Petroleum fiscal and licensing month in brief: Brazil wins big pre-salt results as Romania debates gas taxes

In our latest 'month in brief', we highlight the main Fiscal and Licensing stories that occurred in October and we provide our analysis and opinion on the developments. This issue highlights: • Changes in fiscal terms: Newfoundland and Labrador releases its confirmed new royalty regime. Romania proposes royalty terms for the 11th round. • Ongoing fiscal discussions: Australia opens discussion on bid round structure. Romania debates the gas windfall tax. Russia proposes incentives for watered fields. Trinidad & Tobago presents a gas royalty increase for concessions. Oklahoma prepares to cut severance tax breaks. • Licensing rounds: US$1.9 billion of signature bonuses and massive profit share bids in Brazil's 14th round. Lebanon closes its long awaited first offshore round.