Failure to Reduce Gas Royalty Rates in 2017 Impacts Competitiveness of Ukrainian Regime

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Ukraine cheered some operators with 2017 tax legislation reducing the standard royalty rates for oil production from 45% to 29%. However, draft proposals to reduce royalty rates on new gas wells to 12% were not included in the final legislation. With natural gas making up nearly 90% of Ukraine’s 2016 hydrocarbon production on a boe basis, a reduction in royalty rates on new gas production may be required in order to attract significant new investment to the country’s upstream gas sector.

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