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Romgaz reaches agreement to buy ExxonMobil’s shares in Neptun Deep

Romania’s largest natural gas producer ROMGAZ has endorsed the acquisition of all ExxonMobil’s shares for petroleum exploration, development and production in the XIX Neptun Deep Block, according to a note published by the Bucharest Stock Exchange.

The Agreement will be signed later in December after the approval of the transaction by the Extraordinary General Shareholders Meeting of ROMGAZ. The price to be paid by ROMGAZ for all shares will be 1,06 billion US dollars.

ExxonMobil announced in November 2019 its intention to sell its stake in the Neptun Deep project, which holds the largest offshore gas reserves found in Romania’s Black Sea section. The Neptun block is estimated to contain natural gas resources of approximately 42 to 84 billion cubic metres (bcm), which is equivalent to three to six times the annual Romanian consumption.

Romanian OMV Petrom, a part of Austrian OMV Group holds the remaining 50 per cent of the project and after the acquisition, it will act as the operator for the block.

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