Summary
Italy governs upstream petroleum operations through a royalty and tax framework. In 2019, the country significantly increased surface fees and imposed a moratorium on offshore exploration. These steps are part of a major push towards progressing the energy transition and achieving ambitious decarbonisation targets in the country. The offshore moratorium was set for an initial 18 month period, although the economic shock caused by the COVID-19 pandemic may effect this. Additionally onshore exploration has been significantly impeded due to sustained environmental pressure and public hostility towards drilling. It is possible that in the longer term, regulation and taxation on the petroleum industry will increase further as the country continues its push towards the energy transition and environmental pressure remains.
“IItaly Oil and Gas Upstream Fiscal and Regulatory Guide”, presents the essential information relating to the terms which govern investment into Italy’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 Italy’s upstream oil and gas investment climate.
Scope
Reasons to Buy
Italy governs upstream petroleum operations through a royalty and tax framework. In 2019, the country significantly increased surface fees and imposed a moratorium on offshore exploration. These steps are part of a major push towards progressing the energy transition and achieving ambitious decarbonisation targets in the country. The offshore moratorium was set for an initial 18 month period, although the economic shock caused by the COVID-19 pandemic may effect this. Additionally onshore exploration has been significantly impeded due to sustained environmental pressure and public hostility towards drilling. It is possible that in the longer term, regulation and taxation on the petroleum industry will increase further as the country continues its push towards the energy transition and environmental pressure remains.
“IItaly Oil and Gas Upstream Fiscal and Regulatory Guide”, presents the essential information relating to the terms which govern investment into Italy’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 Italy’s upstream oil and gas investment climate.
Scope
- Overview of current fiscal terms governing upstream oil and gas operations in Italy
- Assessment of the current fiscal regime’s state take and attractiveness to investors
- Charts illustrating the regime structure, and legal and institutional frameworks
- Detail on legal framework and governing bodies administering the industry
- Levels of upfront payments and taxation applicable to oil and gas production
- Information on application of fiscal and regulatory terms to specific licenses
- Outlook on future of fiscal and regulatory terms in Italy
Reasons to Buy
- Understand the complex regulations and contractual requirements applicable to Italy’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
Table of Contents
1. Table of Contents
2. Regime Overview
4. Key Fiscal Terms
5. Regulation and Licensing
6. Appendix
List of Tables
List of Figures
