Romania's Romgaz to hire advisor on possible buy of ExxonMobil stake in Black Sea project

05/02/2020 10:49 Natural Gas


Romanian natural gas producer Romgaz said that it is seeking the approval of its shareholders to hire an advisor on the possible acquisition of a stake in Neptun Deep offshore gas project in the Black Sea held by ExxonMobil.

Romgaz shareholders will vote on the proposal at a meeting scheduled for March 11, the company said in a bourse filing on Tuesday.


Earlier this year, Romania's president Klaus Iohannis said that the country will have a strong say on a possible sale of the 50% stake in the Neptun Deep offshore gas project in the Black Sea held by ExxonMobil. Iohannis dismissed media reports that ExxonMobil's could sell its participation in Neptun Deep to Russia's Lukoil.


Romania's prime minister Ludovic Orban has also commented on the matter. During a talk-show on Digi 24 TV Orban said last month that a consortium of Romgaz, oil and gas group OMV Petrom and another company could make an offer for ExxonMobil's stake in the Black Sea project.


ExxonMobil Exploration and Production Romania Limited (EMEPRL) and OMV Petrom each hold 50% of the deep water sector of the Neptun Block. EMEPRL is the operator.


Romania is currently seeking to increase its control of oil and gas concession deals, with the government drafting an emergency decree that aims to empower the National Agency for Mineral Resources (ANRM) to refuse to sign new deals as well as terminate existing contracts for national security reasons, local media reported earlier this week.


Romgaz shares closed 0.72% higher at 34.9 lei ($8.06/7.30 euro) on the Bucharest Stock Exchange on Tuesday.



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