Russia Upstream Fiscal and Regulatory Report-Temporary Tax Changes Implemented to Raise Government Revenue and Steps Taken Towards Major Tax Changes In the Future

Russia Upstream Fiscal and Regulatory Report-Temporary Tax Changes Implemented to Raise Government Revenue and Steps Taken Towards Major Tax Changes In the Future


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Executive Summary

Russia Upstream Fiscal and Regulatory Report-Temporary Tax Changes Implemented to Raise Government Revenue and Steps Taken Towards Major Tax Changes In the Future

Summary

"Russia Upstream Fiscal and Regulatory Report-Temporary Tax Changes Implemented to Raise Government Revenue and Steps Taken Towards Major Tax Changes In the Future", presents the essential information relating to the terms which govern investment into Russia'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 Russia's upstream oil and gas investment climate.

Scope

Overview of current fiscal terms governing upstream oil and gas operations in Russia

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 Russia

Reasons to buy

Understand the complex regulations and contractual requirements applicable to Russia'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 3

1.2. List of Figures 4

2. Regime Overview 5

3. State Take Assessment 9

4. Key Fiscal Terms-Royalty and Tax 11

4.1. Royalties, Bonuses and Fees 11

4.1.1. Signature Bonus 11

4.1.2. Annual Rental Fee 11

4.2. Mineral Extraction Tax 11

4.2.1. Crude Oil 12

4.2.2. Condensate 14

4.2.3. Natural Gas 17

4.2.4. New Offshore Field Incentives 18

4.2.5. Mineral Extraction Tax Holidays 18

4.2.6. Special Deduction for Bashkortostan and Tatarstan 19

4.3. Export Duty 19

4.3.1. Crude Oil 19

4.3.2. Natural Gas and LNG 21

4.3.3. Liquefied Petroleum Gas 21

4.3.4. Export Duty Exemptions 22

4.4. Direct Taxation 23

4.4.1. Corporate Income Tax 23

4.4.2. Deductions and Depreciation 24

4.4.3. Withholding Tax 25

4.5. Indirect Taxation 25

4.5.1. Value Added Tax 25

4.5.2. Import Duties 25

4.5.3. Property Tax 26

4.5.4. Land Tax 26

4.5.5. Excessive Flaring Fee 26

5. Key Fiscal Terms-Production Sharing Agreement 27

5.1. Royalties, Bonuses and Fees 27

5.1.1. Royalty 27

5.1.2. Bonuses and Other Fees 28

5.2. Cost Recovery 29

5.3. Profit Sharing 29

5.4. Taxation 31

5.4.1. Corporate Income Tax 31

5.4.2. Deductions and Depreciation 31

5.4.3. Value Added Tax 31

5.4.4. Tax Exemptions 31

5.5. Fiscal Stability 31

6. Regulation and Licensing 32

6.1. Legal Framework 32

6.1.1. Governing Law 32

6.1.2. Contract Type 33

6.1.3. Title to Hydrocarbons 33

6.2. Institutional Framework 34

6.2.1. Licensing Authority 34

6.2.2. Regulatory Agency 34

6.2.3. National Oil Company 34

6.3. Licensing Process 35

6.3.1. Auction Notice 35

6.3.2. Application Requirements 35

6.3.3. Auction Process 35

6.4. License Terms 35

6.4.1. Duration and Relinquishments 35

6.4.2. Work Obligation 36

6.4.3. Environmental Regulation 36

6.4.4. Local Content 36

6.5. Restrictions on Foreign Investment 36

7. Outlook 37

8. Appendix 39

8.1. Contact Us 39

8.2. Disclaimer 39

1.1 List of Tables

Table 1: Regime Overview 5

Table 2: Russia, Annual Rental Fees (RUB/km2) 11

Table 3: Russia, MET Base Rates-Crude Oil (RUB/tonne) 12

Table 4: Russia, Complexity Coefficient Values 13

Table 5: Russia, Oil MET-Periods in which KH = 0 for Specified Regions (Previously Regional Tax Holiday Periods) 14

Table 6: Russia, MET Rates-Condensate (RUB/tonne), 2011-June 30, 2014 15

Table 7: Russia, Notional Export Duty-Condensate (US$/tonne) 15

Table 8: Russia, Export Profitability Coefficient Values 17

Table 9: Russia, MET Rates-Non-Associated Gas, 2004-June 30, 2014 17

Table 10: Russia, New Offshore Field Incentives 18

Table 11: Russia, Export Duty-Crude Oil (US$/tonne) 20

Table 12: Russia, Marginal Export Duty Rates-Crude oil (%) 20

Table 13: Russia, Reduced Oil Export Duty (US$/tonne) 21

Table 14: Russia, Export Duty-LPG (US$/tonne) 22

Table 15: Russia, Export Duty Exemptions 22

Table 16: Russia, Corporate Income Tax Rate (%) 23

Table 17: Russia, Depreciable Asset Classes 24

Table 18: Russia, Withholding Tax Rates (%) 25

Table 19: Russia, Maximum Property Tax Rates (%) 26

Table 20: Russia, Kharyaga Royalty Rates (%) 27

Table 21: Russia, Sakhalin I Bonuses and Fees (US$) 28

Table 22: Russia, Sakhalin II Bonuses and Fees (US$), 2015 28

Table 23: Russia, Kharyaga Bonuses and Fees (US$) 29

Table 24: Russia, Profit-Sharing-Sakhalin I (%) 29

Table 25: Russia, Profit-Sharing, Sakhalin II (%) 30

Table 26: Russia, Profit-Sharing-Kharyaga (%) 30

1.2 List of Figures

Figure 1: Regime Flow Chart-Royalty and Tax 7

Figure 2: Regime Flow Chart-Production Sharing Agreement 8

Figure 3: Russia, Indicative NPV10/boe, IRR and State Take Comparison, Internal 9

Figure 4: Russia, Indicative NPV10/boe, IRR and State Take Comparison, Regional 10

Figure 5: Russia, Legal Framework 32

Figure 6: Russia, Institutional Framework 34

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