Romania's president Klaus Iohannis has signed the Offshore Law
Mihai DraghiciRomania's president Klaus Iohannis has signed the Offshore Law on Wednesday, as has announced the Presidential Administration in Bucharest.
"The President of Romania, Klaus Iohannis, signed on Wednesday, May 25, 2022, the decree on the promulgation of the Law amending and supplementing Law no. 256/2018 on some measures necessary for the implementation of oil operations by holders of oil agreements on offshore oil perimeters (PL -x 262 / 11.05.2022)”, announced the Presidential Administration.
The offshore law was approved this month by the Chamber of Deputies.
"Basically, Romania, following the adoption of this legislative project, can start exploiting the Black Sea gas. They've been blocked so far. The project brings stability, predictability, a friendly tax system. We assure investors that the fiscal model, royalties will remain the same throughout the oil agreements. Moreover, it ensures the energy security of Romania", said the Energy minister, Virgil Popescu, during the debates.
The bill had previously been approved by the Senate.
