Country Report

Spain upstream fiscal summary

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28 June 2018

Spain upstream fiscal summary

Report summary

Very simple Concession fiscal regime with only corporate income tax payable, at a higher rate than other industries (35% rather than 30%).  There is no royalty. The barrel = lifetime revenue / field reserves. Profit = revenue – costs from barrel charts.  For further details see New Investment: Methodology. Source: Wood Mackenzie

Table of contents

  • Executive summary
    • Basis
    • Licence terms
    • Government equity participation
    • Fiscal terms
      • Ring fencing
      • Royalty
      • Corporate income tax
      • Product pricing
    • Recent history of fiscal changes
    • Stability provisions
    • Split of the barrel and share of profit
    • Effective royalty rate and maximum government share
      • Maximum government share - onshore, oil
      • Maximum government share - onshore, gas
      • Maximum government share -
      • shelf/deepwater, oil
      • Maximum government share -
      • shelf/deepwater, gas
    • Progressivity
    • Fiscal deterrence

Tables and charts

This report includes 25 images and tables including:

  • Revenue flowchart: Spain Concession
  • 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
  • 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
  • Current licence, equity and fiscal terms: Table 2
  • Current licence, equity and fiscal terms: Table 3
  • Marginal and effective oil royalty rates
  • Marginal and effective gas royalty rates
  • Indirect taxes
  • Summary of modelled terms
  • Economic analysis: Table 4
  • Economic analysis: Table 5
  • Economic analysis: Table 6
  • Economic analysis: Table 7

What's included

This report contains:

  • Document

    Spain upstream fiscal summary

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