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.