Country report

Russian Federation upstream fiscal summary

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Report summary

A concession (royalty(called MET)/tax) fiscal system is the basis for nearly all upstream licences and joint ventures in Russia. Joint ventures may include Russian oil and gas companies (ROCs) and/or international oil companies (IOCs). The government participates indirectly via its ownership of Gazprom and interests in other ROCs. The Russian fiscal system has been subject to many changes since IOCs were first allowed to invest in the early 1990s and has been very complex in the past. In...

What's included

This report contains

  • Document

    Russian Federation upstream fiscal summary

    PDF 395.58 KB

Table of contents

  • Executive summary
    • Basis
    • Licence terms
    • Government equity participation
      • Ring fencing
      • Bonuses, rentals and fees
      • Indirect taxes
      • Royalty
      • Export duty
      • Corporate income tax
      • 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
    • Investor IRR versus pre-share IRR - oil

Tables and charts

This report includes 27 images and tables including:

Images

  • Revenue flowchart: Russia Concession
  • Timeline
  • Split of the barrel - oil
  • Economic analysis: Image 2
  • Economic analysis: Image 3
  • Economic analysis: Image 4
  • State share versus pre-share IRR - oil
  • State share versus pre-share IRR - gas
  • Economic analysis: Image 7
  • Investor IRR versus pre-share IRR - gas
  • Oil MET from 2017 (excluding increment)
  • Oil export duty from 2017

Tables

  • Timeline details
  • Effective royalty rate - onshore , oil
  • Effective royalty rate - shelf/deepwater , oil
  • Effective royalty rate - onshore , gas
  • Effective royalty rate - shelf/deepwater , gas
  • Maximum government share – onshore, oil
  • Maximum government share – shelf/deepwater, oil
  • Maximum government share – onshore, gas
  • Maximum government share – shelf/deepwater, gas
  • Bonuses, rentals and fees
  • Indirect taxes
  • Oil MET increment
  • Oil export duty rates from 2017
  • Assumed terms by location - oil
  • Assumed terms by location - gas

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