Slovakia

Investment & Operational Criteria

Key Indicators
‍

Risk Premia
‍

2.500

Outlook
‍

Neutral

Rating
‍

BBB|2S|±

Ranking
‍

Reserves (1P)
‍

Total
‍

mm boe

Oil
‍

Summary

Slovakia's government under Robert Fico has clashed with Brussels over the rule of law and Ukraine, and regulatory unpredictability has increased. Dependence on Russian crude and the loss of gas transit revenue weigh on the energy sector. Outlook maintained because political risk has risen, but not enough to change our view. Outlook: Neutral. Risk premia unchanged at 2.5%.

Updated

October 9, 2026

Country Basics

Region

Europe - Central

Reserves (1P)
‍

Oil
‍

mm bbl

Gas
‍

bcf

Location

Central Europe, landlocked, south of Poland.

Outline

Tax Regime
Type

Concession

Tax Regime
Notes

Concession (royalty/tax) regime. Exploration areas are granted by the Ministry of Environment under the Geology Act, and production requires a mining lease (dobývací priestor) under the Mining Act, with a payment levied on the value of extracted hydrocarbons and corporate income tax (21%, or 24% for companies with turnover above €5m from 2025). Production is small and mature, mainly gas from the Vienna and East Slovak basins operated by NAFTA, which also runs large underground gas storage.

Investment &
Operational
Climate

Prime Minister Robert Fico's government has clashed with Brussels over rule of law and Ukraine and faces large protests. US and UK guidance cite a strong automotive sector, but note higher taxes, regulatory unpredictability and governance concerns. Slovakia relies heavily on Russian crude via Druzhba for the Slovnaft refinery, but lost gas transit revenue after Ukraine ended Russian transit in January 2025. Nuclear power (Mochovce 3 and 4) provides most of its electricity, and a new unit is planned with Westinghouse.

Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.