Country Report

Romania upstream fiscal summary

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08 October 2018

Romania upstream fiscal summary

Report summary

All licences in Romania operate under a Concession fiscal regime. Royalty rates are linked to production and vary between 3.5% and 13.5%. Existing contracts have stability clauses protecting against royalty rate changes. A 60%-80% gas windfall tax applies to excess gas revenues above certain price thresholds. Corporate income tax is 16%.

Table of contents

  • Executive summary
    • Basis
    • Licence terms
    • Government equity participation
    • Fiscal terms
      • Ring fencing
      • Bonuses, rentals and fees
      • Indirect taxes
      • Royalty
      • Corporate income tax
        • Exploration costs
        • Depreciation
        • Financing costs
        • Losses
        • Payment schedule
      • Gas windfall tax
      • Extra revenue tax on offshore gas (proposed)
      • 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
    • Investor IRR versus pre-share IRR - oil

Tables and charts

This report includes 21 images and tables including:

  • Revenue flowchart: Romania Concession
  • Timeline
  • Timeline detail
  • Split of the barrel - oil
  • Economic analysis: Image 2
  • Economic analysis: Image 3
  • Economic analysis: Image 4
  • 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
  • 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
  • Indirect taxes
  • Oil and gas royalty
  • Oil and gas royalty
  • Gas windfall tax
  • Gas windfall tax rates
  • Assumed terms by location - oil and gas

What's included

This report contains:

  • Document

    Romania upstream fiscal summary

    PDF 833.13 KB