Romania's Romgaz Completes Takeover of Exxon Mobil's Stake in Neptun Deep

Romanias Romgaz Completes Takeover of Exxon Mobils Stake in Neptun Deep
Τρι, 2 Αυγούστου 2022 - 17:18

Romanian natural gas producer Romgaz [BSE:SNG] said on Monday it has completed the acquisition of Exxon Mobil's 50% stake in the Black Sea offshore project Neptun Deep for $1.06 billion (1 billion euro)

All conditions precedent were successfully fulfilled in line with contractual provisions, Romgaz said in a statement filed with the Bucharest Stock Exchange, BVB.

"The successful completion of the transaction is a special accomplishment for Romgaz business portfolio. Neptun Deep Project has an important and strategic significance for Romania for ensuring our country’s energy security, especially in the current geopolitical context. We are determined to proceed to the development-production phase in the shortest time, together with our partner," Romgaz CEO Aristotel Jude said.

In May, Romgaz announced the signing of the contract for the acquisition of 100% of ExxonMobil Exploration and Production Romania Limited (EMEPRL), the holder of 50% of the rights and obligations under the concession agreement for petroleum exploration, development and production in XIX Neptun Deep Block.

The other half of the rights and obligations under the XIX Neptun Deep Block concession is held by Romanian oil and gas group OMV Petrom [BSE:SNP].

OMV Petrom entered a joint venture with ExxonMobil for exploration of Neptun Deep Block in 2008. The block covers an area of some 7,500 sq km in water depths ranging from 100 to 1,700 meters, according to information posted on OMV Petrom's website.

Romgaz shares traded flat at 47.9 lei ($9.9/ 9.7 euro) on the Bucharest Stock Exchange as at 1232 CET on Monday. OMV Petrom's shares traded 0.19% lower at 0.5290 lei as at 1230 CET on Monday.

(SeeNews, August 1, 2022)

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