Key data
| Regulation | Resolution of July 28, 2026, from the General Directorate of Energy Policy and Mines |
|---|---|
| BOE Publication | July 31, 2026 |
| Entry into force | August 1, 2026 |
| Affected parties | Companies holding concessions for the exploitation of hydrocarbon deposits in Spain |
| Category | Energy / Energy taxation |
| Period | First half of 2026 |
| Crude price (Brent) | €75.4560/barrel |
| Natural gas price (MIBGAS) | €42.6431/MWh |
| Available remedy | Appeal to the State Secretary for Energy — 1 month deadline |
Companies holding concessions for the exploitation of hydrocarbon deposits in Spain now have the official values that determine how much they will pay under the Tax on the Value of Extraction of Gas, Oil and Condensates in the first half of 2026. The Resolution of July 28, 2026 from the General Directorate of Energy Policy and Mines, published in the BOE on July 31, sets crude at €75.4560/barrel (Brent quotation) and natural gas at €42.6431/MWh (MIBGAS reference). These prices are not indicative: they are the legal taxable base of the tax created by Law 8/2015.
What does this regulation establish?
The Tax on the Value of Extraction of Gas, Oil and Condensates was created by Law 8/2015. Its taxable base is not calculated on the market price on the day of extraction, but on official reference prices that the General Directorate of Energy Policy and Mines approves each semester. This resolution sets those corresponding to the first half of 2026.
The approved prices are as follows:
| Product | Reference price | Quotation source |
|---|---|---|
| Crude (oil) | €75.4560/barrel | Brent quotation |
| Natural gas | €42.6431/MWh | MIBGAS reference |
| Condensates | According to quotations of naphtha, kerosene, diesel, propane and butane | Reference markets for each product |
Condensates do not have a single fixed price: their reference value is determined from the quotations of five products: naphtha, kerosene, diesel, propane and butane. Each company must apply the corresponding weighting according to the composition of its extracted condensates.
In addition to the calculation of the tax, these reference prices also determine mandatory payments to owners of land overlying the exploitation concessions, which extends the financial impact beyond the tax settlement.
Economic and operational impact
The direct effect of this resolution is twofold: fiscal and contractual.
- Fiscal: The amount of the Tax on the Value of Extraction is calculated by applying the tax rate established in Law 8/2015 to the taxable base resulting from multiplying the volume extracted by the official reference price. A crude price of €75.4560/barrel means that each barrel extracted is taxed on that value, regardless of the price at which the company has sold or recorded the crude.
- Contractual: Payments to owners of overlying land are also calculated on these reference prices, so any half-yearly variation directly impacts payment obligations to third parties.
From an operational perspective, companies must update their settlement models with the new values before closing the accounts for the first half. Failure to do so correctly can result in incorrect settlements, with the consequent risk of regularization by the Administration.
Who does it affect?
- Companies holding concessions for the exploitation of hydrocarbon deposits in Spanish territory.
- Operators with extraction activities for crude (oil), natural gas or condensates during the first half of 2026.
- Tax and finance departments (CFOs, tax directors) responsible for settling the Tax on the Value of Extraction.
- Tax advisors and consultants specialized in the energy sector who manage the tax obligations of these companies.
- Owners of land overlying concessions, insofar as the payments they receive are calculated on these same reference prices.
Practical example
Suppose a company holding an exploitation concession that has extracted 50,000 barrels of crude during the first half of 2026.
With the reference price set at €75.4560/barrel, the taxable base of the Tax on the Value of Extraction corresponding to that production would be:
50,000 barrels × €75.4560/barrel = €3,772,800
The tax rate established in Law 8/2015 will be applied to that taxable base to determine the amount to be paid. Similarly, if the company has an obligation to pay owners of overlying land, that amount will also be calculated using €75.4560/barrel as the reference.
For a company with natural gas production, the same exercise would be performed with €42.6431/MWh, multiplied by the MWh extracted in the semester.
What should companies do now?
- Update the settlement models of the Tax on the Value of Extraction with the new prices: €75.4560/barrel for crude and €42.6431/MWh for natural gas.
- Determine the reference price applicable to condensates based on the quotations of naphtha, kerosene, diesel, propane and butane, according to the specific composition of the extracted condensates.
- Calculate payments to owners of overlying land applying the same reference prices, and communicate the amounts to the recipients within the contractually agreed timeframes.
- Review the settlement for the first half of 2026 to ensure that prices from previous periods or provisional estimates have not been applied.
- Evaluate whether an appeal is appropriate: if the company believes that the approved reference prices are incorrect, it has one month from publication (from July 31, 2026) to file an appeal with the State Secretary for Energy.
Frequently asked questions
What is the reference price for crude for the extraction tax in the first half of 2026?
The official reference price for crude (oil) for the first half of 2026 is €75.4560/barrel, calculated on the Brent quotation. This value is what should be used to determine the taxable base of the Tax on the Value of Extraction of Gas, Oil and Condensates, created by Law 8/2015.
How is the reference price for condensates calculated in the first half of 2026?
Condensates do not have a single fixed reference price. Their value is determined from the quotations of five products: naphtha, kerosene, diesel, propane and butane. Each company must apply the corresponding weighting according to the composition of its condensates extracted during the semester.
When does the resolution of reference prices for 1H 2026 come into force?
The resolution came into force on August 1, 2026, the day after its publication in the BOE (July 31, 2026). It applies to the settlement of the first half of 2026.
Can the resolution on hydrocarbon reference prices be appealed?
Yes. The resolution can be appealed to the State Secretary for Energy within one month from its publication in the BOE (July 31, 2026). After that deadline, the approved reference prices will be mandatory with no possibility of ordinary challenge.
What are these reference prices used for besides calculating the tax?
In addition to determining the taxable base of the Tax on the Value of Extraction, the reference prices are also used to calculate mandatory payments to owners of land overlying hydrocarbon deposit exploitation concessions. Therefore, their financial impact goes beyond the tax settlement.
Official source
View complete regulation in official source
Disclaimer: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://www.boe.es/diario_boe/txt.php?id=BOE-A-2026-16663