Should a deal be sealed, Romgaz would get its first significant stake in an offshore block. The state-run company now only holds 10% in two fields where operations are led by Russia’s Lukoil and also has the option to buy 10% in the license for the deepwater area of Midia XV block from its current owners, OMV Petrom (SNP.RO) and ExxonMobil.
The talks envisage the shallow water area of Midia XV block, where Sterling currently owns a 65% stake and the rest of the license belongs to Petro Ventures Europe (20%) and Gas Plus International (15%).
Romgaz, a company with a market value of 13.3 billion lei (EUR3 billion), is controlled by the Romanian state, which owns 70% of its shares. The rest of capital is divided between Proprietatea Fund, EBRD and bourse investors.
(English version by Catalina Apostoiu)