Norway Upstream Fiscal and Regulatory Report - Headline Upstream Tax Rate Stable Despite General Corporate Tax Cut


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Norway Upstream Fiscal and Regulatory Report - Headline Upstream Tax Rate Stable Despite General Corporate Tax Cut

Summary

Norway Upstream Fiscal and Regulatory Report - Headline Upstream Tax Rate Stable Despite General Corporate Tax Cut, presents the essential information relating to the terms which govern investment into Norways upstream oil and gas sector. The report sets out in detail the contractual framework under which firms must operate in the industry, clearly defining factors affecting profitability and quantifying the states take from hydrocarbon production. Considering political, economic and industry specific variables, the report also analyses future trends for Norways upstream oil and gas investment climate.

Scope

  • Overview of current fiscal terms governing upstream oil and gas operations in Norway
  • Assessment of the current fiscal regimes state take and attractiveness to investors
  • Charts illustrating the regime structure, and legal and institutional frameworks
  • Detail on legal framework and governing bodies administering the industry
  • Levels of upfront payments and taxation applicable to oil and gas production
  • Information on application of fiscal and regulatory terms to specific licenses
  • Outlook on future of fiscal and regulatory terms in Norway

Reasons to buy

  • Understand the complex regulations and contractual requirements applicable to Norways upstream oil and gas sector
  • Evaluate factors determining profit levels in the industry
  • Identify potential regulatory issues facing investors in the countrys upstream sector
  • Utilize considered insight on future trends to inform decision-making

1 Table of Contents
 

1 Table of Contents 1
1.1 List of Tables 2
1.2 List of Figures 2

2 Regime Overview 3
 

3 State Take Assessment 5
 

4 Key Fiscal Terms 6
4.1 Upfront Payments 6
4.1.1 Area Fees 6
4.1.2 Exploration Fees 6
4.1.3 Royalties (Production Fees) - Abolished January 1, 2006 6
4.2 Direct Taxation 7
4.2.1 Corporate Income Tax 7
4.2.2 Special Petroleum Tax 7
4.2.3 Norm Prices 7
4.2.4 Deductions and Depreciation 7
4.2.5 Uplift 8
4.2.6 Losses Carried Forward 8
4.2.7 Exploration Tax Loss Rebate 8
4.2.8 Withholding Tax 8
4.3 Indirect Taxation 9
4.3.1 Environmental Taxes 9
4.3.2 Value Added Tax 9
4.4 State Participation 9

5 Regulation and Licensing 10
5.1 Legal Framework 10
5.1.1 Governing Law 10
5.1.2 Contract Type 10
5.1.3 Title to Hydrocarbons 10
5.2 Institutional Framework 11
5.2.1 Licensing Authority 11
5.2.2 Regulatory Agency 11
5.2.3 National Oil Company 11
5.3 Licensing Process 12
5.3.1 Licensing Rounds 12
5.3.2 License Applications 12
5.3.3 Award Criteria 12
5.4 License Terms 12
5.4.1 Duration and Relinquishments 12
5.4.2 Work Obligations 13

6 Outlook 14
 

7 Contact Information 15

 

Table 1: Summary 3
Table 2: Norway, Area Fees (NOK/km2), 2007-2016 6
Table 3: Norway, Area Fees (NOK/km2), 1965-2006 6
Table 4: Norway, Liquid Royalty Rates, 1972-2005 6
Table 5: Norway, Corporate Income Tax Rates (%), 1965-2016 7
Table 6: Norway, Special Petroleum Tax Rates (%), 1975-2016 7
Table 7: Norway, Uplift, 1992-2016 8
Table 8: Norway, Interest Rate on Losses Carried Forward (%), 2003-2015 8
Table 9: Norway, Environmental Taxes, 2015-2016 9

 

Figure 1: Regime Flow Chart 4
Figure 2: Norway Indicative NPV10/boe, IRR and State Take Comparison - Regional Peers, 2016 5
Figure 3: Norway, Legal Framework 10
Figure 4: Norway, Institutional Framework 11