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Romgaz completes acquisition of Exxon's stake in Neptun Deep project in the Black Sea

The National Natural Gas Company Romgaz SA completed the acquisition of Exxon's stake in the Neptun Deep project in the Black Sea, the Romanian company announced in a press release sent to the Bucharest Stock Exchange (BVB).

"S.N.G.N Romgaz S.A. announces the completion of the acquisition transaction and the transfer of all shares issued by (representing 100% of the share capital of) ExxonMobil Exploration and Production Romania Limited which holds 50% of the rights acquired and of the obligations assumed by the Oil Agreement for the deep water area of the offshore perimeter XIX Neptune in the Black Sea. The transaction completed today, August 1, 2022, was conditional on the fulfillment of conditions precedent stipulated in the sale-purchase agreement concluded on May 3, 2022 between S.N.G.N Romgaz S.A. and the sellers. All the conditions precedent were fulfilled successfully, in relation to the provisions of the contract," states the company's press release.

According to the Minister of Energy, Virgil Popescu, the completion of the transaction is an important step in obtaining Romania's energy independence, in a difficult moment not only for our country, but for the whole of Europe.

"Given that the Romanian state also adopted the Offshore Law, and gas was introduced into the EU taxonomy, I hope that Petrom and Romgaz will make the final investment decision for the Neptun Deep project as soon as possible, so that the Romanians will benefit from the gas from the Black Sea," wrote the Minister of Energy on Facebook.

For his part, the General Director of Romgaz, Aristotel Jude, considers that the Neptun Deep project is of strategic importance for Romania in order to ensure the energy security of the country.

"The successful completion of the transaction is a special achievement in Romgaz's business portfolio. The Neptun Deep project has an important and strategic significance for Romania in order to ensure the energy security of our country, especially in the current geopolitical context. We are determined to move to the next stage of development-exploitation in the shortest possible time, together with our partner," stated Jude.