Country Report

Montenegro upstream fiscal summary

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28 June 2018

Montenegro upstream fiscal summary

Report summary

The government of Montenegro adopted "The Law on Exploration and Production of Hydrocarbons" in July 2010 and the "Law on Hydrocarbon Tax" in July 2014. These two laws define the regulation and taxation of the upstream sector in Montenegro. In 2014, a bid round was held under simple concession terms with taxes based primarily on Royalty and a modified Income Tax.

Table of contents

  • Executive summary
    • Basis
    • Licence Terms
    • Government equity participation
    • Fiscal terms
      • Ring Fencing
      • Bonuses, rentals and fees
      • Indirect taxes
      • Royalty
      • Corporate income tax
      • 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
      • Effective royalty rate - shelf and onshore, gas
    • Progressivity
    • Fiscal deterrence

Tables and charts

This report includes 20 images and tables including:

  • Revenue flowchart - Montenegro Concession
  • Timeline
  • Timeline detail
  • Split of the barrel - oil
  • Split of the barrel - gas
  • Share of profit - oil
  • Share of profit - gas
  • Effective royalty rate - shelf and onshore, oil
  • 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
  • Royalty rates
  • Assumed terms by location - oil
  • Assumed terms by location - oil
  • Economic analysis: Table 2
  • Maximum government share – shelf and onshore, oil
  • Maximum government share – shelf and onshore, gas

What's included

This report contains:

  • Document

    Montenegro upstream fiscal summary

    PDF 289.56 KB

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