Oil Industry Economic Contributions

Oil Industry Economic Contributions – A new study entitled “The contribution of the oil and gas industry to the Romanian economy” (second edition, updated and expanded), reflecting an independent assessment by the Consilium Policy Advisors Group (CPAG), shows that the role of oil and petroleum; The gas sector in Romania has grown exponentially since the beginning of this decade.

The scientific approach used in Eq. Dr. Laurian Lungu, economic consultant, co-founder of the Consilium Policy Advisors Group, needs no further elaboration to emphasize the direct economic dimension of this sector in the context of the Romanian economy and states how important this industry is becoming.

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The total impact of the oil and gas industry on the economy (i.e. including direct, indirect and induced impacts) is more than significant, rising from 3.1% of GDP in 2020 to 4.1% of GDP in 2021 and GDP of 7.8% for the very first time. Mid 2022. The above figure underestimates the real impact of the sector on the economy, considering that some companies were not included in the survey[1].

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In addition to the post-pandemic economic recovery and increased exposure to sustainable investment over the past 10-15 years, a significant portion of this gain has been attributed to rising oil and natural gas prices worldwide. However, the positive impact on the economy of the Romanian oil and gas sector contributed to the new instruments that the state built to alleviate the many symptoms of a difficult decade from several perspectives.

The necessity of this section in difficult times has been proven by historical repetition from the very beginning. The energy crisis was perceived by a significant number of Europeans as a more serious threat than others, while Romanians already had compensation schemes financed by taxation in this sector. Threats to security of supply and bottlenecks in the weak energy mix are fortunately not a major concern for Romania at the moment due to domestic production of oil and, most importantly, natural gas.

Natural gas is currently the most important source of energy and plays an important role in ensuring security of supply for many countries around the world. The popularity of natural gas as a fuel source is due to its clean burning properties, affordability and versatility. The security of natural gas supply is therefore crucial to ensure the reliability and availability of the European economy. A secure natural gas supply ensures predictability, consistency and can meet the public and industrial demands of its users without disruption.

“We hope to see Romanian production only grow in the coming years, especially through offshore and deep onshore projects that will strengthen this country’s role in the new energy security architecture of its region. Through this industry, Romania has potential and responsibility. to have a greater impact on shaping the security of Eastern Europe in all dimensions and improving the living standards of Romanians, mainly through taxes from large investors in this industry, which is an important source of income for Romania, providing the necessary resources to finance public services. Contribute to economic growth, reduce income inequality, pay down the national debt and contribute to social stability,” said the Oil and Gas Employers’ Council.

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The contribution of the oil and gas sector to Romania’s GDP growth has increased significantly since 2020, when its activity was negatively affected by low demand during the pandemic. In addition to higher production volumes, a significant portion of this gain was attributed to higher oil and natural gas prices. The oil and gas sector accounted for approximately 7.8% of GDP in the first half of 2022. Comparatively, the contribution of the oil and gas sector to the GDP during the mentioned period represents:

The consequences for employment are also significant. At the end of June 2022, the number of jobs directly supported by the oil and gas sector was almost 61,000, taking into account the indirect and induced effects, it reaches 145,000, which is almost 3% of the total employment in Romania.

Total tax payments to the state consolidated budget from the oil and gas sector amounted to 29.8 billion RON in 2021 and 21.5 billion RON in the first half of 2022, representing 7.8% and 9.7% of total state revenues, respectively. to

Royalties and windfall taxes paid by the oil and gas sector hit a record high in the first half of 2022 after both volumes and prices rose. Together, they amounted to 8.1 billion RON, which is equivalent to 3.7% of the government’s total revenue. First semester of 2022.

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The oil and gas sector paid fuel VAT and excise duties of 17.6 billion RON in 2020 and 20.9 billion RON in 2021, accounting for 19.2 and 18.4 percent of the government’s revenue collected from VAT and excise duties, respectively. percent.

The pandemic has negatively affected the investments of oil and gas companies. Despite this, the sector contributed 5.6 billion RON in 2020 and 4.4 billion RON in 2021, respectively 2.2% and 1.4% of total investment in the economy.

The study “The contribution of the oil and gas industry to the Romanian economy” was prepared with the financial support of the Federation of Oil and Gas Employers (FPPG).

[1] The term “oil and gas industry/sector” as used in this document includes the companies included in this analysis. While these companies together make up a very large portion of the industry total, there are several other oil and gas companies that are not included in the analysis; for example Rompetrol, Lukoil or SLB. These three alone together could add at least an 8% estimated additional impact on direct employment impacts, potentially similar to direct GDP impacts.

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The robust US oil and gas industry is a critical component of economic prosperity and the North American energy security network that connects Canada, the United States and Mexico. In this CEC fact sheet, we analyze the direct and indirect economic impacts of the oil and gas industry in the United States.¹

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