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BLACK SEA OIL AND GAS

October 2019   |   Black Sea region

Wood Mackenzie published a report ``Romania is considering higher taxes for Black Sea projects``

Posted by GBC on 18-09-2018

Ashley Sherman, Wood Mackenzie Principal Analyst, Caspian and Europe Upstream is speaking at the event on 23d of October. He will deliver a special presentation “Upstream project delivery: is it getting better?”.

On 2 August 2018, the president of Romania put the brakes on the Offshore Law that the Parliament passed just a month earlier. The decision followed strong opposition from the oil and gas industry to the new offshore tax proposal. Uncertainty around regulation and taxation has already delayed crucial FIDs in the Romanian Black Sea.

The proposed law provided much needed clarity to the regulatory framework for offshore production. But simultaneously, it introduced an extra revenue tax on offshore gas. Offshore companies will have to wait for the outcome before they can proceed with their investment plans.

Wood Mackenzie recently published the report “Romania is considering higher taxes for Black Sea projects” to analyze how this Law is actually affecting the industry from both positive and negative sides.

Wood Mackenzie’s upstream and petroleum taxation experts – Adam Meredith and Aleks Popovics – discussed some of the key takeaways from this report in a podcast.

Source: Wood Mackenzie

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