Country Report
Uzbekistan 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
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
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Fiscal terms
- Bonuses, rentals and fees
- Indirect taxes
- Royalty
- Ring fencing
- Base
- Rate
- Payment schedule
- PSC cost recovery
- 17 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:
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TimelineTimeline detailsSplit of the barrel - oil
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Split of the barrel - gasShare of profit - oilShare of profit - gasEffective royalty rate - onshore , oilEffective royalty rate - onshore , gasMaximum government share – onshore, oilMaximum government share – onshore, gasState share versus pre-share IRR - oilState share versus pre-share IRR - gas
- 9 more item(s)...
What's included
This report contains:
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