Under the agreement, Romgaz will have the option to purchase 10% of the participating interest in the deepwater portion of the Midia block once the two oil companies obtain all necessary exploration and production rights in the perimeter, Petrom said in a statement.
In October 2012, Petrom and ExxonMobil have reached an agreement with Canada’s Sterling Resources and Petro Ventures Europe to buy an 85% interest in a portion of the Block 15 Midia in the Romanian Black Sea.
The transfer is not yet effective and is subject to several conditions which are in the process of being fulfilled, including approvals from relevant authorities, Petrom said.
Romgaz’s option to join Petrom and ExxonMobil will be active once the transfer is complete and a commercial discovery is announced, it added.
The Midia block is adjacent to the Neptun deepwater block where Petrom and ExxonMobil reported a significant gas discovery in early 2012.