We use cookies
to help provide you with a good experience on our website. By continuing to browse the website, you are agreeing to our use of cookies.

Romania’s Romgaz completes takeover of Exxon Mobil’s stake in Neptun Deep

BLACK SEA
OIL & GAS

Romania’s Romgaz completes takeover of Exxon Mobil’s stake in Neptun Deep

Romanian natural gas producer Romgaz said on Monday it has completed the acquisition of Exxon Mobil's 50% stake in the Black Sea offshore project Neptun Deep for $1.06 billion (1 billion euro). - SeeNews

All conditions precedent were successfully fulfilled in line with contractual provisions, Romgaz said in a statement filed with the Bucharest Stock Exchange, BVB.

The successful completion of the transaction is a special accomplishment for Romgaz business portfolio. Neptun Deep Project has an important and strategic significance for Romania for ensuring our country’s energy security, especially in the current geopolitical context. We are determined to proceed to the development-production phase in the shortest time, together with our partner.

Romgaz CEO Aristotel Jude

In May, Romgaz announced the signing of the contract for the acquisition of 100% of ExxonMobil Exploration and Production Romania Limited (EMEPRL), the holder of 50% of the rights and obligations under the concession agreement for petroleum exploration, development and production in XIX Neptun Deep Block.

The other half of the rights and obligations under the XIX Neptun Deep Block concession is held by Romanian oil and gas group OMV Petrom.

OMV Petrom entered a joint venture with ExxonMobil for exploration of Neptun Deep Block in 2008. The block covers an area of some 7,500 sq km in water depths ranging from 100 to 1,700 meters, according to information posted on OMV Petrom's website.

Romgaz shares traded flat at 47.9 lei ($9.9/ 9.7 euro) on the Bucharest Stock Exchange as at 1232 CET on Monday. OMV Petrom's shares traded 0.19% lower at 0.5290 lei as at 1230 CET on Monday.

Relevant news

GO NET ZERO ENERGY
ExxonMobil, CNOOC and Shell team up for carbon capture and storage hub in China
ExxonMobil, Shell, CNOOC, and Guangdong Provincial Development & Reform Commission have signed a memorandum.
BLACK SEA
OIL & GAS
Romania's Romgaz completes 31 mln lei (6.3 mln euro) investment in Snagov onshore project
Romgaz Group said that it completed a 31 million lei investment in the Snagov onshore project.
BLACK SEA
OIL & GAS
Romgaz argues for speeding up production stage of Neptun Deep project
Romgaz will seek ways to speed up the Neptun Deep.
BLACK SEA
OIL & GAS
Profit of Romanian gas company Romgaz more than doubles YoY in Q1
Even if it sold a 17% lower amount of gas in Q1 this year compared to the same period of 2021.
BLACK SEA
OIL & GAS
OMV estimates Neptun Deep will require less than EUR 4 bln in production phase
Offshore Law comes into force, it will take between 9 and 12 months to make a final investment decision.
BLACK SEA
OIL & GAS
ExxonMobil to divest Romanian upstream unit for more than $1bn
Romgaz will purchase all shares in ExxonMobil Exploration and Production Romania, along with stake in the XIX Neptun Block.