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Summary“Denmark Upstream Fiscal and Regulatory Report - Government Looks to Develop Improved Recovery Strategy Following Harmonization of Tax Terms”, GlobalData's latest release, presents the essential information relating to the terms which govern investment into Denmark'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 Denmark's upstream oil and gas investment climate.Scope- Overview of current fiscal terms governing upstream oil and gas operations in Denmark- 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 recent harmonization of tax terms across all licenses- Assessment of the current fiscal regime's attractiveness to investors- Outlook on future of fiscal and regulatory terms in DenmarkReasons to buy- Understand the complex regulations and contractual requirements applicable to Denmark'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
1 Table of Contents1 Table of Contents 11.1 List of Tables 21.2 List of Figures 22 Regime Overview 33 Fiscal Take Assessment 54 Key Fiscal Terms 64.1 Upfront Payments 64.1.1 License Fee 64.1.2 Royalties (Abolished) 64.2 Profit Share (Sole Concession) 64.3 Direct Taxation 64.3.1 Corporate Income Tax 64.3.2 Hydrocarbon Tax 64.3.3 Deductions and Depreciation 74.3.4 Withholding Tax 74.4 Indirect Taxation 74.4.1 Value Added Tax 74.4.2 Import Duty 74.5 EU Emissions Trading Scheme 74.6 Oil Pipeline Tariff/Compensatory Fee (Abolished) 75 Regulation and Licensing 85.1 Legal Framework 85.1.1 Governing Law 85.1.2 Contract Type 85.1.3 Title of Hydrocarbons 85.2 Institutional Framework 95.2.1 Licensing Authority 95.2.2 Regulatory Bodies 95.2.3 National Oil Company 95.3 Licensing Process 95.3.1 Open Door Procedure 95.3.2 Licensing Rounds 105.3.3 Contents of Application 105.3.4 Selection Criteria 105.4 License Terms 105.4.1 Duration 105.4.2 Work Obligations 105.4.3 Local Content 105.4.4 State Participation 106 Outlook 117 Contact Information 121.1 List of TablesTable 1: Summary 3Table 2: Denmark - Royalty Rate, Second Round 2015 5Table 3: Denmark - Royalty Rate, Second Round 2015 6Table 4: Denmark - Corporate Tax Rate, 2015 6Table 5: Denmark - Depreciation, 2015 71.2 List of FiguresFigure 1: Regime Flow Chart 4Figure 2: Denmark, Indicative NPV10/boe, IRR and Fiscal Take Comparison - Regional, 2015 5Figure 3: Denmark, Legal Framework 8Figure 4: Denmark, Institutional Framework 9