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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%.

andrei@romania-insider.com

(Photo source: Pixabay.com)

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The Capital Markets News section is powered by the Bucharest Stock Exchange 

 

BSE

 

 

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%.

andrei@romania-insider.com

(Photo source: Pixabay.com)

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