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Romania’s oil and gas taxation: challenges and prospects

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17 October 2016

Romania’s oil and gas taxation: challenges and prospects

Report summary

Major changes to Romanian oil and gas taxation could be introduced in early 2017. These changes are driven by the offshore Black Sea discoveries, domestic gas market deregulation and a need to revive the mature onshore. We believe two separate fiscal regimes should be developed – one for the onshore, and one for the offshore. Both need to be competitive, flexible and stable to incentivise long-term investment. However, falling hydrocarbon prices posed a dilemma for the government at this critical moment, as the government also needs to stabilise the state budget revenues.

Table of contents

  • Executive summary
  • Tax stability has benefited hydrocarbon production in Romania
  • Domestic gas price liberalisation ended tax stability
  • A hard decision ahead
    • Deepwater
    • Onshore
  • A new fiscal system could help Romania achieve several strategic goals

Tables and charts

This report includes 7 images and tables including:

  • Romania's hydrocarbon production and tax share
  • Romania's hydrocarbon taxes
  • Romania's remaining oil and gas reserves
  • Deepwater Black Sea and Caspian Sea regimes: Split of revenues - Gas
  • Romania’s oil and gas taxation: challenges and prospects: Image 5
  • Selected onshore Europe regimes: Split of revenues - Oil
  • Selected onshore Europe regimes: Government share of pre-tax cash flow - Oil

What's included

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    Romania's oil and gas taxation - challenges and prospects.xls

    XLS 220.50 KB

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    Romania’s oil and gas taxation: challenges and prospects

    PDF 359.38 KB

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    ZIP 433.50 KB

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