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Italy Upstream Fiscal and Regulatory Report - Regulatory Barriers to Remain an Issue for Project Development

Summary

“Italy Upstream Fiscal and Regulatory Report - Regulatory Barriers to Remain an Issue for Project Development”, 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

Italy Upstream Fiscal and Regulatory Report - Regulatory Barriers to Remain an Issue for Project Development
1 Table of Contents
1 Table of Contents 1
1.1 List of Tables 2
1.2 List of Figures 2
2 Regime Overview 3
3 State Take Assessment 5
4 Key Fiscal Terms 7
4.1 Upfront Payments 7
4.1.1 Surface Fees 7
4.1.2 Royalty 7
4.2 Direct Taxation 8
4.2.1 Corporate Income Tax 8
4.2.2 IRES Surcharge (2008-2015) 8
4.2.3 Regional Tax 9
4.2.4 Deductions and Depreciation 10
4.2.5 Withholding Tax 10
4.3 Indirect Taxation 10
4.3.1 Value-Added Tax 10
4.3.2 Import Duty 10
4.3.3 EU Emissions Trading Scheme 10
5 Regulation and Licensing 11
5.1 Legal Framework 11
5.1.1 Governing Law 11
5.1.2 Contract Type 11
5.1.3 Title to Hydrocarbons 11
5.2 Institutional Framework 12
5.2.1 Licensing Authority 12
5.2.2 Regulatory Agency 12
5.2.3 National Oil Company 12
5.3 Licensing Process 13
5.4 License Terms 13
5.4.1 Duration 13
5.4.2 Regional Regulations 13
5.4.3 Offshore Activity Regulations 13
6 Outlook 14
7 Contact Information 15

1.1 List of Tables
Table 1: Summary 3
Table 2: Italy, Annual Surface Fees, 2015 7
Table 3: Italy, Annual Royalty-Exempt Production Volumes, 2016 7
Table 4: Italy - Onshore Sicily, Royalty Rate (%), 2001-2016 8
Table 5: Italy, IRES Rates (%), 1981-2013 8
Table 6: Italy, IRES Surcharge Rate (%), 2008-2015 8
Table 7: Italy, National IRAP Base Rate (%), 1997-2016 9
Table 8: Italy, Regional IRAP Rates (%), 2015 9
Table 9: Italy, Tangible Asset Depreciation Rates (%), Fossil Fuels Sector, 1996-present 10

1.2 List of Figures
Figure 1: Regime Flow Chart 4
Figure 2: Italy, Indicative State Take Comparison - Internal, 2016 5
Figure 3: Italy, Indicative NPV10/boe, IRR and State Take Comparison - Regional, 2016 6
Figure 4: Italy, Legal Framework 11
Figure 5: Italy, Institutional Framework 12

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