Italy upstream fiscal summary
Loading current market price
Report summary
Italy follows an open-door licensing policy, where companies can apply for available acreage at any time. Upstream licences are awarded under concession terms which are fixed by legislation. Royalty rates range from 7% to 10%, depending on permit location and hydrocarbon type. An initial amount of oil and gas production is exempt from royalty every year (varies by location, 400 to 1,000 b/d of oil and 2.42 to 7.74 mmcfd of gas). Corporate income tax is levied at 24%. A regional income tax of 3.9% is also levied for onshore operations. There is no state participation in upstream licences.
What's included
This report contains
Table of contents
- Executive summary
-
Current licence, equity and fiscal terms
- Basis
- Licence terms
- Government equity participation
-
Fiscal terms
- Ring fencing
- Bonuses, rentals and fees
- Royalty
- Indirect taxes
-
Corporate income tax
- Income tax
- Fiscal treatment of decommissioning
- Product pricing
-
Summary of modelled terms
- Italy Concession Terms
-
Fiscal stability
- Recent history of fiscal changes
- Stability provisions
-
Economic analysis
- Split of the barrel and share of profit
- Effective royalty rate and maximum government share
- Progressivity
- Fiscal deterrence
Tables and charts
This report includes 23 images and tables including:
Images
- Revenue flowchart: Italy Concession
- Timeline
- Split of the barrel - oil
- Split of the barrel - gas
- Share of profit - oil
- Share of profit - gas
- 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
Tables
- Timeline details
- Effective royalty rate - onshore, oil and gas
- Effective royalty rate - shelf/deepwater, oil
- Effective royalty rate - shelf/deepwater, gas
- Maximum government share - onshore. oil and gas
- Maximum government share - shelf/deepwater, oil
- Maximum government share - shelf/deepwater, gas
- Bonuses and Fees
- Area Rentals
- Current licence, equity and fiscal terms: Table 3
- Indirect taxes
- Current licence, equity and fiscal terms: Table 5
- Current licence, equity and fiscal terms: Table 6
You may be interested in
Europe energy in brief
Ijmuiden steel plant
Questions about this report?
-
Europe:+44 131 243 4699
-
Americas:+1 713 470 1900
-
Asia Pacific:+61 2 8224 8898