Norway Upstream Fiscal and Regulatory Report-Fiscal Stability Maintained as Government Looks to License New Acreage

Norway Upstream Fiscal and Regulatory Report-Fiscal Stability Maintained as Government Looks to License New Acreage


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Executive Summary

Norway Upstream Fiscal and Regulatory Report-Fiscal Stability Maintained as Government Looks to License New Acreage

Summary

"Norway Upstream Fiscal and Regulatory Report-Fiscal Stability Maintained as Government Looks to License New Acreage", presents the essential information relating to the terms which govern investment into Norway's 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 state's take from hydrocarbon production. Considering political, economic and industry specific variables, the report also analyses future trends for Norway's 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 regime's 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 Norway's upstream oil and gas sector

Evaluate factors determining profit levels in the industry

Identify potential regulatory issues facing investors in the country's upstream sector

Utilize considered insight on future trends to inform decision-making



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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. Royalties, Bonuses and Fees 6

4.1.1. Area Fees 6

4.1.2. Exploration Fees 6

4.1.3. Royalties (Production Fees)-Abolished January 1, 2006 7

4.2. Direct Taxation 7

4.2.1. Corporate Income Tax 7

4.2.2. Special Petroleum Tax 8

4.2.3. Norm Prices 8

4.2.4. Deductions and Depreciation 8

4.2.5. Uplift 8

4.2.6. Losses Carried Forward 9

4.2.7. Exploration Tax Loss Rebate 10

4.2.8. Withholding Tax 10

4.3. Indirect Taxation 10

4.3.1. Environmental Taxes 10

4.3.2. Value Added Tax 10

4.3.3. Customs Duties 11

4.4. State Participation 11

5. Regulation and Licensing 12

5.1. Legal Framework 12

5.1.1. Governing Law 12

5.1.2. Contract Type 12

5.1.3. Title to Hydrocarbons 12

5.2. Institutional Framework 13

5.2.1. Licensing Authority 13

5.2.2. Regulatory Agency 13

5.2.3. National Oil Company 14

5.3. Licensing Process 14

5.3.1. Licensing Rounds 14

5.3.2. License Applications 15

5.3.3. Award Criteria 15

5.4. License Terms 16

5.4.1. Duration and Relinquishments 16

5.4.2. Work Obligations 16

6. Outlook 17

7. Appendix 19

7.1. Contact Us 19

7.2. Disclaimer 19

1.1 List of Tables

Table 1: Regime Overview 3

Table 2: Norway, Area Fees (NOK/km2), 2007-2017 6

Table 3: Norway, Area Fees (NOK/km2), 1965-2006 6

Table 4: Norway, Liquid Royalty Rates, 1972-2005 7

Table 5: Norway, Corporate Income Tax Rates (%), 1965-2017 7

Table 6: Norway, Special Petroleum Tax Rates (%), 1975-2017 8

Table 7: Norway, Uplift, 1992-2017 9

Table 8: Norway, Interest Rate on Losses Carried Forward (%), 2003-2017 9

Table 9: Norway, Environmental Taxes, 2015-2017 10

1.2 List of Figures

Figure 1: Regime Flow Chart 4

Figure 2: Norway, Indicative NPV10/boe, IRR and State Take Comparison, Regional 5

Figure 3: Norway, Legal Framework 12

Figure 4: Norway, Institutional Framework 13

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