Romania Upstream Fiscal and Regulatory Report - Frequent Legislative Changes Create Uncertain Environment

Romania Upstream Fiscal and Regulatory Report - Frequent Legislative Changes Create Uncertain Environment

Summary

Romania offers concession agreements for oil and gas exploration and production activities under a concession framework. New legislation has created uncertainty in the sector in recent years, and additional changes to fiscal terms have created instability in the fiscal regime. A new offshore law came into force in November 2018 after significant political wrangling, introducing a new windfall gas tax. However, the industry still faces significant uncertainty as a result of numerous other proposals for tax and market regulation.

Romania Upstream Fiscal and Regulatory Report - Frequent Legislative Changes Create Uncertain Environment, presents the essential information relating to the terms which govern investment into Romanias 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 states take from hydrocarbon production. Considering political, economic and industry specific variables, the report also analyses future trends for Romanias upstream oil and gas investment climate.

Scope

- Overview of current fiscal terms governing upstream oil and gas operations in Romania
- Assessment of the current fiscal regimes 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 Romania.

Reasons to buy

- Understand the complex regulations and contractual requirements applicable to Romanias upstream oil and gas sector
- Evaluate factors determining profit levels in the industry
- Identify potential regulatory issues facing investors in the countrys upstream sector
- Utilize considered insight on future trends to inform decision-making.

1.1. List of Tables
1.2. List of Figures
2. Regime Overview
3. State Take Assessment
4. Key Fiscal Terms
4.1. Royalties, Bonuses and Fees
4.1.1. Royalties
4.1.2. Drilling Permit Fees
4.2. Additional Oil and Gas Taxes
4.2.1. Tax on Excess Revenue from Gas Price Deregulation
4.2.2. Offshore Supplementary Income Tax
4.2.3. Special Tax on Revenues from Natural Resources other than Natural Gas
4.3. Direct Tax
4.3.1. Corporate Income Tax
4.3.2. Deductions and Depreciation
4.3.3. Withholding Tax
4.4. Indirect Taxation
4.4.1. Value Added Tax
4.4.2. Customs and Excise Duties
4.5. EU Emissions Trading Scheme
5. Regulation and Licensing
5.1. Legal Framework
5.1.1. Governing Law
5.1.2. Contract Type
5.1.3. Title to Hydrocarbons
5.2. Institutional Framework
5.2.1. Licensing Authority
5.2.2. Regulatory Agency
5.2.3. National Oil Company
5.3. Licensing Process
5.3.1. Licensing Rounds
5.3.2. Bidding Process
5.4. License Terms
5.4.1. Duration and Relinquishments
5.4.2. Work Obligation
5.4.3. Domestic Market Obligation
5.4.4. Local Content
6. Outlook
7. Appendix
7.1. References
7.2. Contact Us
7.3. Disclaimer

List Of Tables

Table 1: Regime Overview
Table 2: Romania, Royalty Rates (%), Crude Oil and Condensate
Table 3: Romania, Royalty Rates (%), Natural Gas
Table 4: Romania, Offshore Supplementary Income Tax Rate Increments for Prices Exceeding RON85/MWh
Table 5: Bid Marking Scheme
Table 6: References

List Of Figures

Figure 1: Regime Flow Chart
Figure 2: Romania, Indicative NPV10/boe, IRR and State Take Comparison, Regional
Figure 3: Romania, Legal Framework
Figure 4: Romania, Institutional Framework

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