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The oil companies in Romania will pay fees depending on the quotation of Brent barrel in the London stock exchange

The companies which extract oil from Romania will pay to the state budget fees depending on the quotation of the Brent barrel on the stock exchange in London according to an order of the chairman of the National Agency for Mineral Resources (ANRM) published on Friday in the Official Gazette.

‘ It is considered key oil with physical-chemical characteristics and quality conditions and market similar to the types of oil in the domestic production, the Brent type’ the quoted draft says.

Last year, the quotations of Brent oil had an average of 71.06 dollars/barrel and for this year, OMV Petrom estimates a value of 65 dollars/barrel.
‘The owners of oil agreements will calculate monthly the fee due to the state through the use of percentage quota agreed through the oil agreement for gross oil production’ ANRM  order says.

‘The fee will be established quoterly, until the 20th of the first month of the following quarter.

The ANRM officials say they have designed this methodology of the fee calculation. ‘ in agreement with the criteria accepted on the international oil market, on the basis of studies made or contracted with specialty instituted in the country ( University Petrol-Gaze in Ploiesti) which will be presented and analysed with the representatives of the entities interested ( OMV Petrom SA).

According to the oil law 235 /2004 the owners of the oil agreements pay to the state budget a fee between 3.5% and 13% of the value of gross production ,depending on the value of the ore, in the case of oil and between 3.5% and 13.5% in the case of natural gas.