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Greece upstream fiscal summary

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04 July 2018

Greece upstream fiscal summary

Report summary

Upstream licences in Greece are awarded through licensing rounds or direct negotiation under concession terms. The concession terms are governed by the amendments made to the 1995 Hydrocarbon Law under Law 4001/2011. This report is based on the 2014 model lease agreement. Signature bonus, production bonus, royalty and depreciation rates are biddable or negotiable parameters. Royalty rates vary by project profitability from 4% to 20%. Corporate income tax is levied at 25%. The national oil company has no mandatory participation rights in any licence.

Table of contents

  • Executive summary
    • Basis
    • Licence terms
    • Government equity participation
    • Fiscal terms
      • Ring fencing
      • Bonuses, rentals and fees
      • Indirect taxes
      • Royalty
      • Corporate income tax
      • Fiscal treatment of decommissioning
      • Product 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
    • Progressivity
    • Fiscal deterrence

Tables and charts

This report includes 18 images and tables including:

  • Revenue flowchart: Greece 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
  • Maximum government share and maximum state share
  • 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
  • Indirect taxes
  • Royalty rates - all environments
  • Royalty rate
  • Assumed terms by location - oil and gas

What's included

This report contains:

  • Document

    Greece upstream fiscal summary

    PDF 262.17 KB