Norway raises oil taxation for the first time in 20 years

This report is currently unavailable

This report is currently unavailable

Get this Insight as part of a subscription

Enquire about subscriptions

Already have a subscription? Sign In

Further information

Pay by Invoice or Credit Card FAQs

Contact us

Submit your details to receive further information about this report.

For details on how your data is used and stored, see our Privacy Notice.

Report summary

On 5 May 2013, the Norwegian Government announced a proposal to reduce the capital uplift in the petroleum tax system from 30% to 22%, with immediate effect. The proposal includes a reduction in corporation tax from 28% to 27% and an increase in special petroleum tax from 50% to 51%, leaving the marginal rate of tax unchanged at 78%. This will be effective from 1 January 2014. The changes were a surprise, especially given Norway's reputation for fiscal stability.

What's included

This report contains

  • Document

    Norway raises oil taxation for the first time in 20 years

    PDF 472.42 KB

Table of contents

  • Executive Summary
    • Transition terms
  • The impact on new field developments
  • The impact on companies
  • The rationale for change
    • Discount rate and date
    • Inflation rate
    • Oil price
    • Gas Price
    • Wood Mackenzie assumes the average annualised gas price in nominal terms is US$9.98/mcf in 2013, US$10.20/mcf in 2014, US$10.48/mcf in 2015, US$10.23/mcf in 2016, US$9.82/mcf in 2017 and US$9.29/mcf in 2018, escalating at 2% per annum from the beginning of 2019 onwards. These prices refer to gas with a calorific value of 40MJ/m3.
    • Exchange Rate

Tables and charts

This report includes 3 images and tables including:


  • Proposed changes to the petroleum tax system
  • Impact of proposed changes to probable developments* (Nkr million)
  • Impact of proposed changes to probable developments by company (Nkr million)

Questions about this report?

  • Europe:
    +44 131 243 4400
  • Americas:
    +1 713 470 1600
  • Asia Pacific:
    +65 6518 0800