Romania approves long-awaited fiscal and regulatory reforms

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After four years of upheaval, Romania has finalised investor-friendly amendments to its 2018 Offshore Law. This had disrupted plans for Black Sea gas growth, most prominently from the giant pre-FID Neptun Deep project. The reforms took effect after full approval by the country’s parliament and President in May. In our view, the law addresses several of the core points contested by Romania’s leading offshore operators. The rebalancing of value between investors and the state is significant, and the terms now also apply to deep onshore fields. Romania’s large-scale Black Sea gas resources matter both nationally and for the wider EU. Especially in the current geopolitical context. The Neptun Deep development would support the domestic energy transition and regional energy security, amid accelerated efforts to diversify away from Russian hydrocarbons.

Table of contents

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

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    Romania approves long-awaited fiscal and regulatory reforms

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