Australia Upstream (Oil and Gas) Fiscal and Regulatory Guide, 2024

Powered by

All the vital news, analysis, and commentary curated by our industry experts.

Australia Upstream Fiscal and Regulatory Report Overview

Australia’s upstream oil and gas sector operates under a multi-layer fiscal and regulatory regime characterized by 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.

The “Australia Upstream Fiscal and Regulatory Guide” report presents valuable insights into the regulatory landscape governing investment in the country’s upstream oil and gas sector. The report gives a comprehensive overview of the contractual framework under which firms must operate in the industry, 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 Australia’s upstream oil and gas investment climate.

Buy the Full Report for More Insights on Australia Upstream Fiscal and Regulatory Policies, 2024

Download a Free Sample Report

Key Regimes ·        Concession Agreements
Enquire & Decide Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase.

Australia Regime Overview - Concession Agreements

Australia’s upstream oil and gas operations are subject to a royalty/tax fiscal regime. Royalties set by state/territory governments and crude oil excise are payable on production from onshore areas and coastal waters except Barrow Island. Offshore projects are also subject to the PRRT, a 40% profit tax calculated on an individual project basis, and company tax is payable at the general rate. Projects with integrated LNG infrastructure and production have special PRRT treatment, with more favorable assessable income and deductibility rules, allowing for a smaller or even null PRRT tax base.

Regime Flow Chart – Concession Agreements

Regime Flow Chart – Concession Agreements

Buy the Full Report for More Insights into the Fiscal and Regulatory Regime of Australia

Download a Free Sample Report

Australia Upstream Fiscal and Regulatory Guide - Regulation and Licensing

Australia’s regulation and licensing landscape is categorized into a legal and institutional framework.

The legislation governing the upstream oil and gas activities depends on the location of those operations. The Offshore Petroleum and Greenhouse Gas Storage Act, of 2006 governs offshore operations under federal jurisdiction, while the state or territory laws oversee the onshore or coastal waters operations.

The Joint Authority, comprising the responsible commonwealth minister, the Minister for Industry, Innovation, and Science, and the relevant state/territory minister grant petroleum licenses for offshore areas under federal jurisdiction. In the Eastern Greater Sunrise area, the offshore areas of Tasmania, and the external territories (such as the Territory of Ashmore and Cartier Islands), the Joint Authority is the responsible commonwealth minister.

Legal Framework

Legal Framework

Buy the Full Report for More Insights into the Fiscal and Regulatory Regime of Australia

Download a Free Sample Report

Scope

The report provides:

  • Overview of current fiscal terms governing upstream oil and gas operations in Australia.
  • Assessment of the current fiscal regime’s state take and attractiveness to investors.
  • Charts illustrating the regime structure, and legal and institutional frameworks.
  • Analyze the legal framework and governing bodies administering the industry.
  • Levels of upfront payments and taxation applicable to oil and gas production.
  • Information on the application of fiscal and regulatory terms to specific licenses.
  • Outlook on the future of fiscal and regulatory terms in Australia’s upstream oil and gas operations.

Reasons to Buy

  • Gain insights into the regulatory landscape: Get a comprehensive overview of Australia’s upstream fiscal and regulatory environment.
  • Understand the impact on business operations: Learn how the regulatory burden affects the operations cost.
  • Identify and assess the potential risks and challenges associated with operating upstream projects in the country.

Table of Contents

  • 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
  • 5.1 References
  • About GlobalData
  • Contact Us

Table

Table 1: Regime Overview: Concession Agreement

Table 2: Regime Overview: Concession Agreement

Table 3: Australia, Key Events Since Year 2000

Table 4: Australia, Annual Rental Fees (AUD)

Table 5: Australia, Onshore, Coastal Waters and North West Shelf, Royalty Rates (%)

Table 6: Australia, Onshore, Coastal Waters and North West Shelf, Crude Oil Excise Rates (%)

Table 7: Australia, Petroleum Resource Rent Tax Expenditure Classes and Uplift Rates

Table 8: Australia, Reduced CIT for Small and Medium Businesses (%), 2018

Table 9: Australia, Statutory Effective Life Caps – Petroleum Sector (years)

Table 10: Australia, Withholding Tax Rates (%)

Table 11: Australia, Reduced CIT for Small and Medium Businesses (%), 2018

Table 12: Australia, Australia, State/Territory Licensing Authorities

Table 13: Australia, Reduced CIT for Small and Medium Businesses (%), 2018

Table 14: References

Figures

Figure 1: Regime Flow Chart – Concession Agreements

Figure 2: Australia, Indicative NPV10/boe, IRR (%). Project returns by Regime and Resource Type

Figure 3: Australia, State Take Comparison. State-take by Regime and Resource Type

Figure 4: Australia, State Take, Price Sensitivity.

Figure 5: Australia, State Take Cost Sensitivity.

Figure 6: Regulatory impact on fiscal take and IRR

Figure 7: Regulatory impact on NPV per boe

Figure 8: Australia, Legal Framework.

Figure 9: Australia, Institutional Framework

Frequently asked questions

Australia Upstream (Oil and Gas) Fiscal and Regulatory Guide, 2024 standard reports
Currency USD
$1,500

Can be used by individual purchaser only

$3,000

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company


Undecided about purchasing this report?

Enquire Before Buying Download FREE Resources

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Sample Report

Australia Upstream (Oil and Gas) Fiscal and Regulatory Guide, 2024 was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying
testimonial-image
testimonial-image
testimonial-image
testimonial-image
testimonial-image
testimonial-image
testimonial-image

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Australia Upstream (Oil and Gas) Fiscal and Regulatory Guide, 2024 in real time.

  • Access a live Australia Upstream (Oil and Gas) Fiscal and Regulatory Guide, 2024 dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.