In the May edition of our fiscal month in brief' report we highlight the main stories affecting global upstream fiscal terms and provide context for these developments. Changes in fiscal terms: Australia restricted export LNG. Azerbaijan issued its first RSC and Brazil gave details on it's upcoming pre salt PSC. Ongoing fiscal discussions : Australia completed its PRRT review Ecuador announced a PSC instead of it's usual service contract Nigeria made headway towards fiscal reform and Romania deregulated household gas prices. Russia began testing more profit based taxes. Licensing: New rounds were launched in Newfoundland and Labrador China and Georgia.