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President Klaus Iohannis promulgated the Offshore law which regulates the exploitation of gas in the BlackSea

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President Klaus Iohannis promulgated on Monday the Offshore law which regulates the exploitation of gas in the Black Sea.

According to the presidential administration, the president signed ‘the decree for the promulgation of the law regarding some measures necessary for the implementation of the oil operations by the owners of oil agreements which refer to offshore oil areas (PL-x33/19.02.2018)’.

The law was passed in the parliament on 24 October.

According toProfit.ro the clause for stability of the fiscal regime for the natural gas exploitations in the BlackSea for the whole period of oil agreement development including the taxation on supplementary income of the shareholders,eliminated by the commissions in the Deputies’Chamber and  required by the oil companies as minimum condition to take the final decisions for investments was put back in the Offshore law in the plenary of the chamber.

The owners of oil agreements which refer to the offshore oil areas under execution  on the date of coming into power of the present law benefit, during the whole period of the programme including during any extensions  the level of royalties, the percentage quotas for oil royalties, the gross production levels belonging to these quotas and the fiscal regime specific for exploitation activities, development,exploitation and abandment on the basis of the existing agreements on the date of coming into power of the present law’ is the variant adopted through vote in the plenary of the chamber.

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