Country Report

Romania upstream fiscal summary

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08 February 2019

Romania upstream fiscal summary

Report summary

All licences in Romania operate under a concession-based fiscal regime. The main elements include a royalty, gas windfall tax (onshore), excess revenue tax (offshore) and corporate income tax. Oil and gas royalty rates are linked to production. The gas windfall tax and excess revenue tax are applied above certain threshold gas prices. No bonuses or area rentals are payable but there are other indirect taxes. Blocks are awarded during licensing rounds and there is no mandatory state participation.

Table of contents

  • Basis
  • Licence terms
  • Government equity participation
    • Bonuses, rentals and fees
    • Indirect taxes
    • Financial contribution
    • Other indirect taxes
    • Royalty
    • Ring fencing
    • Base
    • Rate
    • Payment schedule
    • Gas windfall tax
    • Ring fencing
    • Base
    • Deductions:
    • Rate
    • Payment schedule
    • Excess revenue tax
    • Ring fencing
    • Base
    • Deductions:
    • Rate
    • Payment schedule
    • Corporate income tax
    • Ring fencing
    • Base
    • Depreciation
    • Exploration costs
    • Financing costs
    • Losses
    • Rate
    • Payment schedule
    • Fiscal treatment of decommissioning
    • Product Pricing
    • Summary of modelled terms
  • Recent history of fiscal changes
  • Stability provisions
  • Split of the barrel and share of profit
  • Effective royalty rate and maximum government share
  • Progressivity
  • Fiscal deterrence

Tables and charts

This report includes 25 images and tables including:

  • Timeline
  • Timeline detail
  • Split of the barrel - oil
  • Split of the barrel - gas
  • Share of profit - oil
  • Share of profit - gas
  • Effective royalty rate - onshore/shelf/deepwater, oil
  • Effective royalty rate - onshore, gas
  • Effective royalty rate - shelf/deepwater, gas
  • Maximum government share - onshore/shelf/deepwater, oil
  • Maximum government share - onshore, gas
  • Maximum government share - shelf/deepwater, gas
  • State share versus pre-share IRR - oil
  • State share versus pre-share IRR - gas
  • Investor IRR versus pre-share IRR - oil
  • Investor IRR versus pre-share IRR - gas
  • Oil and gas royalty
  • Oil and gas royalty
  • Gas windfall tax
  • Gas windfall tax rates
  • Excess revenue tax
  • Excess revenue tax rates
  • Assumed terms by location - oil and gas

What's included

This report contains:

  • Document

    Romania upstream fiscal summary

    PDF 949.51 KB

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