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/)
Romanian president Nicușor Dan was received by King Charles III at Buckingham Palace on Wednesday, December 17, during his official visit to the United Kingdom, marking the final stage of his trip to London. The head of state also met with Romanians who welcomed him during the visit. President Dan posted a brief message alongside […]
Holidays are simply better when you share the traditional taste of Boromir Cozonac with your loved ones. Our Collection of Cozonac brings joy and warmth to festive gatherings, carrying on the sweet traditions of the winter season. With its soft core, rich fillings, and authentic flavor that comes from natural sourdough, the Boromir Cozonac is […]
As parents everywhere wrestle with the same uneasy question, how do you prepare children for a future shaped by rapid technological change and constant uncertainty, Verita International School is betting on a clear answer: teach students how to think, not what to think. In this interview with Romania Insider, Ashley “Ash” Peek, Head of Secondary […]
President Nicusor Dan declared on Wednesday that he will encourage investments that bring state-of-the-art technology to Romania, new well-paid jobs and that, by increasing domestic production, will help reduce the trade deficit.The clarifications were made after the meeting held in London with Romanian businessmen, but also with representatives of the British business environment."In London, […]
President Nicusor Dan will be in Brussels from Wednesday to Friday, where he will attend the EU-Western Balkans Summit and the European Council meeting, the Presidential Administration announced.The meeting of EU leaders and their Western Balkan counterparts, chaired by President Antonio Costa, will provide an opportunity to demonstrate and reconfirm the strength of the EU-Western […]
Joint declaration from the leaders of Sweden, Finland, Poland, Estonia, Latvia, Lithuania, Romania and Bulgaria. Signed by Prime Minister Ulf Kristersson on 16 December 2025 at the Eastern Flank Summit in Helsinki. 1. Russia is the most significant, direct and long-term threat to our security and to peace and stability in the […]
