Country Report
Venezuela 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
The Venezuelan fiscal system has been transformed during the past ten years, culminating in the current ‘empresa mixtas' system: joint ventures between the state oil company, with a majority interest, and other investors, under concession terms. Royalty and income tax are payable, with lower rates for gas than oil, and a windfall tax is levied on oil revenues if the oil price exceeds $70/bbl. In addition, a number of minor levies are applicable to oil revenues and total tax payments must be...
Table of contents
- Basis
- Licence terms
- Government equity participation
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Fiscal terms
- Ring fencing
- Bonuses, rentals and fees
- Indirect taxes
- Royalty
- Additional petroleum taxes
- Corporate income tax
- Product 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 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 and minimum state share - OilEffective royalty rate and minimum state share - GasMaximum government share and maximum state share - oilMaximum government share and maximum state share - gasState share versus Pre-Share IRR - oilState share versus Pre-Share IRR - gas
- 8 more item(s)...
What's included
This report contains:
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