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.