Name: Romania upstream summary
Brand: Wood Mackenzie
SKU: 11991
Price: 4080 USD
Availability: OnlineOnly
Author: Wood Mackenzie

Country Report 03 September 2025

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Report summary

A long-standing onshore producer, with future growth from Black Sea gas - Romania is a large source of oil and gas supply. The vast majority of its current output is onshore, mainly from mature fields. However, offshore gas production will increase significantly in future thanks to two major projects: Midia Gas Development, which was commissioned in 2022, and the giant Neptun Deep asset. The latter is expected to reach first gas in 2027, transforming the country into a net gas exporter. ...

Executive summary
Key facts
Location maps
Key companies
- State-backed companies
  - OMV Petrom
  - Romgaz
- Majors
  - Current
  - Previous
- Other key IOCs
- Other key companies
  - Offshore
  - Onshore
Geology
- Introduction
  - Onshore
  - Offshore
- Transylvanian basin
- Foreland basins
  - Moesian platform
  - Moldavian platform
  - Scythian platform
  - North Dobrogean promontory
- Pannonian basin
- Southern and Northern Carpathians
- Black Sea basin (offshore)
  - Shallow-water areas
  - Deepwater areas
Exploration
- Licensing
  - Overview
- Future licensing round
  - 11th licensing round
- Previous licensing rounds
- Drilling
  - Drilling activity
- Overview
- Onshore - key recent and future conventional E&A activity
- Offshore - key recent and future conventional E&A activity
  - Shallow-water blocks
  - Deepwater blocks
- Historical conventional E&A activity
  - Onshore
  - Offshore
- 1 more item(s)...
Reserves and resources
- Overview
- Reserves
Production
- Oil and condensate
  - Historical production
  - Future production
- Gas
  - Historical production
  - Future production
Infrastructure
- Oil infrastructure
  - Overview
  - National transmission system operator
  - Key pipelines
- Refineries
- Gas infrastructure
  - Overview
  - National transmission system operator
  - Gas storage facilities
- Key import and transit pipelines
  - Trans-Balkan pipeline
  - Khust-Satu Mare pipeline
- Bulgaria-Romania-Hungary-Austria (BRUA)
  - Phase 1
  - Phase 2
- Other interconnectors
- Key planned pipelines
  - Black Sea Coast-Podisor pipeline
  - Solidarity Ring (STRING) initiative
- LNG concept
Costs
- Introduction
- Capital costs
  - Capital expenditure by location
- Operating costs
  - Operating expenditure by location
Policy and regulation
- Key legislation
  - Petroleum Law (2004 (law 238/2004))
  - Offshore Law (2022 law (157/2022) amended the original 2018 law (256/2018))
  - Emergency government ordinance 27/2020 (EGO 27/2020, issued in February 2020)
- Regulatory body
- State oil company
  - OMV Petrom
  - Romgaz
- Licensing
  - Concessions
- Gas market liberalisation
  - Initial liberalisation achievements and schedule
  - Recent market events
  - Romanian gas exchanges
Fiscal terms
- Overview
  - Offshore Law (amended in 2022)
- Current fiscal terms
- Concessions
  - State equity participation
  - Fiscal/contractual ring-fences
  - Bonuses, rentals and fees
  - Royalty
  - Corporate income tax (CIT)
  - Windfall/excess revenue taxes
  - EU temporary solidarity contribution (2022-23)
  - Indirect taxes
  - 3 more item(s)...