However, it is all conditioned by Exxon approving the binding bid already submitted by Romgaz whose representatives did not offer more details at today’s press conference, citing confidentiality clauses.
“Romgaz is ready to ensure, via a consortium of banks, the financing needed for this project, from both own and attracted sources, which are conditioned by the bid being accepted,” Romgaz CEO, Aristotul Jude, told a press conference. Jude did not comment on the value of the bid.
Romgaz is looking to acquire the US oil giant’s stake in the project and team up with OMV Petrom, which owns the other 50%.
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.