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 (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.

Table of contents

    • Revenue flowchart: Norway Concession
    • Basis
    • Licence terms
    • Government equity participation
    • Fiscal terms
      • 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 17 images and tables including:

  • Executive summary: Image 1
  • 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 292.45 KB