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

October 24, 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/)

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