Romania Upstream Fiscal and Regulatory Report-Passage of Legislation Required to Bring Stability to Fiscal Regime

Romania Upstream Fiscal and Regulatory Report-Passage of Legislation Required to Bring Stability to Fiscal Regime


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Executive Summary

Romania Upstream Fiscal and Regulatory Report-Passage of Legislation Required to Bring Stability to Fiscal Regime

Summary

"Romania Upstream Fiscal and Regulatory Report-Passage of Legislation Required to Bring Stability to Fiscal Regime", presents the essential information relating to the terms which govern investment into Romania's 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 state's take from hydrocarbon production. Considering political, economic and industry specific variables, the report also analyses future trends for Romania's 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 regime's 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 Romania's upstream oil and gas sector

Evaluate factors determining profit levels in the industry

Identify potential regulatory issues facing investors in the country's upstream sector

Utilize considered insight on future trends to inform decision-making



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1 Table of Contents

1. Table of Contents 1

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. Direct Tax 7

4.2.1. Corporate Income Tax 7

4.2.2. Deductions and Depreciation 7

4.2.3. Withholding Tax 7

4.3. Windfall Taxes (2013-2017) 7

4.3.1. Tax on Excess Revenue-Natural Gas 7

4.3.2. Special Tax on Revenues-Crude Oil 8

4.4. Indirect Taxation 8

4.4.1. Value Added Tax 8

4.4.2. Customs and Excise Duties 8

4.5. EU Emissions Trading Scheme 8

5. Regulation and Licensing 9

5.1. Legal Framework 9

5.1.1. Governing Law 9

5.1.2. Contract Type 9

5.1.3. Title to Hydrocarbons 9

5.2. Institutional Framework 10

5.2.1. Licensing Authority 10

5.2.2. Regulatory Agency 10

5.2.3. National Oil Company 10

5.3. Licensing Process 11

5.3.1. Licensing Rounds 11

5.3.2. Bidding 11

5.4. License Terms 12

5.4.1. Duration and Relinquishments 12

5.4.2. Work Obligation 12

6. Outlook 13

7. Appendix 14

7.1. Contact Us 14

7.2. Disclaimer 14

1.1 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: Bid Marking Scheme 11

1.2 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 9

Figure 4: Romania, Institutional Framework 10

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