Country report

Romania upstream fiscal summary

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Report summary

A simple Concession-based fiscal regime. Royalty rates vary with production rates. In addition to corporate income tax, there are some indirect taxes. There is no state participation. The standard VAT rate is 24%. Reform of the regulated gas price is a condition of EU accession and is expected in the middle of the next decade. The barrel = lifetime revenue / field reserves. Profit = revenue – costs from barrel charts. For further details see New Investment:...

What's included

This report contains

  • Document

    Romania upstream fiscal summary

    PDF 351.35 KB

Table of contents

  • Executive summary
    • Basis
    • Licence terms
    • Government equity participation
      • Ring fencing
      • Bonuses, rentals and fees
      • Indirect taxes
      • Royalty
      • Additional petroleum taxes
      • Corporate income tax
      • 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
    • Investor IRR versus pre-share IRR - oil

Tables and charts

This report includes 19 images and tables including:


  • Revenue flowchart: Romania Concession
  • Timeline
  • Split of the barrel - oil
  • Economic analysis: Image 2
  • Economic analysis: Image 3
  • Economic analysis: Image 4
  • State share versus pre-share IRR - oil
  • State share versus pre-share IRR - gas
  • Economic analysis: Image 7
  • Investor IRR versus pre-share IRR - gas
  • Oil and gas royalty


  • Timeline detail
  • Effective royalty rate - onshore/shelf/deepwater, oil
  • Effective royalty rate - onshore/shelf/deepwater, gas
  • Maximum government share - onshore/shelf/deepwater, oil
  • Maximum government share - onshore/shelf/deepwater, gas
  • Indirect taxes
  • Oil and gas royalty
  • Assumed terms by location - oil and gas

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