report

China upstream fiscal summary

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Report summary

Complex Production Sharing Contract (PSC) based fiscal regime. State companies have the right to take up to 51% working interest in any commercial development carried through exploration phase with no reimbursement for exploration expenses. Under certain onshore contracts the contractor is solely responsible for all pilot phase and production phase development costs. Royalties cost recovery ceilings and profit oil splits vary both by area and licensing round under which the contract...

What's included

This report contains

  • Document

    China upstream fiscal summary

    PDF 388.71 KB

Table of contents

  • Executive summary
  • Current licence, equity and fiscal terms
  • Fiscal stability
  • Economic analysis

Tables and charts

This report includes 33 images and tables including:

Images

  • Revenue flowchart: China PSC
  • Timeline
  • Split of Barrel - oil
  • Split of barrel - gas
  • Share of profit - oil
  • Share of profit - gas
  • State share versus Pre-Share IRR - oil
  • Investor IRR versus Pre-Share IRR - oil
  • Investor IRR versus Pre-Share IRR - gas
  • Contractor Profit Share Oil - Offshore
  • Economic analysis: Image 6
  • Effective Special Oil Levy Rate

Tables

  • Timeline details
  • Effective royalty rate - onshore, oil
  • Effective royalty rate - onshore, gas
  • Effective royalty rate - shelf, oil
  • Effective royalty rate - shelf, gas
  • Effective royalty rate - deepwater, oil
  • Effective royalty rate - deepwater, gas
  • Maximum government share - onshore, oil
  • Maximum government share - onshore, gas
  • Maximum government share - shelf, oil
  • Maximum government share - shelf, gas
  • Maximum government share - deepwater, oil
  • Maximum government share - deepwater, gas
  • Bonuses, rentals and fees
  • Indirect taxes
  • Cost recovery - oil
  • Cost recovery - Gas
  • Profit Sharing
  • Current licence, equity and fiscal terms: Table 6
  • Assumed terms by location - oil and gas
  • Current licence, equity and fiscal terms: Table 7

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