Romania's offshore opportunities enhanced by low royalties, taxes

摘要

A new pipeline will create a new export route for natural gas to European markets. In 2018 the Romanian Parliament set the scene for future offshore investments in the Black Sea by passing a bill to regulate offshore legislative framework. The law entered into force late last year and includes technical and fiscal provisions for offshore oil exploration activities, including exploration permits, transportation conditions and the availability of data. The bill also adds taxes on additional revenues obtained from the offshore wells, out of which investments in the upstream segment are deducted. For existing investors, the fiscal regime applied will be the one set through already signed individual agreements.