Country report

New Zealand upstream fiscal summary

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Report summary

Upstream licences are awarded under concession terms through the licensing rounds. The contractor will pay either an ad valorem royalty (AVR) of 5% of net sales revenues or an accounting profits royalty (APR) of 20% of profits whichever is higher. Corporate income tax is payable by the contractor at a rate of 28%. There is no mandatory state equity participation in upstream licences.

What's included

This report contains

  • Document

    New Zealand upstream fiscal summary

    PDF 341.10 KB

Table of contents

  • Executive summary
    • Basis
    • Licence terms
    • Government equity participation
      • Ring fencing
      • Bonuses, rentals and fees
      • Indirect taxes
      • Royalty
      • Corporate income tax
      • Fiscal treatment of decommissioning
      • 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 17 images and tables including:

Images

  • Revenue flow chart: New Zealand
  • 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 and minimum state share
  • Maximum government share and maximum state share
  • Bonuses, rentals and fees
  • Indirect taxes
  • Royalty calculation
  • Assumed terms by location - oil and gas

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