Country Report

Montenegro upstream fiscal summary

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28 June 2018

Montenegro upstream fiscal summary

Report summary

Montenegro has a relatively simple concession regime based on a royalty and income tax. The liquid royalty rates are based on a production rate sliding scale. The gas royalty is kept flat due to limited gas infrastructure in the country. A flat corporate income tax rate is applied and ring-fencing is at the company level. There is no state oil firm and no mandated state equity share. Montenegro has no proven oil and gas reserves.

Table of contents

  • Basis
  • Licence Terms
  • Government equity participation
    • 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
  • Progressivity
  • Fiscal deterrence

Tables and charts

This report includes 19 images and tables including:

  • 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
  • Effective royalty rate - shelf and onshore, gas
  • Maximum government share – shelf and onshore, oil
  • Maximum government share – shelf and onshore, 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
  • Bonuses, rentals and fees
  • Indirect taxes
  • Royalty rates
  • Assumed terms by location - oil
  • Assumed terms by location - oil

What's included

This report contains:

  • Document

    Montenegro upstream fiscal summary

    PDF 921.88 KB

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