Mexico upstream fiscal summary
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Report summary
In 2015, Mexico redirected licensing from Integrated Service Contracts (CIEPs) in favour of Petroleum Sharing Agreements and Concession-style Licenses to attract international investment. These contracts are awarded in highly transparent licence rounds. Shelf blocks are regulated under Petroleum Sharing Agreements in a very progressive fiscal system, consisting of price-driven royalties, a biddable profit share based varying with IRR, and income tax. Onshore and deepwater blocks are regulated under a concession-style License system, with royalties based on production, price, R-Factor and/or bid level in addition to the income tax.
What's included
This report contains
Table of contents
- Executive summary
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Current licence, equity and fiscal terms
- Basis
- Licence terms
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Fiscal terms
- Ring fencing
- Government equity participation
- Bonuses, rentals and fees
- Indirect taxes
- Royalty
- Cost oil - PSC only
- Profit oil - PSC only
- Corporate income tax
- Fiscal treatment of decommissioning
- Product pricing
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Summary of modelled terms
- Assumed terms by location - shelf
- Assumed terms by location - deepwater
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Fiscal stability
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Recent history of fiscal changes
- Timeline detail
- Stability Provisions
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Recent history of fiscal changes
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Economic analysis
- Split of the barrel and share of profit
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Effective royalty rate and maximum government share
- Maximum government share – shelf, gas
- Maximum government share – deepwater, oil
- Maximum government share – deepwater, gas
- Progressivity
- Fiscal deterrence
Tables and charts
This report includes 40 images and tables including:
Tables
- Effective royalty rate - onshore, oil
- Effective royalty rate - onshore, gas
- Effective royalty rate - shelf, oil
- Effective royalty rate - shelf, gas
- Effective royalty rate - deepwater, oil
- Effective royalty rate - deepwater, gas
- Maximum government share – onshore, oil
- Economic analysis: Table 8
- Economic analysis: Table 9
- Bonuses, rentals and fees
- Indirect taxes
- Royalty rates
- Price-based royalty
- Production - based royalty, liquid
- Current licence, equity and fiscal terms: Table 6
- R-factor royalty
- Assumed terms by location - onshore
- Fiscal stability: Table 1
- Economic analysis: Table 10
- Economic analysis: Table 11
- Economic analysis: Table 12
- Current licence, equity and fiscal terms: Table 9
- Current licence, equity and fiscal terms: Table 10
Images
- PSC Flowchart
- License Flowchart
- 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
- Liquids Royalty (%) by Price
- Gas Royalty (%) by Price
- Liquids Combined Royalty (%) by Production
- Gas Combined Royalty (%) by Production
- Additional royalties
- Profit sharing
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