Romanian oil firms will pay royalties according to the Brent barrel on the London Stock Exchange

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Companies that extract oil from Romania will pay fees to the state budget according to the Brent barrel quotation on the London Stock Exchange, according to an order of the president of the National Agency for Mineral Resources (ANRM) published on Friday in the Official Gazette.

„It is considered the reference oil with physical and chemical characteristics and quality and market conditions similar to the types of crude oil from domestic production, the Brent assortment”, the quoted project states.

Last year, Brent crude oil prices averaged $71.06 per barrel, and for this year, OMV Petrom estimates a value of $65 a barrel, according to Agerpres.

„The owners of the oil agreements will calculate monthly the royalty due to the state, by applying the percentage quotas agreed upon by the oil agreement to the gross oil production achieved”, the ANRM order also states.

The fee will be handed over on a quarterly basis until the 20th of the first month of the following quarter.

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