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Oil investments in Black Sea to bring 26 billion dollars to state budget

By Jerom Bolt
Investments in the oil/gas sector in the Black Sea will generate revenues for the state budget of 26 billion US dollars, and a plus of 40 billion for Romania's GDP, until the year 2040, according to a study done by Deloitte, at the request of the Romanian Black Sea Titleholders Association (RBSTA).
The largest sum, namely 9,5 billion dollars, will be represented by companies' income tax. Out of the VAT and excises will bring in 3,7 billion US dollars, 6,5 billion from social insurance contributions, and another 5,5 billion US dollars from royalties.
In the same period these investments will support, annually, roughly 30,000 jobs.
Analysts estimate that offshore gas production will go up to 170 billion cubic meters, out of which 35 percent will be exported.
'There are grounds allowing that 65 percent of this gas be consumed in Romania,' Deloitte senior expert Razvan Nicolescu told Monday a press conference, with the occasion of the report's launch.
Oil companies will invest 15,7 billion US dollars in the Black Sea projects, 2018 through 2049, according to the report.
'Out of these investments, 54 percent will generate impact for our economy, the rest being import acquisitions,' Nicolescu added.
The Romanian Black Sea Titleholders Association (RBSTA) is the only association dedicated to the exploration and development of Romania’s Black Sea hydrocarbons resources. RBSTA is formed by titleholders of concessions offshore Romania.
The current titleholders (in alphabetic order) of the Romanian Black Sea concessions represented in the Association are: Black Sea Oil & Gas S.R.L.; ExxonMobil Exploration and Production Romania Limited; Gas Plus International B.V. Lukoil Overseas Atash B.V.; OMV Petrom S.A.; Petro Ventures Europe B.V.; S.N.G.N. Romgaz S.A.
The members participate on a voluntary and equitable basis.
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