Insight
Upstream fiscal systems in brief
Report summary
The upstream fiscal systems in brief provides our opinion and analysis on the latest stories and trends related to upstream petroleum fiscal systems. We report on four main themes: fiscal disruption that impacts existing assets, fiscal evolution where changes that affect new licences, details and implications of ongoing discussions and biddable terms where terms are part of a competitive bidding process.
Table of contents
- Fiscal disruption: Complex projects in Kazakhstan receive export duty holiday
- Fiscal evolution: UK Government launches long-term fiscal review (excluding the EPL)
-
Fiscal disruption: Temporary solidarity contribution adopted across EU countries
- Europe
-
BLM plans to bring oil and gas regulations into the 21 st century
- Fiscal evolution: UK introduces price floor for Energy Profits Levy (EPL)
- Ongoing discussion: The cap on deductions proposed for Petroleum Resource Rent Tax (PRRT) LNG payers
- Fiscal disruption: Romania n parliament to soften its application of EU s temporary law on solidarity contribution charged to energy companies
- Europe
- Ongoing discussion: Cost recovery challenged for Kashagan and Karachaganak megaprojects in Kazakhstan
- Russia and Caspian
- Fiscal disruption: Kazakhstan makes first use of ‘improved model contract’ for concessions
- Russia and Caspian
- Insight: Petroleum fiscal systems: 2022 in review
- Global
- Insight: Global upstream fiscal systems: 4 things to look for in 2023
- Global
- Ongoing discussions: Netherlands introduces temporary gas windfall tax and solidarity contribution charge
- Europe
- Fiscal evolution: Guyana increases the county's share for the first bid round since Liza-Payara discovery
- Latin America
- Insight: Windfall taxes - the search for a smart policy
- Global
- Fiscal disruption: UK increases and extends the energy profits levy (EPL)
- Europe
- Ongoing discussions: Malaysia proposes new CCS incentives
- South East Asia
- Fiscal disruption: Hungarian government changes upstream royalty rates for 2022 and 2023 and amends calculations for additional royalty
- Europe
- Fiscal evolution: Inflation Reduction Act
- North America
- Ongoing discussions: New Colombian government pushes for big tax increases
- Latin America
- Ongoing discussions: Argentina considers one-time Windfall Tax
- Latin America
- Fiscal disruption: India imposes windfall levy on oil producers
- Asia Pacific
- Fiscal disruption: Romania passes reforms to 2018 offshore law
- Europe
- Fiscal disruption: UK imposes energy profits levy (EPL) on upstream producers
- Europe
- Fiscal evolution: US royalty rates raising for new onshore leases
- North America
- Ongoing discussions: Norway's reforms sent to the Storting
- Europe
- US removing bonus depreciation: scratch or scar?
- North America
- Fiscal disruption: Ukraine reforms its onshore gas royalty rates
- Europe
- Fiscal disruption: Nigeria nominally increases the education tax
- Sub-Saharan Africa
- Fiscal disruption: Kazakhstan introduces price-based oil export duty exemption for offshore fields
- Fiscal disruption: Uzbekistan introduces new fiscal incentives
- Ongoing discussions: Implications Norway's oil and gas sector as Labour wins election
- Europe
- Ongoing discussion: Nigeria's Petroleum Industry Bill signed into law
- Sub-Saharan Africa
- Ongoing discussion: Ecuador pushes for investment by expanding their new PSC
- Latin America
- Insight: Global decommissioning anxiety rises
- Global
- Ongoing discussion: Nigerian parliament passes Petroleum Industry Bill
- Sub-Saharan Africa
- Ongoing discussion: South Africa’s updated petroleum resources bill sent to parliament
- Sub-Saharan Africa
- Fiscal webinar: carbon taxes and upstream subsidy debate
- Fiscal discussion: Ukraine targets fiscal reforms to support 2030 gas ambitions
- Europe
- Ongoing discussion: Kazakhstan evaluates oil export duty cancellation
- Fiscal disruption: the Netherlands finally improves the SPS investment allowance
- Europe
- Fiscal evolution: Malaysia introduces Enhanced Profitability and Late Life Asset PSC terms for 2021 licensing round
- Asia Pacific
- Fiscal disruption: Norway sets out carbon tax rise in climate action plan
- Europe
- What’s ahead for oil and gas fiscal systems in 2021?
Tables and charts
This report includes 49 images and tables including:
- Fiscal disruption: Kazakhstan Concession - Export Duty Holiday
- Kazakhstan Concession- valuation impact of changes (remaining NPV10 at start-2023)
- Applicability of temporary solidarity contribution across EU member states
- Fiscal disruption: Temporary solidarity contribution across EU countries
- Fiscal disruption: Temporary solidarity contribution impact on EU countries
- Incremental government cash flows (A$ billion)
- Romania - valuation impact of changes (remaining NPV10 at start-2023)
- Scenario Analysis: Kazakhstan PSC - Cost recovery dispute
- Kazakhstan - Alternative Subsoil Tax (AST rates)
- Fiscal disruption: Netherland Concession Windfall & Temporary solidarity charge
- Asset by asset impact on temporary tax increase
- Guyana government share comparison
- Recent fiscal changes and proposals
- Effective tax rate and capital tax relief
- Extra profit tax (royalty rates) - oil and gas (2022 and 2023 only)
- Fiscal disruption: Impact of fiscal changes in Hungary Concession
- Economic impact of federal royalty increase on government acreage type wells
- States receiving the most oil and gas disbursements from federal royalties
- Fiscal comparison
- IDC and bonus depreciation sensitivity
- Impact on state taxes
- Ukraine - onshore gas royalty rates
- Impact of new royalty rate thresholds
- Overall impact of education tax increase
- Asset by asset impact of education tax increase
- Oil export duty - price thresholds (nominal terms)
- Impact of oil export duty exemption on key offshore projects
- Uzbekistan - new incentives
- Project IRR: non-taxpayer vs. taxpayer
- Project net cash flow: non-taxpayer
- PIA royalty rates
- PIA tax rates
- PIB legislative timeline
- Global comparison of state participation
- Global comparison of state share
- Deepwater: state share and investor IRR
- Onshore: state share and investor IRR
- Potential impact of zero oil export duty on offshore project economics
- Fiscal disruptions - Netherlands increased SPS investment allowance
- Malaysia - new fiscal terms
- Cost recovery ceiling - EPT vs R/C PSC
- Contractor profit share - EPT vs R/C PSC
- EPT vs R/C comparison - shelf model field
- The cost of Norway's carbon price 2020 vs. 2030 (USD/tCO2)
What's included
This report contains:
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