Country report

Venezuela upstream fiscal summary

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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...

What's included

This report contains

  • Document

    Venezuela upstream fiscal summary

    PDF 412.00 KB

Table of contents

  • Executive summary
    • Basis
    • Licence terms
    • Government equity participation
      • 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 21 images and tables including:

Images

  • Revenue flowchart: Venezuela Concession
  • Timeline
  • Split of the barrel - oil
  • Split of the barrel - gas
  • Share of profit - oil
  • Share of profit - 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

Tables

  • Timeline details
  • Effective royalty rate and minimum state share - Oil
  • Effective royalty rate and minimum state share - Gas
  • Maximum government share and maximum state share - oil
  • Maximum government share and maximum state share - gas
  • Bonuses, rentals and fees
  • Indirect taxes
  • Royalty rates
  • Current licence, equity and fiscal terms: Table 4
  • Assumed terms by location - oil
  • Assumed terms by location - Gas

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