National Agency for Mineral Resources said the royalties from companies that pump oil and natural gas from Romanian territory in the nine months ending September 30 fell 18.5% to 667 million lei (€157.7 million) from the same period of last year.
The royalty paid by companies under oil exploration agreements in Jan-Sep 2008 period stood at 819.263 million lei.
“Reasons underlying the decline in royalties are first of all the drop in oil and natural gas production, in the benchmark price of oil extracted from the fields in the Romanian territory, and actual price practiced by economic agents resulting from the decline in FOB Med quotes for crude and oil products”, according to data provided by ANRM.
According to centralized data from the agency, the country’s natural gas production fell in the first nine months to 8.386billion cubic meters, compared to year-ago 8.806 billion cubic meters.
The country’s crude production dropped from 3,404,785 tons in Jan-Sep 2008, to 3,286,851 tons this year.
ANRM is the governmental institution responsible for granting mining and exploration licenses. The agency is under the control of the prime minister and Secretariat General of the Government.
Article comments "Oil and gas royalties drop 18% in Jan-Sep"
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