Romgaz (SNG.RO) is the largest natural gas producer in Romania and signed the contract to buy the whole of ExxonMobil Exploration and Production Romania Limited (EMEPRL), which holds 50% of the rights and obligations pursuant to the agreement for the eastern area, the deep-water area, of the offshore block XIX Neptun in the Black Sea. Actual drilling should start in 2026.
The contract to buy ExxonMobil out of the venture was approved by Romgaz’s Extraordinary General Meeting of Shareholders on April 28, 2022 and completion of the deal is subject to meeting certain conditions in the contract. The acquisition price is $1,060,000,000.
(English version by Loredana Fratila-Cristescu)