Country Report
South Korea upstream fiscal summary
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Upstream licences are awarded under concession terms which are fixed by legislation. Royalty is paid on a sliding scale ranging from 0% to 12%. General corporate income tax is paid on a sliding scale depending on total taxable income, ranging from 11% to 27.5%. Korean National Oil Company (KNOC) explores both on a sole-risk basis and with third parties. To date there have been no competitive bid rounds.
Table of contents
- Basis
- License terms
- Government equity participation
-
Fiscal terms
- Bonuses, rentals and fees
- Indirect taxes
- Royalty
- Ring fencing
- Base
- Rate
- Payment schedule
- Corporate income tax
- Ring fencing
- Base
- Rate
- Payment schedule
- 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
Tables and charts
This report includes 18 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, shelf and deepwater, oil and gas
- Maximum government share - onshore, shelf and deepwater, oil and 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
- Royalty rates
- Royalty rates
- Corporate income tax rates
- Assumed terms by location
What's included
This report contains:
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