The government could approve this spring a new methodology for calculating the reference price for natural gas, said Sorin Gal, director general of the General Direction for Evaluation and Concession of Resources / Oil Reserves of the National Agency for Mineral Resources (ANRM).
“We hope to have it probably in mid-March,” Gal told energynomics.ro.
Differences in the calculation of the reference price led to errors in reporting, for example the Court of Accounts, using a reference price other than the ANRM, found and reported major differences in the balance sheet of Romgaz.
Currently, only a tribunal can clarify the details of the Court of Accounts report, which was challenged. In the activity report for 2015, the Court of Accounts stated that reference prices of natural gas extracted in Romania were set incorrectly by ANRM, which led to the establishment of much lower royalties. According to the Courtof Account’s report, large differences resulted in the royalties to the state budget for 2011-2015, estimated to the amount of over 1 billion euros.
Gal stressed at a conference organized by Ziarul Financiar that ANRM applied an old Order, in 2008, the establishment of royalties, as legislation required so.
However, with the adoption of new price benchmark, several provisions leading to confusion in the old reporting will be repealed.
Meanwhile, analysts also expect the government to finalize in the first quarter and the new royalties for oil and natural gas.
