Black Sea Oil & Gas CEO Expects Tax Decree To Be Scrapped by 2021

Romania's tax decree could be scrapped completely by 2021 when Black Sea Oil & Gas is set to start extracting gas from the Black Sea in a $400 million investment, CEO Mark Beacom said Wednesday at ZF Power Summit 2019.

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“Had we known three years ago it would come to this, we wouldn't have moved forward. We believe that by 2021 decree 114 will be long forgotten,” he said.

Beacom also criticized Romania's offshore law and said a tax on additional revenue should be eliminated because it brings no benefit to Romania and makes it more difficult to attract investments.

Black Sea Oil & Gas is set to move forward on its $400 million investment regardless of whether the tax decree or the offshore law change.

Black Sea Oil & Gas and its partners Petro Ventures Resources and Gas Plus International will the Black Sea offshore Midia Gas Development project that will have an estimated output of 1 billion cubic meters per year, representing 10% of Romania’s consumption.

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