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

Investments in the hydrocarbon 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 Association of Black Sea Offshore Concessionaires (ARCOMN).

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.