Romania plans to enforce different royalties for onshore and offshore deposits

Newsroom 04/06/2014 | 12:57

The government is working closely with the World Bank on drawing up a new system for oil and gas royalties that will provide differentiated rates for onshore and offshore projects, said Wednesday Prime Minister Victor Ponta, quoted by Agerpres newswire.

The PM said the country will roll out a new petroleum law next year, which includes the redesigned system of royalties.

“Of course, you can not have the same royalties for onshore and offshore deposits, as there are huge differences on the level of investments(…) Any company needs to recover its costs” said the PM.

He added that US oil major ExxonMobil and Austria’s OMV Petrom are set to invest over EUR 1 billion in developing the Neptun block in the Black Sea.

According to Ponta the new royalties will not apply for ongoing projects, but for future concessions.

Ovidiu Posirca

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