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Romgaz completes acquisition of ExxonMobil’s shares in the Neptun Deep project

Romania’s natural gas producer Romgaz completed the transaction to acquire and transfer all the shares issued by ExxonMobil which holds a 50 per cent stake in the Black Sea offshore project Neptun Deep.

“The successful completion of the transaction is a special accomplishment for Romgaz’s business portfolio,” said ROMGAZ’s CEO Aristotel Jude. “The 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.”

“The transaction is an important investment made by Romgaz, in line with the company’s development strategy,” added ROMGAZ’s CFO, Răzvan Popescu. “In the next period, we will continue to carry out the necessary formalities to ensure financing of Romgaz participating interest to the development of Neptun Deep Project.”

Offshore gas in the Black Sea has been recurrently debated in Romania. The country consumes about 11 billion cubic metres (bcm) of gas a year and the block is estimated to contain natural gas resources of approximately 42 to 84 bcm.

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