11.7 C
September 24, 2021

Royalties’ level remains unchanged in future oil law

*Round 11 of the tender for onshore and offshore blocks, to be launched next month

The level of royalties and the relevant chapter have remained completely unchanged in the new law, Sorin Gal, General Director of the National Agency for Mineral Resources, stated on Wednesday.
“Concerning the royalties, the draft has been completed at the Finance Ministry. Royalties have remained unchanged. I want to stress this. Therefore, Article 49 of Law 238/2004 (the Oil Law – editor’s note) has been copied ad litteram into the future law. Moreover, I came up with some proposals you will probably see on the Finance Ministry’s website when the law is published for public debate, proposals that concern the offering of facilities in relation to the production methods used. In fact, methods for raising the recovery factor for deep deposits, which from our point of view represents the main challenge in the following years alongside the offshore area,” Sorin Gal explained at a conference.
Likewise, he also talked about the blocks that will be put up for sale in round 11 of the tender.
“Round 11 is ready. I have finished all the packages necessary; there will be 28. We are waiting for the “okay” in order to launch the round. I hope we will be able to launch it in December or in early January 2016, and it will take place over a period of approximately 9 months until the contracts are finalized and signed. There are 28 packages both on the onshore and offshore areas. There are interesting packages and exploration areas,” Sorin Gal added.
At the end of October, Finance Minister Eugen Teodorovici was announcing that the Royalties Law could go through Parliament in the first part of next year and would come into force in 2017.

Related posts

Real estate market review in 2020: A peak for investments – almost 10% of the region’s volume, fluctuations in the other sectors. 2021, the year of recovery


National Bank decides to maintain the key interest rate at 1.75pct per annum

Nine O' Clock

Undelucram.ro: 80% of students say that 2020 was a weak year for a career. Half did not receive any job offers