Country Report

Iceland upstream fiscal summary

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30 April 2021

Iceland upstream fiscal summary

Report summary

Iceland’s concession regime includes an Extraction Levy, a Special Hydrocarbon Tax and Corporate Income Tax. All tax terms are fixed and are ring-fenced at the field level. The Special Hydrocarbon Tax rate increases in relation to a profit ratio. Permits are awarded through licensing rounds and the government has the right to participate. Norway also has the right to participate in any license awarded within the agreement zone on the continental shelf.

Table of contents

  • Basis
    • Duration
    • Relinquishment
  • Government equity participation
    • Bonuses, rentals and fees
    • Indirect taxes
    • Royalty
    • Ring fencing
    • Base
    • Rate
    • Additional petroleum taxes
    • Ring fencing
    • Base
    • Deductions
    • Rate
    • Corporate income tax
    • Ring fencing
    • Base
    • Deductions
    • Rate
    • 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 16 images and tables including:

  • 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
  • Special Hydrocarbon Tax effective rates
  • Assumed terms by location - oil and gas

What's included

This report contains:

  • Document

    Iceland upstream fiscal summary

    PDF 968.97 KB