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.
“Catane,” a dark comedy inspired by real events and directed by Ioana Mischie, is set to have its first special screenings in Romania after a successful festival circuit. The film had its world premiere at the IFFI Goa festival in India and was nominated this year at the Hollywood Music in Media Awards for Best […]
Romania is among the European countries where water reserves are decreasing at an alarming rate, according to an analysis carried out by researchers from University College London in collaboration with The Guardian and Watershed Investigations. Scientists analyzed data from the period 2002–2024 provided by satellites that monitor changes in the Earth's...
George Smyth, 18, went missing on a hike near Romania’s famous Bran Castle more than a week ago. On November 23, the British citizen started to suffer from hypothermia and exhaustion and called the emergency services. Trying to locate him, mountain rescue services conducted searches over the next few days but were only able to […]
Over 107,000 people in Prahova and Dâmbovița counties, in southern Romania, have been without drinking water since Friday, November 28, due to problems at the Paltinu Dam. According to local authorities, the problems are set to persist until next week. The dam registered a drop in water levels, leading to problems in the water distribution system. […]
A special ‘Silent Day’ event will be held at the Bucharest Christmas Market in Constituției Square on Wednesday, December 3, aimed at creating a quieter and more accessible environment for children with sensory disabilities. The initiative is designed to make the festive market manageable for children who may struggle with loud noise, bright lights, and […]
Romanians have the highest level of trust in others in the European Union, according to the most recent Eurostat data for the year 2024, ahead of the usual leader of the ranking, Finland. The indicator ‘trust in others’ measures a person’s trust in people they do not know on a scale from 0 (‘I...
