Country report

Norway upstream fiscal summary

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Report summary

Upstream licences in Norway are awarded during regular licensing rounds. There are no biddable or negotiable tax items. Norway has a profit-based fiscal system. Corporate Income Tax (23%) and Special Tax (55%) payments are not deductible against either tax base, hence the total marginal tax rate is 78%. Norway is renowned for its tax stability. There are several tax incentives. Cash refunds for exploration drilling are in the centre of a heated debate in Norway.

What's included

This report contains

  • Document

    Norway upstream fiscal summary

    PDF 353.89 KB

Table of contents

  • Executive summary
    • Basis
    • Licence terms
    • Government equity participation
      • Ring fencing
      • Bonuses, rentals and fees
      • Indirect taxes
      • Royalty
      • Corporate income tax
      • Additional petroleum taxes
      • 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 flowchart: Norway Concession
  • 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 detail
  • Effective royalty rate - shelf and deepwater, oil and gas
  • Maximum government share - shelf and deepwater, oil and gas
  • Bonuses and fees
  • Area rentals
  • Indirect taxes
  • Norway Concession

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