Photo: Location of XIX Neptune Deep in the Black Sea; Source: OMV Petrom

OMV Petrom to operate Black Sea block if Romgaz takes over Exxon’s share

In case Romgaz finalizes the takeover of the participation in the Neptun Deep project from ExxonMobil, Romania’s OMV Petrom will become the operator of the block, which is located in the Black Sea.

Location of XIX Neptune Deep in the Black Sea
Location of XIX Neptune Deep in the Black Sea; Source: OMV Petrom

Namely, at the end of March 2021, Romgaz submitted a binding offer to acquire all shares of ExxonMobil Exploration and Production Romania Limited, which holds a 50 per cent stake in the XIX Neptun Deep Block in the Black Sea.

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The other 50 per cent stake in the block is held by OMV Petrom.

The XIX Neptun Deep Block covers an area of approximately 7,500 square kilometres in water depths ranging from 100-1,700 metres.

OMV Petrom, the largest energy company in South-Eastern Europe, and Romgaz, the largest producer and main supplier of natural gas in Romania, are cooperating to unlock the natural gas resources in the Black Sea.

These are essential for Romania’s energy security, for the success of the energy transition and for generating economic growth, OMV Petrom and Romgaz said in a joint statement on Friday.

In case of acceptance of the Romgaz offer by ExxonMobil, OMV Petrom will act as operator for Neptun Deep block.

ExxonMobil has been present in Romania’s upstream sector since November 2008, when it acquired an interest in the deepwater Neptun Deep block in the Black Sea.

Christina Verchere, CEO of OMV Petrom: “The Black Sea is a unique opportunity for Romania and we are committed to contributing to its materialization. OMV Petrom has over 40 years of offshore experience as operator in the Black Sea and also benefits from OMV Group’s international deepwater capabilities”.

Aristotel Jude, general manager of Romgaz: “We are ready to act as equal partners to make this strategic project happen. If our offer is accepted, OMV Petrom will become the project operator”.