Romania's Govt. wants to freeze royalties for Black Sea oil and gas concessions

Romania’s Government wants to forbid raising royalties for oil companies that hold offshore oil and gas concessions in the Black Sea. Companies will have the same royalties from the moment they sign the contract until the end, according to a Government’s draft project cited by local Profit.ro. Moreover, the royalty system can’t become more burdensome for these companies than the one in place when the contract was signed. The companies that hold oil concession agreements for offshore oil and gas perimeters are OMV Petrom, alone and in partnership with the US group ExxonMobil, and the consortium Lukoil-PanAtlantic Petroleum-Romgaz, Black Sea Oil&Gas and Petromar Resources. The most important offshore oil agreement is the one signed with OMV Petrom and ExxonMobil for the deep-sea perimeter Neptun Deep. The contract is valid until 2030. editor@romania-insider.com