ExxonMobil has reached an agreement to sell its Romanian upstream affiliate, ExxonMobil Exploration and Production Romania, to Romgaz for more than $1 billion, subject to Romanian government approvals.
- Sale supports strategy to focus investments on advantaged assets
- Includes ‘Neptun Deep’ block in the Black Sea
- Transaction expected to close in second quarter
Liam Mallon, president of ExxonMobil Upstream Company said: “ExxonMobil continues to evaluate our portfolio of opportunities, focusing our investments in advantaged assets with a low cost of supply. Our investments to date have positioned the Neptun Deep project for future success with potential to help increase resource production within Romania and the European Union.”
The agreement includes all shares in ExxonMobil Exploration and Production Romania along with interest in the XIX Neptun Block offshore Romania. Operatorship on the block will transfer to its other titleholder, OMV Petrom. Employees of the Romanian affiliate will transfer as part of the sale.
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.
The transaction is expected to close in the second quarter of 2022.
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