Country Report
Papua New Guinea upstream fiscal summary
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Upstream licences are awarded under concession terms through direct negotiations. Royalty and Social Development Levy (SDL) are payable, both at 2% rate, on the wellhead revenue. From 2017, all projects without 'fiscal stability' clause are subject to petroleum income tax and additional profits tax, both payable at 30% rate. Fiscal stability may be secured at the contract effective date in exchange of 2% increase in petroleum income tax. The government may acquire up to 22.5% in a licence, which is carried through the development phase, with repayment from its share of revenue. From this, a 2% working interest is allocated to the landowners, who are not liable for any pre-production costs. The government must repay the associated costs back to the investor on the landholder's behalf.
Table of contents
- Basis
- Licence terms
- Government equity participation
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Fiscal terms
- Bonuses, rentals and fees
- Indirect taxes
- Royalty
- Base
- Rate
- Payment schedule
- Corporate income tax
- Ring fencing
- 10 more item(s)...
- 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 the following images and tables:
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TimelineTimeline detailSplit of the barrel - oil
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Split of the barrel - gasShare of profit - oilShare of profit - gasEffective royalty rate and minimum state share - oil and gasMaximum government share and maximum state share - oil and gasState share versus Pre-Share IRR - oilState share versus Pre-Share IRR - gasInvestor IRR versus Pre-Share IRR - oilInvestor IRR versus Pre-Share IRR - gas
- 3 more item(s)...
What's included
This report contains:
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