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
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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:
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