Country Report

Russian Federation upstream fiscal summary

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04 July 2018

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

  • Executive summary
    • Basis
    • Licence terms
    • Government equity participation
    • Fiscal terms
      • Ring fencing
      • Bonuses, rentals and fees
      • Indirect taxes
      • Royalty
        • Onshore
        • Offshore
      • Export duty
        • Onshore
        • Offshore
      • Corporate income tax
      • Fiscal treatment of decommissioning
      • 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 28 images and tables including:

  • Revenue flowchart: Russia Concession
  • Timeline
  • Timeline details
  • 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
  • Bonuses, rentals and fees
  • Indirect taxes
  • Assumed terms by location - oil
  • Assumed terms by location - gas
  • Oil MET from 2017 (excluding increment)
  • Oil MET increment
  • Current licence, equity and fiscal terms: Table 4
  • Oil export duty from 2017
  • Oil export duty rates from 2017

What's included

This report contains:

  • Document

    Russian Federation upstream fiscal summary

    PDF 320.06 KB