Country Report
Spain upstream fiscal summary
Report summary
New exploration licensing was banned from May 2021. Existing exploitation concessions will not extend beyond 2042. Existing licences are governed by a concession-based fiscal regime. The system includes a royalty and corporate income tax. Royalty rates depend on annual production volume, hydrocarbon type and location. There are bonus and rental fees in addition to indirect taxes. There is no state participation in upstream activities.
Table of contents
- Basis
-
Licence terms
- Duration
- Relinquishment
- Government equity participation
-
Fiscal terms
- Bonuses, rentals and fees
- Indirect taxes
- Royalty
- Corporate income tax
- Ring fencing
- Base
- Rate
- 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 25 images and tables including:
- Timeline
- Timeline detail
- 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, oil and gas
- Maximum government share - onshore, oil
- Maximum government share - shelf/deepwater, gas
- Maximum government share - shelf/deepwater, oil
- 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
- Area rental fees
- Indirect taxes
- Royalty - oil
- Royalty - gas
- Marginal and effective oil royalty rates
- Marginal and effective gas royalty rates
- Spain Concession
What's included
This report contains:
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