Country Report

Norway upstream fiscal summary

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13 July 2018

Norway upstream fiscal summary

Report summary

Upstream licences in Norway are awarded during regular licensing rounds. Fiscal terms are fixed. Norway has a profit-based fiscal system. Corporate Income Tax (22%) and Special Tax (56%) 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.

Table of contents

  • Basis
  • Licence terms
  • Government equity participation
    • Ring fencing
    • Bonuses, rentals and fees
    • Indirect taxes
    • Royalty
    • Corporate income tax
    • Exploration costs
    • Depreciation
    • Financing costs
    • Losses
    • Payment schedule
    • Special tax
    • Capital uplift
    • Losses
    • Payment schedule
    • Fiscal treatment of decommissioning
    • Product pricing
    • Norm price
    • 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 16 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 deepwater, oil and gas
  • Maximum government share - shelf and deepwater, oil and 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 and fees
  • Area rentals
  • Indirect taxes
  • Norway Concession

What's included

This report contains:

  • Document

    Norway upstream fiscal summary

    PDF 904.59 KB

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