Country Report
Turkmenistan upstream fiscal summary
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Upstream licences are awarded under service contract terms for onshore and production sharing contract terms (PSCs) for offshore projects. PSC terms vary from contract to contract because of the ad-hoc nature of negotiations and the fact that a number of the terms are negotiable items. The level of negotiated government share generally reflects the level of expenditure and risk involved. Royalty varies with production rates, whilst profit oil splits vary on a sliding scale based on R-Factor. Cost recovety ceiling is based on a flat rate. Signature, production and commerciality bonuses are biddable items. Corporate income tax at 20% rate is payable. In PSCs, the state participates via wholly-owned Turkmenneft, which normally takes a 10-50% stake, carried through the exploration phase. Another state-owned company Turkmengaz currently owns 100% of most onshore gas projects, with IOCs contributing on a service basis only.
Table of contents
- Basis
- Licence terms
- Government equity participation
-
Fiscal terms
- Ring fencing
- Bonuses, rentals and fees
- Indirect taxes
- Royalty
- Ring fencing
- Base
- Rate
- Payment schedule
- 16 more item(s)...
- 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 the following images and tables:
- Timeline
- Timeline details
- Split of the barrel - oil
- Split of the barrel - gas
- Share of profit - oil
- Share of profit - gas
- Effective royalty rate - onshore/shelf , Oil
- Effective royalty rate - onshore/shelf , Gas
- Maximum government share – onshore/shelf, oil and gas
- State share versus pre-share IRR - oil
- State share versus pre-share IRR - gas
- Investor IRR versus pre-share IRR - oil
- 11 more item(s)...
What's included
This report contains:
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