Romania Upstream Fiscal and Regulatory Report - Uncertainty Clouds Regulatory Landscape Despite Passage of Offshore Law

Romania Upstream Fiscal and Regulatory Report - Uncertainty Clouds Regulatory Landscape Despite Passage of Offshore Law

Summary

"Romania Upstream Fiscal and Regulatory Report - Uncertainty Clouds Regulatory Landscape Despite Passage of Offshore Law", 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 2
1.2. List of Figures 2
2. Regime Overview 3
3. State Take Assessment 5
4. Key Fiscal Terms 6
4.1. Royalties, Bonuses and Fees 6
4.1.1. Royalties 6
4.1.2. Drilling Permit Fees 7
4.2. Additional Oil and Gas Taxes 7
4.2.1. Tax on Excess Revenue from Gas Price Deregulation 7
4.2.2. Offshore Supplementary Income Tax (Pending Promulgation) 8
4.2.3. Special Tax on Revenues from Natural Resources other than Natural Gas 8
4.3. Direct Tax 9
4.3.1. Corporate Income Tax 9
4.3.2. Deductions and Depreciation 9
4.3.3. Withholding Tax 9
4.4. Indirect Taxation 9
4.4.1. Value Added Tax 9
4.4.2. Customs and Excise Duties 9
4.5. EU Emissions Trading Scheme 10
5. Regulation and Licensing 11
5.1. Legal Framework 11
5.1.1. Governing Law 11
5.1.2. Contract Type 11
5.1.3. Title to Hydrocarbons 11
5.2. Institutional Framework 12
5.2.1. Licensing Authority 12
5.2.2. Regulatory Agency 12
5.2.3. National Oil Company 12
5.3. Licensing Process 13
5.3.1. Licensing Rounds 13
5.3.2. Bidding 13
5.4. License Terms 14
5.4.1. Duration and Relinquishments 14
5.4.2. Work Obligation 14
5.4.3. Domestic Market Obligation 14
5.4.4. Local Content 14
6. Outlook 15
7. Appendix 17
7.1. References 17
7.2. Contact Us 18
7.3. Disclaimer 18

List Of Tables


Table 1: Regime Overview 3
Table 2: Romania, Royalty Rates (%), Crude Oil and Condensate 6
Table 3: Romania, Royalty Rates (%), Natural Gas 6
Table 4: Romania, Offshore Supplementary Income Tax Rate Increments for Prices Exceeding RON85/MWh 8
Table 5: Bid Marking Scheme 13
Table 6: References 17

List Of Figures


Figure 1: Regime Flow Chart 4
Figure 2: Romania, Indicative NPV10/boe, IRR and State Take Comparison, Regional 5
Figure 3: Romania, Legal Framework 11
Figure 4: Romania, Institutional Framework 12

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