Country Report
Uzbekistan upstream fiscal summary
Report summary
Most foreign companies in Uzbekistan operate under Production Sharing Contract (PSC) terms. The terms remain negotiable items on a case-by-case basis. The fiscal terms include a flat cost recovery ceiling for oil and price-based for gas and IRR-based profit share. The state (via wholly-owned Uzbekneftegaz) will normally take a 10-50% working interest in joint projects with foreign investors. 2020 tax code changes increased corporate income tax to 15% and improved loss carry forward limit to 10 years, with taxable base offset limit increased to 60% per year. Some of the main commercial risks relate to marketing of oil and gas. There is a lack of export options and operators typically have to sell oil and gas onto the domestic market where the prevailing price is very low.
Table of contents
- Basis
- Licence terms
- Government equity participation
-
Fiscal terms
- Bonuses, rentals and fees
- Indirect taxes
- Royalty
- Ring fencing
- Base
- Rate
- Payment schedule
- PSC cost recovery
- Base
- Rate (cost recovery ceiling)
- Recoverable costs
- Unrecovered costs
- Recovery schedule
- PSC profit sharing
- Base
- Rate
- Corporate income tax
- Base
- Rate
- Payment schedule
- Fiscal treatment of decommissioning costs
- Product pricing
- Liquids pricing
- Gas 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 21 images and tables including:
- 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 , oil
- Effective royalty rate - onshore , gas
- Maximum government share – onshore, oil
- Maximum government share – onshore, 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
- Royalty rates
- Royalty rates
- PSC profit sharing
- PSC profit sharing
- Assumed terms by location - oil
What's included
This report contains:
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