“In order to complete the negotiations on the acquisition transaction of 100% of the shares of ExxonMobil Exploration and Production Romania Limited and to obtain corporate approvals for the transaction, on October 5, 2021, Romgaz and ExxonMobil Exploration and Production Romania Holdings Ltd. agreed to expand the exclusivity period from October 15, 2021, until November 15, 2021. All the other clauses of the Exclusivity Agreement remain unchanged. ”, Romgaz transmitted, according to BVB.
The quoted source recalls that, on June 17, 2021, the parties signed an Exclusivity Agreement by which the seller granted Romgaz an exclusive right for a period of 4 months (until October 15, 2021) regarding the acquisition negotiations of all shares issued by (representing 100% of the share capital of) ExxonMobil Exploration and Production Romania Limited, which holds 50% of the acquired rights and obligations assumed by the Concession Agreement for oil exploration, development and exploitation in the perimeter XIX Neptun Deep Water Zone.
According to News.ro, OMV Petrom, the largest energy company in Southeast Europe and Romgaz, announced in April that it will become an operator, if Romgaz completes its takeover of the Neptun Deep project, and Romgaz’s offer is accepted by ExxonMobil.
Exxon Mobil and OMV Petrom were exploring the deep Neptune block in the Black Sea, where preliminary results showed reserves of 42-84 billion cubic meters of gas (Romania consumes 11 billion a year), but the companies postponed the decision to go further. away with the extraction stage.
The development of the Neptun Deep perimeter could be the first production of hydrocarbons in deep waters in Romania. The cost of such a gas production project in the deep water area can reach several billion dollars. The Neptune perimeter is, for example, 200 km from land, and all infrastructure, including pipelines, must be built.
ExxonMobil has announced that it wants to withdraw from Romania, and Romgaz has submitted an offer to take over the participation of the American giant ExxonMobil. Gas producer Romgaz, one of the most profitable state-owned companies, announced on March 31 that it has submitted a binding offer to fully buy ExxonMobil Exploration and Production Romania Limited, which holds 50% of the concession rights for exploration, development and exploitation. oil company in the perimeter of the XIX Neptun Deep Water Zone, the rest of the 50% participation being of OMV Petrom.
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