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Sterling To Pay Romania Oil Dues Worth 3.5%-13.5% Of Gross Prod

Canadian company Sterling will pay the Romanian state quarterly oil dues between 3.5% and 13.5% of the value of gross production of crude oil and gas, depending on the volume of production, computed based on reference prices set up by Romania’s Mineral Resources Agency ANRM, according to the Oil Law.
Sterling To Pay Romania Oil Dues Worth 3.5%-13.5% Of Gross Prod
06 feb. 2009, 15:15, English

For the natural gas, the company will pay dues between 3.5% and 13% from the value of the gross production.

No dues will be paid for the oil representing the minimum safety stock, according to the document.

Romania’s Prime Minister Emil Boc stated Thursday that, through the contract closed between ANRM and Sterling Resources, they switched from the principle of distributing production between the state and the company to an oil and lease contract, with due payment.