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Summary“Russia Upstream Fiscal and Regulatory Report”, GlobalData’s latest release, 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 licensing 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 the fiscal and regulatory regime governing upstream oil and gas operations in Russia- Detail on legal framework and governing bodies administering the industry- Levels of upfront payments and taxation applicable to oil and gas production- Explanation of the latest Mineral Extraction Tax (MET) and export duty provisions, along with their evolution over time- Detailed information on the terms of production sharing agreements for Sakhalin and Kharyaga- Assessment of the current fiscal regime’s attractiveness to investors against regional peers- Outlook on future of fiscal and regulatory terms in RussiaReasons 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- Assess current investment opportunities- Identify potential regulatory issues facing investors in the country’s upstream sector- Utilize considered insight on future trends to inform decision-making
Table of ContentsRegime OverviewRegime Flow Chart - Royalty and TaxRegime Flow Chart - Production Sharing AgreementFiscal Take AssessmentKey Fiscal Terms - Royalty and TaxKey Fiscal Terms - Production Sharing AgreementRegulation and LicensingOutlookContact InformationList of TablesRussia, Annual Rental Fees (RUB/km2), 2015Russia, MET Base Rates - Crude Oil (RUB/tonne), 2002-2017Russia, Complexity Coefficient Values, 2015Russia, Oil MET - Periods in which KH = 0 for Specified Regions (Previously Regional Tax Holiday Periods), 2015Russia, MET Rates - Condensate (RUB/tonne), 2011-June 30, 2014Russia, Notional Export Duty - Condensate (US$/tonne), 2015Russia, MET Rates - Non-Associated Gas, 2004-June 30, 2014Russia, MET Rates - Non-Associated Gas, 2002-June 30, 2014Russia, Export Duty - Crude Oil (US$/tonne), 2015Russia, Marginal Export Duty Rates - Crude oil (%), 2001-2017Russia, Reduced Oil Export Duty (US$/tonne), 2015Russia, Export Duty - LPG (US$/tonne), 2015Russia, Export Duty Exemptions, 2015Russia, Corporate Income Tax Rate (%), 2000-2015Russia, Depreciable Asset Classes, 2015Russia, Withholding Tax Rates (%), 2015Russia, Maximum Property Tax Rates (%), 2015Russia, Kharyaga Royalty Rates (%), 2015Russia, Sakhalin I Bonuses and Fees (US$), 2015Russia, Sakhalin II Bonuses and Fees (US$), 2015Russia, Kharyaga Bonuses and Fees (US$), 2015Russia, Profit-Sharing - Sakhalin I (%), 2015Russia, Profit-Sharing - Sakhalin II (%), 2015Russia, Profit-Sharing - Kharyaga (%), 2015List of FiguresRegime Flow Chart - Royalty and TaxRegime Flow Chart - Production Sharing AgreementRussia, Indicative NPV10/boe, IRR and Fiscal Take Comparison - Internal, 2015Russia, Indicative NPV10/boe, IRR and Fiscal Take Comparison - Regional, 2015Legal FrameworkInstitutional Framework