Upstream fiscal systems in brief

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07 November 2019

Upstream fiscal systems in brief

Report summary

This 'in brief' provides you with our opinion and analysis on all the latest stories and trends in upstream petroleum fiscal systems. We report on four main themes – fiscal disruption, fiscal evolution, ongoing discussions, and biddable terms. You can bookmark this rolling report for regular updates and use the search bar to find monthly reports published prior to its inception in August 2018 (search 'fiscal month in brief').

Table of contents

Tables and charts

This report includes 111 images and tables including:

  • Government share comparison of onshore gas development
  • Fiscal disruption: Queensland increase in royalty
  • Comparison of state share - oil
  • Comparison of state share - gas
  • Fiscal benchmarking of government share
  • Uruguay biddable terms
  • Upstream competitiveness comparison with peers
  • Fiscal disruption: Nigeria PSC increase in royalty
  • Proposed PPT rate change
  • NPV10 changes for North Slope assets
  • Tax revenues, added by the MET increment
  • Impact of the tax change on company value
  • Fiscal disruption: MET increment for oil production and Gazprom on a permanent basis
  • Neptun Deep comparison
  • Deepwater state pre-share comparison
  • Income tax change - domestic companies
  • Regional state share comparison - before and after tax cut in India
  • Fiscal disruption: India slashes income tax rate
  • Value impact of reversing the gas levy
  • Government share comparison under different royalty rate assumptions
  • Fiscal competitiveness rankings
  • Abadi PSC terms
  • Abadi PSC comparison
  • Fiscal disruption: Indonesia revises fiscal terms for key assets
  • PRRT uplift on carried forward expenditures - Pre- and Post-July 2019
  • Impact of PRRT changes on four key pre-FID projects
  • Fiscal disruption: Australia PRRT changes
  • 2019 vs 1998 Petroleum Codes
  • Comparison of State Share - Oil
  • Comparison of State Share - Gas
  • Government revenue share mechanisms in revenue-sharing contracts
  • Price sensitivity of government share
  • Price component bid sensitivity of government share
  • Egypt Red Sea 2019 licensing round blocks on offer
  • Egypt Red Sea 2019 licensing round biddable parameters
  • EMV Illuistration
  • Government share comparison with peer countries
  • Onshore and deepwater SPT rates
  • Shelf SPT rates
  • Heritage Petroleum offshore assets cash flow and SPT
  • Heritage Petroleum offshore assets split of the barrel
  • Heritage Petroleum onshore assets cash flow and SPT
  • Heritage Petroleum onshore assets split of the barrel
  • Depreciation value and govt share comparison
  • Depreciation schedule of key global peers
  • Impact of proposed allowance on three key pre-FID projects
  • Oman 2019 licensing round blocks on offer
  • EGAS 2018 licensing round awards
  • EGPC 2018 licensing round awards
  • India OALP I round - impact of bid on contractor's revenue
  • Georgia's licensing round summary
  • Value impact of turnover levy
  • Argentina offshore royalty rate
  • Argentina offshore royalty rate
  • Benchmarking of a model deepwater oil field
  • Proposed changes to onshore tax legislation
  • Current and proposed terms comparison
  • Onshore gas production profile
  • Current and proposed fiscal terms
  • Deterred fields and associated volumes
  • Fiscal deterrence of undeveloped fields on NCS (existing taxpayers)
  • Fiscal deterrence of undeveloped fields on NCS (new entrants)
  • Fiscal disruption: gas MET increase for Gazprom in 2021
  • Summary of fields eligible for APT in West Siberia
  • Changes in excess revenue tax rates
  • NPV10 and government share comparison
  • Romania: implementation of Offshore law
  • Treatment of investment deductions
  • Fiscal benchmarking – NPV10 and government share
  • Biddable fiscal terms
  • 2018 vs 2000 model agreements
  • Comparison of state share
  • Proposed changes to liquids SPT rates
  • Liquids production and oil SPT rates
  • Proposed treatment of carried forward expenditures for PRRT
  • Impact of PRRT proposed changes on four key pre-FID projects
  • Indonesia exploration rounds under Gross Split PSC
  • Ghana's first licensing round announced blocks
  • Ranges of rates in current licenses
  • Albania acreage by company interest
  • India EOR/EGR tax incentive - pilot project (well)
  • Cyprus exploration acreage by company interest
  • Winning bids from Brazil's recent PSC bid rounds
  • OALP Bid Round I - awarded blocks
  • Comparison of investment deduction approaches
  • Impact on pre-FID projects
  • Application of incentives to incremental production
  • Congo Licensing Rounds
  • West Africa government share comparison
  • Bonuses per acre
  • Total bonuses paid
  • Oil production and tax incentives in West Siberia
  • Rosneft’s proposed tax incentive for a mature field in West Siberia
  • Rosneft’s proposed tax incentive for an E&P company in East Siberia
  • Australia proposed corporate tax cut
  • What we're watching in H2 2018
  • Indonesia second 2018 bidding round
  • Bids and minimums in previous Brazil PSC Rounds
  • India DSF-II round terms
  • Fiscal benchmarking of Romania with and without new extra revenue tax
  • Russia: tax manoeuvre in upstream
  • Russian tax manoeuvre: increase MET, reduce export duty
  • Effective tax rates by terrain: PIFB v NPFP v existing terms
  • Special Tax uplift rate required for NPV neutrality (see insight for methodology and detail)
  • Russia APT qualifying fields (categories 2 - 4)
  • Revenue split for a category 3 model field
  • India PSC: Policy framework change for Pre-NELP Production Sharing Contracts (PSCs)
  • Fiscal benchmarking of Angola's new gas terms (15% discount rate)
  • Fiscal treatment of decommissioning

What's included

This report contains:

  • Document

    Upstream fiscal systems in brief

    ZIP 4.80 MB

  • Document

    Upstream fiscal systems in brief

    ZIP 1.71 MB

  • Document

    Ongoing Discussions.xls

    XLS 314.00 KB

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