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Romania: Romgaz make an offer for ExxonMobil’s stake in Neptun Deep

17.Apr 2021.

ExxonMobil announced in November 2019 its intention to sell the stake in the Neptun Deep project, which holds the largest offshore gas reserves found in Romania’s Black Sea section (40 to 80 billion cubic meters). Romanian OMV Petrom, a part of Austrian OMV Group, holds the remaining 50 % in the project. The two operators have invested close to 1.5 billion dollars in exploring the perimeter but have postponed a decision on its commercial exploitation due to the new offshore law adopted in late 2018.

Romanian Minister of Energy Virgil Popescu said that state-owned natural gas producer Romgaz will submit an offer for the stake owned by US company ExxonMobil in the Black Sea Neptun Deep perimeter in the next two months, namely before the expiration of the mandate of current interim CEO.

Minister Popescu also reminded that the Ministry is working on the amendments to the offshore hydrocarbon law, which will be first unveiled to the ruling coalition. After that, the amendments will be submitted to Parliament and to other political forces that want to join this project. He believes that all or most political forces must join this project because the gas exploitation will bring many benefits and will make Romania a regional player on the natural gas market.