Romania

Investment & Operational Criteria

Key Indicators
‍

Risk Premia
‍

3.125

Outlook
‍

Uncertain

Rating
‍

BB|3S|§

Ranking
‍

Reserves (1P)
‍

Total
‍

mm boe

Oil
‍

Summary

Romania's oil and gas sector suffered under the communist regime, but changes to licensing and offshore law have triggered renewed investment, led by OMV Petrom and Romgaz's Neptun Deep project. Political stability has improved after the 2025 presidential rerun, although austerity and windfall taxes are risks. Outlook amended from Uncertain because Neptun Deep and political stabilisation have clarified the direction. Outlook: Neutral. Risk premia unchanged at 3.125%.

Updated

October 7, 2026

Country Basics

Region

Europe - East

Reserves (1P)
‍

Oil
‍

mm bbl

Gas
‍

bcf

Location

Southeastern Europe, bordering the Black Sea, between Bulgaria and Ukraine.

Outline

Tax Regime
Type

Concession

Tax Regime
Notes

The fiscal regime that applies in Romania to companies operating in the petroleum industry generally consists of corporate income tax (CIT), petroleum royalty and other oil-related taxes for special funds.

Investment &
Operational
Climate

Nicușor Dan won the May 2025 presidential rerun after the 2024 election was annulled over Russian interference. Prime Minister Ilie Bolojan's coalition is implementing austerity to cut the EU's largest budget deficit. US and UK guidance cite EU membership and strong growth, but note bureaucracy, corruption and fiscal tightening. The EIA notes that OMV Petrom and Romgaz's Black Sea Neptun Deep project, due on stream in 2027, will make Romania the EU's largest gas producer, alongside Cernavodă nuclear expansion.

Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.