Romania's Romgaz expects to complete Neptun Deep deal with Exxon by the end of July
The management of Romanian state-controlled natural gas company Romgaz (BVB: SNG) estimates the completion of the transaction for the acquisition of a 50% stake in the Neptun Deep Black Sea natural gas field from ExxonMobil at the end of July, according to a company's note to investors.
The date for completing the transaction and paying the rest of the money was initially announced as June 30.
Romgaz signed in early May the sale-purchase contract for taking over ExxonMobil's participation in Neptun Deep perimeter, respectively 50% of the project, against USD 1.06 bln, of which it already paid only 10% in advance until the middle of May.
The project aims to increase the gas reserves of Romgaz and OMV Petrom (BVB: SNP), companies facing a natural decline in production - at Petrom, the decline is sharp, while at Romgaz, the target is to keep the annual natural decrease below 2.5%.
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