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Romania’s oil and gas taxation: challenges and prospects

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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 the following images and tables:

  • 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

This report contains:

  • Document

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

    XLS 220.50 KB

  • Document

    Romania’s oil and gas taxation: challenges and prospects

    PDF 359.38 KB