Country report
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14 Pages

Russian Federation upstream fiscal summary


Russian Federation upstream fiscal summary

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...

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This report includes 1 file(s)

  • Russian Federation upstream fiscal summary PDF - 394.49 KB 14 Pages, 15 Tables, 12 Figures

Description

Volatility in oil markets has led players in the upstream oil and gas industry to focus on reducing capital spend and operating costs. At the same time, governments need to review fiscal terms to maintain attractiveness and investment.

This country report gives an overview of the key fiscal issues for this country. If you’re interested in identifying and assessing upstream investment and expansion opportunities, this upstream fiscal summary report is your definitive commercial guide.

Potential investors, governments and companies in the oil and gas sector can use it to gain a better understanding of the critical issues for development opportunities in this country.

Wood Mackenzie's 500 dedicated analysts are located in the markets they cover. They produce forward-looking analysis at both country and asset level across the globe, backed by our robust proprietary database of trusted research. Proprietary data means a superior level of analysis that is simply not available anywhere else. Wood Mackenzie is the recognised gold standard in commercial data and analysis.

  • Executive summary
  • Current licence, equity and fiscal terms
    • Basis
    • Licence terms
    • Government equity participation
    • Fiscal terms
      • Ring fencing
      • Bonuses, rentals and fees
      • Indirect taxes
      • Royalty
      • Export duty
      • Corporate income tax
      • Product pricing
      • Summary of modelled terms
  • Fiscal stability
    • Recent history of fiscal changes
    • Stability provisions
  • Economic analysis
    • 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

In this report there are 27 tables or charts, including:

  • Executive summary
    • Revenue flowchart: Russia Concession
  • Current licence, equity and fiscal terms
    • Bonuses, rentals and fees
    • Indirect taxes
    • Oil MET from 2017 (excluding increment)
    • Oil MET increment
    • Oil export duty from 2017
    • Oil export duty rates from 2017
    • Assumed terms by location - oil
    • Assumed terms by location - gas
  • Fiscal stability
    • Timeline
    • Timeline details
  • Economic analysis
    • Split of the barrel - oil
    • Economic analysis: Image 2
    • Economic analysis: Image 3
    • Economic analysis: Image 4
    • 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
    • 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
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