Country Report
Romania upstream summary
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 pre-FID Neptun Deep asset. If realised, the latter will transform the country's gas outlook. Romania is one of the ...
Table of contents
- 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
-
State-backed companies
-
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
-
Introduction
-
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
-
Unconventional E&A activity
- Coalbed methane (CBM)
- Shale gas
-
Licensing
-
Reserves and resources
- Overview
- Reserves
-
Production
-
Oil and condensate
- Historical production
- Future production
-
Gas
- Historical production
- Future production
-
Oil and condensate
-
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
-
Oil infrastructure
-
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
-
Key legislation
-
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
- Other production taxes
- EU temporary solidarity contribution (2022-23)
- Indirect taxes
- Domestic market obligation (DMO)
- Decommissioning
- Product pricing
- Sample cash flow
-
Overview
Tables and charts
This report includes 38 images and tables including:
- Romania - liquids production
- Romania - gas production
- Key facts: Table 1
- Country map
- Romania - E&A drilling activity
- Romania - liquids and gas reserves
- Reserves and resources: Table 1
- Reserves and resources: Table 2
- Contingent resources
- Romania - oil infrastructure
- Infrastructure: Table 2
- Romania - gas infrastructure
- Reserves and contingent resources at 01/01/2024
- Liquids and Gas Production 2023
- Net Acreage 2024
- Romania - sedimentary basins
- Romania - licensing activity
- Romania - active blocks and 11th licensing round
- Romania - liquids production
- Production: Table 1
- Production: Table 2
- Production: Table 3
- Production: Table 4
- Romania - gas production
- Production: Table 5
- Production: Table 6
- Production: Table 7
- Production: Table 8
- Infrastructure: Table 1
- Infrastructure: Table 3
- Costs: Table 1
- Costs: Table 2
- Costs: Table 3
- Costs: Table 4
- Fiscal terms: Table 1
- Fiscal terms: Table 2
- Fiscal terms: Table 3
- Fiscal terms: Table 4
What's included
This report contains:
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