Oil & Gas Technology Report

Taxation in Oil & Gas - Thematic Research

Taxation is a key determinant of value in the oil and gas industry

In the upstream sector, where most value is created in the industry, host governments often apply specific fiscal regimes to oil and gas production in order to capture a greater share of the economic rent deriving from the country’s natural resources. Governments looking to stimulate investment may also offer significant incentives in order to account for the risks of exploration.

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  • What you need to know...
  • Of the leading integrated oil companies, Petroleo Brasiliero (Petrobras), Chevron Corp and Gazprom are relatively well positioned in terms of the tax burden faced by their upstream oil and gas operations.
  • Conversely, Surgutneftegas, Lukoil Oil Co and BP generally operate in higher tax jurisdictions than their peers.
  • The leading independent oil companies generally face lower overall tax burdens due to their focus on the US.
  • The independents facing the highest tax burden are Occidental Petroleum, Apache Corp and ConocoPhillips, as a result of the higher tax burden faced by their international operations.

In the midstream and downstream sectors, the fiscal regime is generally more closely aligned with the general corporate tax regime. However, specific elements may still be incorporated as a result of the economic and political importance of the energy sector.

GlobalData’s Taxation in Oil & Gas – Thematic Research report explores this in greater depth.

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