Romania Upstream Fiscal and Regulatory Report-Passage of Legislation Required to Bring Stability to Fiscal Regime
February 2017
15
About the Report
About the Report
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
Products
Table of Contents
Table of Contents
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
List of Figure
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
List of Table
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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