Romania’s Romgaz confirms interest in Neptun Deep offshore project

Romanian state-controlled gas company Romgaz still intends to take over part of the participation currently owned by ExxonMobil in the Neptun Deep offshore gas perimeter alongside OMV Petrom, general manager of Romgaz, Adrian Volintiru, confirmed in an interview with Profit.ro.

"The negotiations with ExxonMobil are blocked until the beginning of next year. Romgaz still targets 20% of Neptune Deep. It's not that Exxon does not want to sell. Each big oil company is re-evaluating its strategies in the context of the pandemic. Meanwhile, the Parliament and the Government are working on the Offshore Law, which could harmonize the interests [of the oil companies and state]," commented the Romgaz CEO.

Volintiru also estimates that the final decision related to continuing the Trident offshore project, where Romgaz is a minority partner of Lukoil, would come within one to two months. A recent drilling campaign failed to confirm the investors' initial estimations about the reserves in this perimeter.

"As for Trident, estimates and calculations of possible and probable reserves are still being made, with the most modern valuation tools. In a month or two, we will find out if the deposit is commercially exploitable," Volintiru said.

(Photo source: Facebook/Romgaz)