Ooni Koda
  1. Home
  2. /
  3. Newsfeed
  4. /
  5. Romgaz and ExxonMobil extend negotiations on Deep Water...

Romgaz and ExxonMobil extend negotiations on Deep Water XIX Neptune Zone perimeter

November 4, 2021

Romgaz and ExxonMobil announced on Tuesday that they extend the exclusivity period from October 15, 2021 to November 15, 2021 for negotiations on the purchase of all shares issued by ExxonMobil  Exploration and Production Romania Ltd., that holds 50% of rights received and obligations assumed through the Concession Accord for oil exploration, development and exploitation in the Deep Water XIX Neptune perimeter.   Romanian gas producer Romgaz announced in June that it had concluded an exclusivity accord with ExxonMobil exploration and Production Romania Holdings Ltd. until October 15, 2021 about purchase negotiations for all shares issued, that is 100% of the social capital of ExxonMobil Exploration and Production Romania Ltd, which holds 50% of rights and assumed obligations though the concession accord for oil exploration, development and exploitation in the Deep Water XIX Neptune Zone perimeter.   “With a view to completing negotiations about the purchase trabsaction of 100% of WxxonMobil Exploration and Production Romania Ltd shares and obtaining corporate approvals for the transaction, Romgaz and ExxonMobil Exploitation'  and Production Romania Holding Ltd decided to extend the exclusivity period from October 15, 2021 to November 15, 2021. All the other clauses of the Accord remain the same. On June 17,2021 the parties signed an Exclusivity Accord through which the selloer granted Romgaz an exclusivity right for 4 months about purchase negotiations of all shares issued by ExxonMobil Exploration and Production Romania Ltd, that holds 50% of rights received and obligations assumed through the Concession Accord for oil exploration, development and exploitation in the area,” Romgaz informed.   OMV Petrom, the largest energy company in South-Eastern Europe and Romgaz, announced in April that it would become operator, in case Romgaz completes the take over of participation in the Neptun Deep project and the Romgaz offer is accepted by ExxonMobil. ExxonMobil and OMV Petrom explored the Neptun deep block in the Black Sea where preliminary results indicated reserves of 42-84 billion cubic meters of has (Romania consumes 11 billions per year), but companies delayed the decision of carrying out the extraction stage.   The development of the Neptun Deep perimeter may be the first hydrocarbon production in deep waters in Romania. Costs of such a gas production project can reach several billion dollars.   (Photo: https://www.omvpetrom.com/)

Read in full - click here
Les Films de Cannes à Bucarest: Festival announces 2025 dates, first program highlights

The 16th edition of Les Films de Cannes, the festival showcasing productions awarded or selected at the Cannes film festival, returns this fall to Bucharest and four other cities in the country. The winner of this year's Palme d'Or, Jafar Panahi's It Was Just an Accident, will be screened at the event, as will be […]

Eastern Romania: Natural sciences museum in Galaţi reopens after EUR 3 million modernization works

Răsvan Angheluţă Natural Sciences Museum in Galaţi is scheduled to reopen on September 20, after the completion of modernization works worth over 15.1 million lei (approximately EUR 3 million) carried out by the County Council through the recovery and resilience facility PNRR.  The building hosts an Aquarium, an Astronomical Observatory, a Planetarium, and temporary exhibitions. […]

Romanian paramedics team named best in the world

A team of Romanian paramedics won first place at the World Rescue Challenge 2025, a competition that sees first responders and trauma teams from around the world develop new skills and share knowledge. This year, the competition took place in Karlovac, Croatia, and was attended by two Romanian paramedics from Bucharest who have been working […]

Romanian auction house Artmark registers record EUR 15 mln sales in 2024-2025

Artmark, one of Romania’s leading auction houses, registered record sales of over EUR 15 million despite economic instability, showing the growth potential of the national art market, according to the company’s 2024-2025 market report.  Overall, auction sales totaled EUR 11 million, up 8.2% compared to the previous year, while sales through the “Dependent de Artă” […]

DefCamp 2025 turns Bucharest into the regional cybersecurity hub at its 15th edition, hosted at the Palace of the Parliament

Cybersecurity has become a major global priority, impacting individual users, companies, organizations, and public institutions. Social engineering, deepfakes, digital manipulation, and coordinated geopolitical attacks are fundamentally reshaping how we view the digital future. In this context, DefCamp, the largest cybersecurity and hacking conference in Central and Eastern Europe, reaffirms its role as a strategic hub […]

Romanian airline AnimaWings targets 18-aircraft fleet worth over USD 1 bln by end-2027

Romanian airline AnimaWings has received its fifth Airbus aircraft, an A220-300, as part of an ambitious expansion plan to build a fleet of 18 planes by the end of 2027, valued at over USD 1 billion.  The A220-300 is the airline’s third of this type and will serve both domestic and international routes. Configured with […]