Country Report

Turkey upstream fiscal summary

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28 June 2018

Turkey upstream fiscal summary

Report summary

Upstream licences in Turkey are awarded under concession terms, which are governed by the 2013 Petroleum Law. Turkey follows an open-door licensing policy, where companies can directly bid for open blocks. The concession terms are fixed by law. Royalty is levied at 12.5% on both oil and gas and corporate income tax is levied at 20%. The national oil company has no mandatory participation rights in any licence.

Table of contents

  • Executive summary
    • Basis
    • Licence terms
    • Government equity participation
    • Fiscal terms
      • Ring fencing
      • Bonuses, rentals and fees
      • Indirect taxes
      • Royalty
      • 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 16 images and tables including:

  • Revenue flowchart: Turkey Concession
  • Timeline
  • Timeline detail
  • Split of Barrel - oil
  • Split of 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
  • Assumed terms by location - oil and gas

What's included

This report contains:

  • Document

    Turkey upstream fiscal summary

    PDF 243.93 KB