Country Report

Iraq upstream fiscal summary

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11 September 2018

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 refereed 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

  • Executive summary
    • Basis
    • Licence terms
    • Government equity participation
    • Fiscal terms
      • Ring Fencing
      • Bonuses, rentals and fees
      • Indirect taxes
      • Royalty
      • Service fee
        • Cost fee
        • Remuneration fee
      • Corporate income tax
      • Fiscal treatment of decommissioning
      • Product Pricing
    • Recent history of fiscal changes
    • Stability provisions

Tables and charts

This report includes 7 images and tables including:

  • Revenue flowchart: Iraq Hybrid Service Contract
  • Timeline
  • Timeline details
  • Bonuses, rentals and fees
  • Indirect taxes
  • Cost fee ceiling
  • Current licence, equity and fiscal terms: Image 1

What's included

This report contains:

  • Document

    Iraq upstream fiscal summary

    PDF 747.25 KB