Romania's Romgaz reaches agreement to buy 50% in Neptun Deep project from ExxonMobil

Romanian state-controlled natural gas company Romgaz announced that it reached an agreement with US energy group ExxonMobil on the terms and conditions for acquiring 100% of ExxonMobil Exploration and Production Romania Limited, the vehicle that holds 50% of the offshore perimeter XIX Neptun Deep Block.

The agreement implies the transfer of operatorship of the project to OMV Petrom following transaction completion.

This agreement will be signed subject to the endorsement of the Board of Directors and approval of the Extraordinary General Shareholders Meeting of Romgaz.

The transaction is expected to be completed in the first quarter of 2022, subject to obtaining such approvals and to the satisfaction of the conditions precedent provided in the share sale-purchase agreement.

The value of the transaction is not yet public. According to Economedia.ro, sources familiar with the deal claim that the transaction amounts to around EUR 1 billion.

Currently, ExxonMobil and OMV Petrom are equal partners in the deep-sea Neptun Deep project, where exploration has revealed deposits estimated at 42-84 billion cubic meters.

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