Country report
South Korea upstream fiscal summary
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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.
What's included
This report contains
Table of contents
- Executive summary
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Current licence, equity and fiscal terms
- Basis
- License terms
- Government equity participation
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Fiscal terms
- Ring fencing
- Bonuses, rentals and fees
- Indirect taxes
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Royalty
- Assumed terms: Royalty
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Additional petroleum taxes
- Domestic Market Obligation (DMO)
- Corporate income tax
- Product pricing
- Summary of modelled terms
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Fiscal stability
- Recent history of fiscal changes
- Stability provisions
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Economic analysis
- 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:
Images
- Revenue flowchart: South Korea Concession
- Split of Barrel - oil
- Split of barrel - gas
- Share of profit - oil
- Share of profit - 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
- Current licence, equity and fiscal terms: Image 1
Tables
- Effective royalty rate and minimum state share
- Maximum government share and maximum state share
- Bonuses, rentals and fees
- Indirect taxes
- Royalty rates
- Current licence, equity and fiscal terms: Table 4
- Assumed terms by location
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