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Thailand upstream fiscal summary

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28 June 2018

Thailand upstream fiscal summary

Report summary

Upstream licences are awarded under concession terms through the licensing rounds. The latest 'Thai III plus' fiscal terms were announced in 2014. Royalty rates range from 5-15% and are based on a sliding scale linked to production, with a discount applied to deepwater licences. The Special Remuneratory Benefit (SRB) is a tax with a unique calculation method. Its rates are based on the annual revenue and the cumulative metres of wells drilled in the concession area, with an adjustment for geological complexity. Corporate income tax of 50% is also payable on profits. Other fees and bonuses are also payable. In April 2018, Thailand introduced new PSC regime for the licensing round on the expiring contracts, however, these terms are not yet applicable to the new exploration licences.

Table of contents

  • Executive summary
    • Basis
    • Licence terms
    • Government equity participation
    • Fiscal terms
      • Ring fencing
      • Bonuses, rentals and fees
      • Indirect taxes
      • Royalty
      • Additional petroleum taxes
        • Special Remuneratory Benefit
      • Corporate income tax
      • 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 21 images and tables including:

  • Revenue flowchart: Thailand Concession
  • Timeline
  • Timeline details
  • Split of Barrel - oil
  • Split of barrel - gas
  • Share of profit - oil
  • Share of profit - gas
  • Effective royalty rate and minimum state share - onshore/shelf, oil and gas
  • Effective royalty rate and minimum state share - deepwater, oil and gas
  • Maximum government share and maximum state share - onshore/shelf, oil and gas
  • Maximum government share and maximum state share - 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 - oil
  • Royalty rates - gas
  • Assumed terms by location - oil and gas

What's included

This report contains:

  • Document

    Thailand upstream fiscal summary

    PDF 286.80 KB

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