Insight
Petroleum fiscal systems: 2016 in review
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
2016 kept pace with 2015, registering 41 changes to oil and gas fiscal terms. The last two years have been fiscally unstable as governments tried to deal with the fail in oil price. Mexico made the most revisions, but tax changes in other producing countries had a bigger impact on investor value. Budget concerns forced tax increases. Russia and Brazil hit the headlines, while HB247 in Alaska ignited much debate. Elsewhere, there was a renewed drive to minimise the impact of costs because tax collections collapsed. India’s move was one of the most extreme. Some concessions were made to help producers break even, as many fields were running at a loss in early 2016. The tax cut in the UK was one of the largest, but the move was more about preserving jobs and spurring investment in undeveloped fields. More countries adopted progressive taxation, primarily to provide downside protection. But the reason for change in Ecuador was subtly different to Kazakhstan or Alberta.
Table of contents
-
Executive summary
- 1. Mexico was the most active country in a busy year
- 2. Budget concerns forced tax increases
- 3. Renewed drive to minimise the impact of costs
- 4. Tight margins and the scrap for FIDs delivered tax cuts
- 5. More countries adopted progressive taxation
- 6. Corporate tax changes had little effect
-
2016 fiscal changes
-
Relevant reports
- January
- February
- March
- April
- May
- July
- August
- September
- 3 more item(s)...
-
Relevant reports
Tables and charts
This report includes the following images and tables:
- Petroleum fiscal systems: 2016 in review: Table 1
What's included
This report contains:
Other reports you may be interested in
Insight
Upstream fiscal systems in brief
The upstream fiscal systems in brief provides the Wood Mackenzie view on all of the key fiscal events as they unfold.
$1,350
Insight
Global upstream fiscal tracker: follow the key discussions in the upstream sector
Global upstream fiscal discussions tracker provides the Wood Mackenzie view on the key fiscal discussions as they unfold.
$1,350
Insight
North Sea upstream: 2024 in review
Our 2024 recap of key upstream events and themes across the North Sea.
$1,350
