ExxonMobil Agrees to Sell Romanian Subsidiary to Romgaz for Over $1B

Tuesday, May 3, 2022
©MoiraM/AdobeStock

U.S. oil major ExxonMobil has agreed to sell its Romanian upstream affiliate, ExxonMobil Exploration and Production Romania, to Romgaz for more than $1 billion, subject to Romanian government approvals.

The deal 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 Exxon's 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.

"ExxonMobil continues to evaluate our portfolio of opportunities, focusing our investments in advantaged assets with a low cost of supply,” said Liam Mallon, president of ExxonMobil Upstream Company. Our investments to date have positioned the Neptun Deep project for future success with the potential to help increase resource production within Romania and the European Union.”


Categories: Energy Activity Europe Production Black Sea

Related Stories

ASCO Scoops Nine-Figure Contract with Major North Sea Operator

ASCO Scoops Nine-Figure Contract with Major North Sea Operator

Tyra II: Completion Test Successfully Met

Tyra II: Completion Test Successfully Met

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

Current News

Commodity Report: Meeting Oil Demand a Challenge if Israel Hits Iran Oil

Egypt Halts Fertilizer Production In Light of Israeli Gas Disruptions

Edda Wind Welcomes New CSOV to its Fleet

TotalEnergies’ Unit to Build Battery Storage Site in Japan to Help Balance Grid

Subscribe for OE Digital E‑News

Offshore Engineer Magazine