OMV Petrom owns the remaining stake of 50% in the Neptun Deep offshore project
Romanian state-owned gas company Romgaz has finalised to acquire ExxonMobil’s 50% stake in a Black Sea gas project for $1.07bn.
OMV Petrom owns the remaining stake of 50% in the Neptun Deep offshore project.
Under a concession agreement, ExxonMobil Exploration and Production Romania holds 50% of the rights for petroleum exploration, development and production in Neptun Deep block.
Upon the signing of the stake purchase agreement, Romgaz will pay an advance amount of $106m to ExxonMobil.
Romgaz stated: “After satisfying the conditions precedent required to complete the Transaction, as stipulated in the Share Purchase Agreement, S.N.G.N. ROMGAZ S.A. shall pay the amount representing the difference between the acquisition price and the advance payment/deposit paid upon signing the Share Purchase Agreement.”
In October this year, Romgaz finalised negotiations with ExxonMobil Exploration and Production Romania Holdings for the acquisition of the stake in the gas project.
Following the completion of the transaction, operatorship of the project will be transferred to Romanian OMV Petrom, which is majority-controlled by Austria’s OMV.
Located in the Romanian deep-water sector of the Black Sea, Neptun Deep is a deep-water gas field development project. The gas field is located water depths between 100m and 1,700m.
The project lies in the Neptun Block, which covers an area of approximately 7,500km² in the deepwater sector of the Black Sea.
OMV Petrom entered a Joint venture with ExxonMobil for the exploration of the deepwater block in 2008.
Between 2008 and 2016, the partners have spent more than $1.5bn in exploration and appraisal activities of the block.