Petroleum fiscal systems: 2020 in review

2020 was a relatively stable year for fiscal changes despite the volatility brought by the oil price crash and COVID-19 pandemic. The focus of the governments was shifted towards overall economic support measures. But some countries managed to stimulate existing upstream investment, while others increased government share of producing asset values. The largest disruptions happened in Russia and Malaysia, while Canada, Romania and Australia initiated tax changes favoring investors over the fields remaining lifespan. Biddable fiscal terms and new contract types were introduced for a range of licensing rounds.