Romanian state-controlled gas producer Romgaz confirmed on Wednesday, March 31, that it sent a binding offer to the US group ExxonMobil for 100% of its local subsidiary ExxonMobil Exploration and Production Romania.

Through this company, ExxonMobil holds a 50% stake in the Neptun Deep offshore gas field in the Romanian Black Sea.

Romgaz has the Government’s backing for this acquisition, as the local authorities want to start the extraction of natural gas from the Black Sea as part of the country’s strategy to transition to less-polluting energy sources and close coal power plants. ExxonMobil’s partner in the Neptun Deep project is the Romanian group OMV Petrom, controlled by the Austrian group OMV.

Under an informal agreement between Romgaz and OMV Petrom, the later will turn into the operator of the project - a position previously held by ExxonMobil and formally inherited by Romgaz under a potential successful takeover, according to Economedia.ro.

(Photo: Pixabay)

andrei@romania-insider.com