Country Report
Romania upstream summary
Report summary
Romania is central and eastern Europe's largest oil and second largest gas producer. Local companies Romgaz and OMV Petrom are responsible for over 90% of production, with the majority coming from the onshore. However, two offshore projects will reverse the recent decline in gas production, leading Romania to become a net exporter during the next decade: ExxonMobil's Neptun Deep and Black Sea Oil and Gas' Midia Gas development.
Table of contents
- Executive summary
- Key facts
- Location maps
-
Key companies
-
State-backed companies
- OMV Petrom
- Romgaz
- Majors
- Other key IOCs
-
Other companies
- Offshore
- Onshore
-
State-backed companies
-
Geology
- Introduction
- Transylvanian basin
-
Foreland basins
- Moesian platform
- Moldavian platform
- Scythian platform
- North Dobrogean promontory
- Pannonian basin
- External Eastern/Southern Carpathians
-
Black Sea basin
- Shallow-water areas
- Deepwater areas
-
Exploration
- Licensing
-
Key recent and future licensing
- 11th licensing round
- Previous rounds
-
Drilling
- Drilling activity
- Overview
-
Recent and future conventional E&A activity
- Onshore
- Offshore
-
Historical conventional E&A activity
- Onshore
- Offshore
-
Unconventional E&A activity
- Coalbed methane (CBM)
- Shale gas
-
Reserves and resources
-
Reserves
- Reserves by shore status
- Reserves by report
-
Contingent resources
- Contingent resources by shore status
-
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
- Key oil refineries (listed in order of capacity)
-
Gas infrastructure
- Overview
- National transmission system operator
- Gas storage facilities
-
Key import and transit pipelines
- Trans-Balkan
- Khust-Satu Mare
-
Bulgaria-Romania-Hungary-Austria (BRUA)
- Phase 1
- Phase 2
- Other interconnectors
-
Key planned pipelines
- Eastring
- 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 (2018 (law 256/2018))
- Emergency government ordinance 27/2020 (EGO 27/2020, issued in February 2020)
- Regulatory body
-
State oil company
- OMV Petrom
- Romgaz
- Historical background
-
Licensing
- Concessions
-
Gas market liberalisation
- Initial liberalisation achievements and schedule
- Recent market events
- Romanian gas exchanges
-
Key legislation
-
Fiscal terms
-
Overview
- Upstream
- Midstream and downstream
- 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 34 images and tables including:
- Key facts: Table 1
- Country map
- Romania: sedimentary basins
- Romania: licensed blocks and 11th onshore and offshore licensing round
- Infrastructure: Table 2
- Infrastructure: Table 3
- Gas infrastructure map
- Reserves and contingent resources at 01/01/2023
- Liquids and Gas Production 2021
- Net Acreage 2023
- Licensing activity
- Active blocks by basin
- Reserves and resources: Table 1
- Reserves and resources: Table 2
- Liquid and gas reserves
- Reserves and resources: Table 3
- Production: Table 1
- Production: Table 2
- Romania liquids production
- Production: Table 3
- Production: Table 4
- Romania gas production
- Infrastructure: Table 1
- Oil infrastructure map
- Costs: Table 1
- Costs: Table 2
- Capital expenditure by shore status (US$ million)
- Costs: Table 3
- Costs: Table 4
- Operating expenditure by shore status (US$ million)
- 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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