Overall country risks have been improving of late, due principally to improved tax collection, and fiscal tightening. Nevertheless, we believe that for oil & gas, the environment is broadly supportive, and as such supports our Neutral outlook.
August 6, 2022
Europe - East
South eastern Europe, bordering the Adriatic Sea and Ionian Sea, between Greece to the south and Montenegro and Kosovo to the north.
Royalty rates and profit oil splits are based upon project R-Factors. Cost recovery ceilings are negotiable.
The 2010 amendments to the Law on Foreign Investment introduced criteria specifying when the state would grant special protection to foreign investors involved in property disputes, providing additional guarantees to investors for investments of more than 10 million euros. Amendments in 2017 and 2018 extended state protection to December 31, 2019. The Law on Strategic Investments approved in 2015 offers incentives and fast-track administrative procedures, depending on the size of the investment and number of jobs created, to both foreign and domestic investors who apply before December 31, 2020.
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
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