Oil & Gas Investment in Romania: Legal Considerations
By Szilaghi Law · Updated 28 October 2026 · General information, not legal advice
Oil and gas rights in Romania are granted through petroleum agreements with ANRM, approved by government decision. Investors entering a project need ANRM approval for a transfer of interest, should check the fiscal regime and offshore rules, and may need FDI screening.
Rights
Review the petroleum agreement: area, phase, work program, guarantees and duration.
Entry route
Farm-in, transfer of interest or acquisition of the titleholder, and the approvals each needs.
Fiscal terms
Royalties, special taxes and the offshore regime under Law 256/2018.
Gas sales
Gas market rules under Law 123/2012 and ANRE licensing for supply and trading.
Clearances
FDI screening and merger control for the transaction.
Operations
Joint operating agreement, environmental and decommissioning duties.
- Petroleum agreement and approvals
- Work program status and guarantees
- JOA and partner consents
- Fiscal and royalty analysis
- ANRE licenses
- FDI and merger analysis
- Environmental permits
- Pre-emption by partners. JOAs often give partners pre-emption rights on transfers.
- Unfulfilled work program. Unmet obligations can lead to penalties or loss of rights.
- Fiscal change. Special taxes on the sector have changed in recent years.
Can a foreign company hold a Romanian petroleum agreement?
Yes, foreign companies can hold petroleum agreements, typically through a Romanian branch or subsidiary, subject to qualification by ANRM.
Is FDI screening likely for oil and gas deals?
Energy is a sensitive sector, so screening should always be checked for investors from outside the EU.
Tell us the decision you need to make
Describe the transaction or regulatory issue, the Romanian assets involved and your timetable.
Consultation