Romania Upstream Fiscal and Regulatory Report - Uncertainty Clouds Regulatory Landscape Despite Passage of Offshore Law
Region:Europe
Product Code:GDGE0143UFR
July 2018
19
About the Report
Romania Upstream Fiscal and Regulatory Report-Uncertainty Clouds Regulatory Landscape Despite Passage of Offshore Law
Summary
"Romania Upstream Fiscal and Regulatory Report-Uncertainty Clouds Regulatory Landscape Despite Passage of Offshore Law", presents the essential information relating to the terms which govern investment into Romania's upstream oil and gas sector. The report sets out in detail the contractual framework under which firms must operate in the industry, clearly defining factors affecting profitability and quantifying the state's take from hydrocarbon production. Considering political, economic and industry specific variables, the report also analyses future trends for Romania's upstream oil and gas investment climate.
Scope
- Overview of current fiscal terms governing upstream oil and gas operations in Romania
- Assessment of the current fiscal regime's state take and attractiveness to investors
- Charts illustrating the regime structure, and legal and institutional frameworks
- Detail on legal framework and governing bodies administering the industry
- Levels of upfront payments and taxation applicable to oil and gas production
- Information on application of fiscal and regulatory terms to specific licenses
- Outlook on future of fiscal and regulatory terms in Romania.
Reasons to buy
- Understand the complex regulations and contractual requirements applicable to Romania's upstream oil and gas sector
- Evaluate factors determining profit levels in the industry
- Identify potential regulatory issues facing investors in the country's upstream sector
- Utilize considered insight on future trends to inform decision-making.
Scope of the Report
Table of Contents
1 Table of Contents
1 Table of Contents 1
1.1. List of Tables 2
1.2. List of Figures 2
2. Regime Overview 3
3. State Take Assessment 5
4. Key Fiscal Terms 6
4.1. Royalties, Bonuses and Fees 6
4.1.1. Royalties 6
4.1.2. Drilling Permit Fees 7
4.2. Additional Oil and Gas Taxes 7
4.2.1. Tax on Excess Revenue from Gas Price Deregulation 7
4.2.2. Offshore Supplementary Income Tax (Pending Promulgation) 8
4.2.3. Special Tax on Revenues from Natural Resources other than Natural Gas 8
4.3. Direct Tax 9
4.3.1. Corporate Income Tax 9
4.3.2. Deductions and Depreciation 9
4.3.3. Withholding Tax 9
4.4. Indirect Taxation 9
4.4.1. Value Added Tax 9
4.4.2. Customs and Excise Duties 9
4.5. EU Emissions Trading Scheme 10
5. Regulation and Licensing 11
5.1. Legal Framework 11
5.1.1. Governing Law 11
5.1.2. Contract Type 11
5.1.3. Title to Hydrocarbons 11
5.2. Institutional Framework 12
5.2.1. Licensing Authority 12
5.2.2. Regulatory Agency 12
5.2.3. National Oil Company 12
5.3. Licensing Process 13
5.3.1. Licensing Rounds 13
5.3.2. Bidding 13
5.4. License Terms 14
5.4.1. Duration and Relinquishments 14
5.4.2. Work Obligation 14
5.4.3. Domestic Market Obligation 14
5.4.4. Local Content 14
6. Outlook 15
7. Appendix 17
7.1. References 17
7.2. Contact Us 18
7.3. Disclaimer 18
Research Methodology
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