Country Report

Iraq upstream fiscal summary

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01 July 2020

Iraq upstream fiscal summary

Report summary

Upstream licences in Federal Iraq are awarded through licensing rounds under Service Contracts terms. These terms have features of both a service contract and a production sharing contract (PSC) and hence are referred to as a Hybrid Service Contract. The last Hybrid Service Contract was awarded in May 2018. The hybrid service contract terms comprise of a royalty, cost fee, remuneration fee and income tax. Remuneration fee is the only biddable parameter and is a percentage of net revenue share. Royalty is levied at 25%, cost fee ceiling varies by oil price from 30% to 70%. Corporate income tax is levied at 35%.

Table of contents

  • Basis
  • Licence terms
  • Government equity participation
    • Bonuses, rentals and fees
    • Indirect taxes
    • Royalty
    • Ring fencing
    • Base
    • Rate
    • Payment schedule
    • Service fee
    • Ring fencing
    • Cost fee
    • Base
    • Rate (cost fee ceiling)
    • Recoverable costs
    • Unrecovered costs
    • Remuneration fee
    • Base
    • Rate (remuneration fee)
    • Payment schedule
    • Corporate income tax
    • Fiscal treatment of decommissioning
    • Product Pricing
  • Recent history of fiscal changes
  • Stability provisions

Tables and charts

This report includes 6 images and tables including:

  • Timeline
  • Timeline details
  • Bonuses, rentals and fees
  • Indirect taxes
  • Cost fee ceiling

What's included

This report contains:

  • Document

    Iraq upstream fiscal summary

    PDF 800.22 KB