Country Report

South Korea upstream fiscal summary

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28 June 2018

South Korea upstream fiscal summary

Report summary

South Korea's upstream sector is governed by a concession regime.  The Ministry of Commerce, Industry and Energy (MOCIE) awards right for companies to explore for hydrocarbons in South Korean waters. National oil company (NOC) KNOC explores both on a sole-risk basis and with third parties.  To date there have been no competitive bid rounds.

Table of contents

  • Executive summary
    • Basis
    • License terms
    • Government equity participation
    • Fiscal terms
      • Ring fencing
      • Bonuses, rentals and fees
      • Indirect taxes
      • Royalty
        • Assumed terms: Royalty
      • Additional petroleum taxes
        • Domestic Market Obligation (DMO)
      • 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

Tables and charts

This report includes 17 images and tables including:

  • Revenue flowchart: South Korea Concession
  • Split of Barrel - oil
  • Split of barrel - gas
  • Share of profit - oil
  • Share of profit - gas
  • Effective royalty rate and minimum state share
  • Maximum government share and maximum state share
  • 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
  • Royalty rates
  • Current licence, equity and fiscal terms: Table 4
  • Assumed terms by location
  • Current licence, equity and fiscal terms: Image 1

What's included

This report contains:

  • Document

    South Korea upstream fiscal summary

    PDF 248.09 KB

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