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Petroleum fiscal systems: 5 things to look for in 2019
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Report summary
Sudden oil price movements will dictate the pace of fiscal change in 2019. We had a temporary price spike in 2018, but it didn’t last long enough to generate a significant fiscal response. What it has done is remind fiscal policy-makers that we are not operating in the ‘lower, forever’ world many were predicting a year ago. Fiscal systems must be flexible to accommodate high (US$80+) and low (US$50-) prices going forward. We anticipate five main fiscal themes to develop in 2019.
Table of contents
- More fiscal rates will be linked directly to oil and gas prices
- New fiscal policies will focus more on revenue than profits
- Licensing rounds will increasingly feature biddable fiscal terms
- Fiscal stabilisation clauses will become less acceptable
- Fiscal rules for decommissioning will become a hot topic
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