Dublin, Oct. 18, 2024 (GLOBE NEWSWIRE) -- The "Australia Upstream Fiscal and Regulatory Guide - 2024" report has been added to ResearchAndMarkets.com's offering.
Australia's upstream oil and gas sector operates under a multi-layer fiscal and regulatory regime characterized by both federal and state-level regulations. Onshore operations and those within three miles of the shore are managed by state/territory governments, while offshore activities fall under Commonwealth jurisdiction.
Key fiscal components include a federal corporate income tax of 30%, royalties ranging from 10% to 12.5% for onshore and certain coastal waters, and the Petroleum Resource Rent Tax (PRRT) at 40% for onshore and integrated LNG projects. Offshore projects benefit from more favorable tax conditions, with significant allowances for cost recovery and capital uplift incentives. The regime is structured to balance encouraging investment with ensuring a fair return to the state, reflected in regime scores that indicate a moderate to high rate of return under various price and cost conditions .
Regulatory oversight is shared among several bodies, including the National Offshore Petroleum Titles Administrator (NOPTA) and the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) for offshore operations. Licensing authority varies by jurisdiction, with state/territory departments responsible for onshore and coastal water areas.
The legislative framework is similarly diverse, with the Offshore Petroleum and Greenhouse Gas Storage Act of 2006 governing offshore activities, and various state laws regulating onshore operations. Recent regulatory adjustments have focused on optimizing the PRRT to generate higher and earlier tax revenues from LNG projects, amidst ongoing debates about domestic gas policies and their impact on international investment and local market dynamics.
Scope
Reasons to Buy
Key Topics Covered:
1 Executive Summary
1.1 Regime Overview - Concession Agreements
1.2 Timeline
2 State Take Assessment
3 Key Fiscal Terms - Concession Agreements
3.1 Bonuses and Fees
3.2 Royalties and Excises
3.3 Petroleum Resource Rent Tax
3.4 Direct Taxation
3.5 Indirect Taxation
4 Regulation and Licensing
4.1 Legal Framework
4.2 Institutional Framework
4.3 License Terms
4.4 Licensing process
4.5 Foreign Investment Screening
4.6 Restrictions on Hydraulic Fracturing
5 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/dbfkgk
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