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Portugal upstream fiscal summary

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28 June 2018

Portugal upstream fiscal summary

Report summary

Very simple Concession fiscal regime, with only royalty and corporate income tax (and some small municipal taxes for onshore fields) payable.  Royalty rates vary with location (onshore, shallow offshore and deepwater) and production rates, favouring deeper water operations. The barrel = lifetime revenue / field reserves. Profit = revenue – costs from barrel charts.  For further details see New Investment: Methodology. Source: Wood Mackenzie

Table of contents

  • Executive summary
    • Basis
    • Licence terms
    • Government equity participation
    • Fiscal terms
      • Ring fencing
      • Bonuses, rentals and fees
    • Indirect taxes
    • Royalty
      • Corporate income tax
      • Other taxes
    • Product pricing
      • Summary of modelled terms
    • Recent history of fiscal changes
    • Stability provisions
    • Split of the barrel and share of profit
    • Effective royalty rate and maximum government share
    • Progressivity
    • Fiscal deterrence

Tables and charts

This report includes 27 images and tables including:

  • Revenue flowchart - Portugal Concession
  • Indirect taxes
  • Royalty rates
  • Current licence, equity and fiscal terms: Image 1
  • Timeline
  • Timeline detail
  • Split of the barrel - oil
  • Split of the barrel - gas
  • Share of profit - oil
  • Share of profit - gas
  • Effective royalty rate - onshore, oil
  • Effective royalty rate - onshore, gas
  • Effective royalty rate - shelf and deepwater, oil
  • Effective royalty rate - shelf and deepwater, gas
  • Maximum government share – onshore, oil
  • Maximum government share – onshore, gas
  • Maximum government share – shelf and deepwater, oil
  • Maximum government share – shelf and deepwater, gas
  • State share versus pre-share IRR - oil
  • State share versus pre-share IRR - gas
  • Investor IRR versus pre-share IRR - oil
  • Investor IRR versus pre-share IRR - gas
  • Bonuses, rentals and fees
  • Current licence, equity and fiscal terms: Table 4
  • Current licence, equity and fiscal terms: Image 2
  • Assumed terms by location - oil
  • Assumed terms by location - gas

What's included

This report contains:

  • Document

    Portugal upstream fiscal summary

    PDF 387.18 KB

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