“Romgaz S.A. and ExxonMobil Exploration and Production Romania Holdings Ltd. signed an Exclusivity Agreement by which the seller grants Romgaz an exclusivity right for a period of 4 months (until October 15, 2021) with respect to the negotiations for the acquisition of all shares issued by (representing 100% of the share capital of) ExxonMobil Exploration and Production Romania Limited, company that holds 50% of the rights and obligations under the Concession Agreement for petroleum exploration, development and production in XIX Neptun Deep Block,” Romgaz said in a stock market report Friday.
Back in March, Romgaz submitted a binding bid to acquire Exxon’s 50% stake in the Neptun Deep gas exploration and drilling project in the Black Sea.
OMV Petrom, the largest energy company in South-Eastern Europe, will act as operator for Neptun Deep block if ExxonMobil accepts Romgaz’ offer.
“If the right incentives are provided, OMV Petrom would need around 12 months to prepare for a final investment decision. The first volumes could be produced four years after taking the FID,” Franck Neel, executive board member of OMV Petrom, said in an interview in May.
The Neptun Deep offshore block is estimated to hold natural gas resources amounting to as much as 84 billion cubic meters. Exxon and OMV Petrom have invested $1.5 billion in exploration of the block so far.