Montenegro's oil and gas exploration tender awaits special tax law.

By bne IntelliNews February 25, 2013
Montenegro has several times announced it will open an oil and gas exploration tender but has not yet launched it as it awaits the adoption of a special law on the sector's taxation, state radio and TV broadcaster RTCG reported. According to information from the finance ministry, the government has formed a working group in charge of drafting the law. Its adoption is due in the second quarter of the year. In mid-2012, Montenegro adopted a decision which blocks would be included in future concessions for hydrocarbon production. The total area that will be offered under concession to oil companies is 3,191 square kilometres, divided into 13 blocks, the government said back then. It also defined a fiscal framework envisaging the introduction of fees for oil and gas, and extra taxes. For oil production the framework determines a fee from 5% to 12%, while for gas production - 2%. The extra tax would amount to up to 59% of the profit from oil and gas production.

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