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Romgaz has submitted a bid for taking over ExxonMobil Black Sea assets

BLACK SEA
OIL & GAS

Romgaz has submitted a bid for taking over ExxonMobil Black Sea assets

Romgaz submitted, on the last day of March, a binding offer for the acquisition of 100% of ExxonMobil interests in Neptun Block, in the Black Sea, the day when the deadline provided in the letter sent by ExxonMobil Upstream Business Development on February 15, 2021 expired. Source: EnergyIndustryReview

The Board of Directors of S.N.G.N. Romgaz SA endorsed on March 30, 2021 the binding offer to acquire all shares (representing 100% of the share capital) issued by ExxonMobil Exploration and Production Romania Limited, company that holds 50% of the rights and obligations under the Concession Agreement for petroleum exploration, development and production in XIX Neptun Deep Block. OMV Petrom S.A. holds the other 50% participating interest, representing rights and obligations under the Concession Agreement for petroleum exploration, development and production in XIX Neptun Deep Block.

reads a statement of the company based in Medias

The binding offer to acquire all shares (representing 100% of the share capital) issued by ExxonMobil Exploration and Production Romania Limited was submitted to ExxonMobil Upstream Business Development on March 30.

Romgaz has been negotiating for several months for taking over Exxon’s stake in Neptun Deep project, in the Black Sea, where it has invested so far about USD 536mln during 2012-2016.

The Offshore Law would be put up for public debate as soon as the deal with the US company is completed.

If this bid was not submitted within the deadline provided in the agreement, in conditions of provisions favourable for titleholders, Exxon could have greater claims or maybe even drop the sale of its stake. Even under these conditions, the Executive in Bucharest is not satisfied only with the actual takeover of the stake, wanting to see how much influence Romgaz will have in Neptun Deep project, in relation to its future partner, OMV Petrom, which owns a 50% stake in this major Black Sea gas exploitation project.

Therefore, Romgaz should reach an agreement with the oil group OMV to control operations in the Romanian offshore sector.

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