Country Report

Iceland upstream fiscal summary

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04 July 2018

Iceland upstream fiscal summary

Report summary

Concession regime consisting of an Extraction Levy or royalty, a Special Hydrocarbon Tax and Corporate Income Tax. Fiscal terms have been updated for the 2nd Licensing Round as there was insufficient interest in the 1st round in 2009.   Split of the Barrel The barrel = lifetime revenue / field reserves. Profit = revenue – costs from barrel charts.  For further details see New Investment: Methodology. Source: Wood Mackenzie

Table of contents

  • Executive summary
    • Basis
    • Licence terms
    • Government equity participation
    • Fiscal terms
      • Ring fencing
      • Bonuses, rentals and fees
      • Indirect taxes
      • Royalty
      • Additional petroleum taxes
      • Corporate income tax
      • 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 17 images and tables including:

  • Revenue flowchart: Iceland Concession
  • Timeline
  • Timeline details
  • Split of Barrel - oil
  • Split of 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
  • Current licence, equity and fiscal terms: Image 1
  • Assumed terms by location - oil

What's included

This report contains:

  • Document

    Iceland upstream fiscal summary

    PDF 297.45 KB

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