ExxonMobil to pull out of Romanian offshore gas project

U.S. oil group ExxonMobil has sent a letter informing interested parties about its intention to exit the Neptun Deep offshore gas project in Romania.

ExxonMobil could either sell its 50% share of the rights in the Black Sea perimeter or the whole company that has the extraction rights in this perimeter, in which OMV Petrom holds the remaining 50%, could go on sale, according to the confidential letter leaked to Economica.net. Profit.ro, however, comments about the lack of potential buyers for the perimeter.

Indeed, Exxon is under pressure to generate cash by selling assets, Profit.ro wrote quoting a Reuters analysis, but the demand is weak globally and particularly in the case of the Romanian perimeter (where the regulations have recently tightened and turned volatile). Economica.net nonetheless points out that ExxonMobil is not planning to “bring in another investor”, as circulated by some media sources earlier in July, but sell its stake and pull out of the business.

“They are looking for an investor, they want to bring someone in the project, a third partner, but Exxon will remain an operator,” unofficial sources within the Government quoted by state media agency Agerpres stated. This is in sharp contrast to the letter consulted by Economica.net.

Exxon reportedly already informed the Romanian Government, the National Authority for Mineral Resources (ANRM) and partner OMV Petrom of its intentions, according to the letter.

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