Country Report

Russian Federation upstream fiscal summary

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28 January 2019

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...

Table of contents

  • Basis
  • Licence terms
  • Government equity participation
    • Bonuses, rentals and fees
    • Indirect taxes
    • Royalty (Mineral Extraction Tax (MET)
    • Ring fencing
    • Base
    • Onshore oil MET rate
    • Onshore gas and condensate MET rate
    • Offshore MET rate
    • Payment schedule
    • Export duty
    • Ring fencing
    • Base
    • Onshore oil and condensate ED rate
    • Onshore gas ED rate
    • Offshore ED rate
    • Payment schedule
    • Corporate income tax
    • Ring fencing
    • Base
    • Rate
    • Payment schedule
    • Other taxes
    • Property tax
    • Additional profit tax (APT)
    • Fiscal treatment of decommissioning
    • Product pricing
    • Liquids pricing
    • Natural gas 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 46 images and tables including:

  • Timeline
  • Timeline details
  • 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/deepwater , gas
  • Maximum government share – onshore, 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
  • Investor IRR versus pre-share IRR - oil
  • Investor IRR versus pre-share IRR - gas
  • Bonuses, rentals and fees
  • Indirect taxes
  • Russia standard concession - oil
  • Russia standard concession - gas

What's included

This report contains:

  • Document

    Russian Federation upstream fiscal summary

    PDF 990.24 KB

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