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Petroleum fiscal systems: 2022 in review

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2022 was undoubtedly the year of the windfall. Huge spikes in oil, gas and power prices – especially in Europe – sent fiscal policymakers into a spin. We summarise these developments and other global fiscal events: • Fiscal disruption – which countries changed terms that impact the value of existing assets? • Fiscal evolution – which countries changed terms for new licence opportunities? • Energy transition fiscal developments – which countries introduced upstream petroleum fiscal terms designed to impact investment in decarbonisation and CCUS projects

Table of contents

  • 2022: the year of the windfall
  • Appendix: summary of fiscal changes in 2022
  • 2022: fiscal disruption
  • 2022: fiscal evolution
    • Related 2022 insights:
    • Ongoing discussion of evolving fiscal terms:
    • See also our views on things to watch in 2023 in global upstream fiscal terms:

Tables and charts

This report includes 6 images and tables including:

  • Share of revenue under windfall prices
  • Impact of latest announcement
  • Colombia CIT surcharge for oil and gas producers
  • Windfall Watch: Europe
  • India windfall excise rates
  • Romania excess revenue tax rate

What's included

This report contains:

  • Document

    Petroleum fiscal systems: 2022 in review

    PDF 1.51 MB