Romanian state-owned oil and gas company Romgaz has finalized exclusive negotiations to reach an agreement with ExxonMobil Exploration and Production Romania Holdings Ltd on the terms and conditions for the acquisition of the Neptun Deep project stake, so that the deal could be finalized in the first quarter of 2022, Romgaz said in a Tuesday release to the Bucharest Stock Exchange."SNGN Romgaz SA and ExxonMobil Exploration and Production Romania Holdings Ltd. have finalized exclusive negotiations and reached an agreement on the terms and conditions for the acquisition of all the shares issued by (representing 100 percent of the share capital of) ExxonMobil Exploration and Production Romania Limited, which holds 50 percent of the acquired rights and obligations committed to under the Leasehold Agreement for oil exploration, development and exploitation in the XIX Neptun Deep block, as well as regarding the transfer of the project operations to OMV Petrom SA starting with the date of the transaction's completion," the report states.After getting the nod of the Romgaz S.A Board of Directors and the approval of the company's shareholders' Extraordinary General Meeting, the agreement will materialize in the signing of the stake purchase contract. Depending on these approvals and the fulfillment of the suspensive conditions set forth by the purchase contract, it is estimated that the transaction will be completed in the first quarter of 2022.ExxonMobil and OMV Petrom are currently equal partners in the Neptun Deep deepwater project, where exploration has revealed deposits estimated at 42-84 billion cubic meters.ExxonMobil announced its intention to exit Romania, and OMV Petrom said it might decide next year to invest in the Neptun Deep project, depending on the legislative changes in Romania and on the market situation.
“Garden of Memories,” a civic initiative meant to commemorate the 1989 Revolution that led to the fall of communism in Romania, is set to take place between December 19-20 around the Memorial of Rebirth, in Bucharest’s Revolution Square. Organized by the Streets for People Association, together with the Bucharest City Hall and the Museum of […]
Runware, a startup founded by two Romanian entrepreneurs, announced last week that it has secured a USD 50 million Series A funding round led by Dawn Capital, one of the largest European investors in B2B software companies. The round also included Comcast Ventures, Speedinvest, Insight Partners, and a16z Speedrun. The company founded by Flaviu Rădulescu and […]
The body of Romanian former justice minister Rodica Stănoiu was exhumed on Monday, December 15, after prosecutors opened an in rem case regarding her suspicious death, Digi24 reported. Investigators are looking into the possibility that the former minister may have been killed through negligence. ...
Authorities in Romania have begun imposing fines for owners of bicycles and electric scooters who do not take out mandatory motor third-party liability insurance (RCA). The new rules have been applicable since November 13, but the Romanian Parliament granted a 30-day grace period until the application of sanctions, according to...
Art Safari will relocate to Amzei Square in central Bucharest in 2026, where it will operate under a new format titled Art Safari New Museum, following more than a decade of pop-up exhibitions hosted in historic buildings across the capital. After 12 years, 17 editions, and more than 1 million visitors, the exhibition platform will […]
In Romania, Christmas is more than holiday markets, decorated trees, and wrapped gifts. It's a season filled with old customs, lively rituals, and dishes that bring families together. One of the most popular Christmas traditions is caroling. Although traditions vary depending on the area, the ritual of going from house to house and singing carols […]
