Country report

Turkmenistan upstream fiscal summary

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Report summary

Upstream operations involving foreign investors are governed by Production Sharing Contract (PSC) terms. The State normally takes a carried 20-50% stake in PSCs and Turkmengaz currently owns 100% of all onshore gas projects, with IOCs contributing on a service basis only. PSC terms vary from contract to contract because of the ad hoc nature of negotiations and the fact that a number of the terms (e.g., bonuses and profit splits) are negotiable items. The level of negotiated...

What's included

This report contains

  • Document

    Turkmenistan upstream fiscal summary

    PDF 359.60 KB

Table of contents

  • Executive summary
    • Basis
    • Licence terms
    • Government equity participation
      • Ring fencing
      • Bonuses, rentals and fees
      • Indirect taxes
      • Royalty
      • PSC cost recovery
      • PSC profit sharing
      • 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
    • Investor IRR versus pre-share IRR - oil

Tables and charts

This report includes 23 images and tables including:


  • Revenue flowchart: Turkmenistan PSC
  • Timeline
  • Split of the barrel - oil
  • Economic analysis: Image 2
  • Economic analysis: Image 3
  • Economic analysis: Image 4
  • State share versus pre-share IRR - oil
  • State share versus pre-share IRR - gas
  • Economic analysis: Image 7
  • Investor IRR versus pre-share IRR - gas
  • Liquids royalty rate
  • Gas royalty rate
  • PSC profit sharing


  • Timeline details
  • Effective royalty rate - onshore/shelf , Oil
  • Effective royalty rate - onshore/shelf , Gas
  • Maximum government share – onshore/shelf, oil and gas
  • Bonuses, rentals and fees
  • Indirect taxes
  • Royalty rates
  • PSC profit sharing
  • Assumed terms by location - oil
  • Assumed terms by location - Gas

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