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. The system includes a royalty and corporate income tax. A flat-rate royalty is levied on both oil and gas. Companies can consolidate their upstream activities for income tax purposes. There are rentals and indirect taxes. Turkey has an open-door licensing policy, where companies can directly bid for open blocks. The national oil company has no mandatory participation rights in any licence.

Table of contents

  • Basis
  • Licence terms
  • Government equity participation
    • 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 15 images and tables including:

  • 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 891.13 KB

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