Romania approves long-awaited fiscal and regulatory reforms
Report summary
Table of contents
- Executive summary
-
Vital reforms of the 2018 Offshore Law, which had set the sector back
- Excess revenue tax (ERT) adjusted for offshore gas
- Tax stability reinstated for offshore projects
- Freedom to export offshore gas restored, but potential for price caps persists
- Separate upcoming reform also set to cancel use of ‘reference price’ for gas royalty
-
Romania’s two main offshore projects gain commercial impetus
- Midia Gas Development (MGD) – value derisked, with production just weeks away
- Neptun Deep – FID back on the agenda in next 12 months, after four years of waiting
-
A delayed crossroads for Romania’s gas market outlook
- Neptun Deep’s scale matters for the EU too
- But it still won’t be all plain sailing to a Neptun Deep FID
- The reforms reduce government share to competitive level, but are unlikely to change investors’ perspective
Tables and charts
This report includes 8 images and tables including:
- Romania - summary impact of fiscal changes on Black Sea value
- Fiscal benchmarking of model offshore gas field
- Excess revenue tax - marginal and effective rates
- Excess revenue tax - overview
- Gas price comparison - Romania sales price and ‘reference price’
- Midia Gas Development - value impact of fiscal reforms
- Neptun Deep - value impact of fiscal reforms
- Romania - gas supply-demand outlook
What's included
This report contains:
Other reports you may be interested in
26 May 2023
Midia Gas Development
Midia Gas Development
Black Sea Oil & Gas (BSOG) operates the offshore Midia Gas Development in Romania's sector of the Black Sea. Production began ...
$3,10019 January 2023
Continental Europe upstream: 2022 in review
Continental Europe upstream: 2022 in review
From the Netherlands to the Black Sea and East Mediterranean, did Continental Europe’s upstream sector deliver on its plans?
$1,35005 June 2023
MENA upstream in brief
MENA upstream in brief
The latest stories and trends in the Middle East and North Africa upstream sector combined with our expert opinion and analysis.
$1,350