End-September 2021, Romgaz said in a stock market report that it had initiated a non-binding process in order to obtain offers for financing in the amount of RON1.6 billion or the equivalent in euros, on the bank market, with a view to acquiring US giant ExxonMobil’s 50% stake in the Neptun Deep gas exploration and drilling project in the Black Sea.
“In the context of the exclusive negotiations with ExxonMobil Exploration and Production Romania Holdings Ltd. with respect to the acquisition of all shares issued by (representing 100% of the share capital of) ExxonMobil Exploration and Production Romania Limited which holds 50% of the rights and obligations under the Concession Agreement for petroleum exploration, development and production in XIX Neptun Deep Block, event which was made public in the past, S.N.G.N. Romgaz SA initiated a non-binding process for S.N.G.N. Romgaz SA with a view to obtain offers for financing in amount of 1.6 billion lei or euro equivalent for the purpose of covering a portion of the aforementioned transaction price and current working capital of S.N.G.N Romgaz SA.”, the company said in its stock market report at that time.
Romgaz is expected to pay $1.06 billion for ExxonMobil Exploration and Production Romania, an amount that may be adjusted by $10 million.
The Neptun Deep offshore block is estimated to hold natural gas resources amounting to as much as 84 billion cubic meters.