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Romgaz to bid for ExxonMobil’s stake in Black Sea project within two months

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OIL & GAS

Romgaz to bid for ExxonMobil’s stake in Black Sea project within two months

Romanian state-owned natural gas company Romgaz (SNG) will submit a bid for the 50% stake held by US group ExxonMobil in the Black Sea perimeter Neptun Deep within a couple of months, before the term of the interim CEO expires, announced energy minister Virgil Popescu. Source: Romania-Insider

He expressed confidence that Romgaz can handle the project, located in Romania's Black Sea section. ExxonMobil is also the project's operator, while OMV Petrom (SNP) holds the other 50% stake.

I don't know if anyone in Romania has the expertise for deepwater projects, but I say we should give Romgaz a chance. I believe that Romgaz can manage this project.

Virgil Popescu, Energy Minister

He added that his ministry is working on the amendments to the Offshore Law, which it will first unveil to the ruling coalition.

Then, we will submit the bill to Parliament and to other political forces that want to join this project. I want all or most political forces to join this project because the gas exploitation will bring benefits and will make Romania a regional player on the natural gas market.

Virgil Popescu, Energy Minister

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