OMV Petrom (SNP), the largest energy company in South-Eastern Europe, will take over the operational management of the Neptun Deep offshore gas project in Romania's Black Sea if state-owned gas producer Romgaz takes over ExxonMobil's stake in the project.

So far, US group ExxonMobil has been managing the Neptun Deep project, where it is an equal partner (50-50) with OMV Petrom. Romgaz, which is strongly backed by Romania's Government, has submitted the only bid for ExxonMobil's stake in the project.

OMV Petrom and Romgaz are cooperating to unlock the natural gas resources in the Black Sea, which are essential for Romania's energy security, the success of the energy transition, and generating economic growth, according to a joint statement.

"The Black Sea is a unique opportunity for Romania, and we are committed to contributing to its materialization. OMV Petrom has over 40 years of offshore experience as an operator in the Black Sea and also benefits from OMV Group's international deepwater capabilities," said Christina Verchere, CEO of OMV Petrom.

"We are ready to act as equal partners to make this strategic project happen. If our offer is accepted, OMV Petrom will become the project operator," added Aristotel Jude, general manager of Romgaz.

OMV Petrom and Romgaz are the biggest gas producers in Romania, each covering about half of the domestic gas production. The two companies are listed on the Bucharest Stock Exchange.

andrei@romania-insider.com

(Photo source: the company)