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Vietnam upstream fiscal summary

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28 June 2018

Vietnam upstream fiscal summary

Report summary

All licences are governed by production sharing contracts (PSCs) of several vintages, with the  most recent 2013 PSC covered in this analysis. National oil company, PetroVietnam, has the right to take an equity stake in each contract area; recent contract awards suggest up to 20-50% under a joint operating company structure. Royalty rates and profit sharing splits are based on production rates. Various fees, export duty on crude oil,  petroleum income tax and oil surcharge (additional profits tax) are also payable. Bonuses, cost recovery ceilings and profit splits are negotiable. In designated frontier areas, investors can benefit from lower royalty, oil surcharge and petroleum income tax, and higher cost recovery ceilings and profit splits under the 'petroleum investment promotion' scheme.

Table of contents

  • Executive summary
    • Basis
    • Licence terms
    • Government equity participation
    • Fiscal terms
      • Ring fencing
      • Bonuses, rentals and fees
      • Indirect taxes
      • Royalty
      • Export duty
      • PSC cost recovery
      • PSC profit sharing
      • Additional petroleum taxes
        • Oil surcharge
        • Oil surcharge rates
      • Corporate income tax
      • Fiscal treatment of decommissioning
      • Product pricing
      • Summary of modelled terms
        • Assumed terms by location - oil
    • 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 33 images and tables including:

  • Revenue flowchart: Vietnam PSC
  • Timeline
  • Timeline details
  • Split of Barrel - oil
  • Split of barrel - gas
  • Share of profit - oil
  • Share of profit - gas
  • Effective royalty rate and minimum state share - onshore/shelf, oil
  • Effective royalty rate and minimum state share - onshore/shelf, gas
  • Effective royalty rate and minimum state share - deepwater, oil
  • Effective royalty rate and minimum state share - deepwater, gas
  • Maximum government share and maximum state share - onshore/shelf, oil
  • Maximum government share and maximum state share - onshore/shelf, gas
  • Maximum government share and maximum state share - deepwater, oil
  • Maximum government share and maximum state share - deepwater, 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 - oil
  • Royalty rates - gas
  • Royalty rates - oil
  • Royalty rates - gas
  • Contractor profit share - oil
  • Contractor profit share - gas
  • Contractor profit share - oil
  • Contractor profit share - gas
  • Current licence, equity and fiscal terms: Table 7
  • Oil surcharge rates
  • Current licence, equity and fiscal terms: Table 8
  • Assumed terms by location - Gas

What's included

This report contains:

  • Document

    Vietnam upstream fiscal summary

    PDF 306.66 KB

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