Romgaz will therefore become OMV Petrom’s (SNP.RO) partner in the biggest local offshore energy project. The value of the deal has not been disclosed yet.
“Romgaz and ExxonMobil Exploration and Production Romania Holdings Ltd. finalized exclusive negotiations and reached an agreement on the terms and conditions 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, as well as on the transfer of operatorship of the project to OMV Petrom SA following transaction completion,” the notification to the Bucharest Stock Exchange reads.
Romgaz says the agreement will be signed following endorsement by the Board of Directors and approval by the Extraordinary General Shareholders Meeting of Romgaz.
“Subject to obtaining such approvals and to satisfaction of the conditions precedent provided in the share sale-purchase agreement, the transaction is expected to be completed in the first quarter of 2022.”
Romgaz, in which the Energy Ministry owns 70%, has a market capitalization of RON14.5 billion. It has gained 34% since the beginning of the year, while the stock market has increased by about 30%.
(English version by Loredana Fratila-Cristescu)