Black Sea News

 

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

May 03, 2022

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…

Trillion Books Uranus Jack-up Rig for Drilling in Turkish Black Sea

2 hours ago

Black Sea-focused oil and gas company Trillion Energy International has signed a definitive offshore drilling services contract with Romanian drilling company GSP Offshore to secure a jack-up rig for its 2022 – 2023 drilling program on its South…

Romania Tweaks Tax Law to Drive Offshore Black Sea Gas Investments

May 18, 2022

After years of stalling, Romanian lawmakers approved legislation on Wednesday to reduce taxes on future income from offshore gas projects, hoping it would unlock investment in the Black Sea to extract its sizeable reserves.As Europe grapples with an energy crisis amid the war in Ukraine…

Turkey to Provide Tax Cuts for $10B Offshore Gas Project

Apr 20, 2022

Turkey will provide tax cuts to support a 145.1 billion lira ($9.9 billion) Turkish Petroleum (TPAO) project to develop the natural gas field it discovered in the Black Sea, the country's Official Gazette said on Wednesday.Natural gas was discovered…

OMV Petrom Welcomes 'Much-needed' Changes to Romania's Offshore Gas Law

Apr 20, 2022

Romania's OMV Petrom on Wednesday welcomed changes to an offshore gas tax law filed by the government in Bucharest last week as a 'much-needed' step for the development of Black Sea gas.Gas producers have spent 15 years and billions of dollars…

Romania Moves Forward with "Much Awaited" Offshore Law

Apr 18, 2022

Romanian Prime Minister Nicolae-Ionel Ciucă last Friday, with the other two leaders of the ruling coalition, Marcel Ciolacu and Kelemen Hunor, signed the Offshore Law, aimed at ensuring stability and legislative predictability for oil and gas…

Kazakh Oil Woes Another Headache for Top Western Producers amid Ukraine War

Mar 25, 2022

Top Western oil producers could experience a hit to revenue if disruptions at a Russian Black Sea port curtail output from Kazakhstan's giant oilfields, highlighting the growing global supply risk after Moscow's invasion of Ukraine.Chevron, Exxon Mobil…

Russia Warns of Sharp Caspian Pipeline Oil Export Drop After Storm

Mar 23, 2022

Russian and Kazakhstan oil exports via the Caspian Pipeline Consortium (CPC) from the Black Sea may fall by up to 1 million barrels per day (bpd), or 1% of global oil production, due to storm-damaged berths, a Russian official said on Tuesday…

Trillion Energy to Use GSP Offshore's Jack-Up for Black Sea Drilling Campaign

Feb 17, 2022

Black Sea-focused oil and gas company Trillion Energy has signed a Memorandum of Understanding (MOU) with Romanian offshore drilling company GSP Offshore for drilling services at Trillion's planned SASB natural gas production and development program in the Black Sea…

Romania to Revise Tax Seen Blocking Black Sea Gas Investment

Jan 14, 2022

Romania's offshore gas tax that has held up big projects in the Black Sea is set to be revised by the first half of this year after repeated delays, Energy Minister Virgil Popescu said, paving the way for investment.The tax on offshore projects…

OMV Petrom Could Delay Black Sea Gas Project FID Pending Tax Change

Dec 08, 2021

Romanian OMV Petrom could postpone a final investment decision over its Black Sea deep water gas project until 2023 if lawmakers do not amend an offshore law by the end of this year as agreed, its chief executive said on Wednesday.OMV Petrom…

Romania: Romgaz Expects to Wrap Exxon Deal in Q1 2022

Nov 17, 2021

Romanian gas producer Romgaz has estimated it will finalize the acquisition of a 50% stake in a Black Sea offshore gas project from Exxon Mobil in the first quarter of next year, its manager Aristotel Jude said on Wednesday.Romgaz will ask shareholders to approve the deal at a meeting on Dec…

Romania: Romgaz to Pay Up to $1.07B for Exxon's Black Sea Gas Project Stake

Nov 03, 2021

Romanian state-owned gas producer Romgaz will pay up to $1.07 billion to Exxon Mobil for its 50% stake in a Black Sea offshore gas project, the company said.The other half of the long-delayed Neptun Deep offshore project is owned by Romanian OMV Petrom…

Subsea 7, Schlumberger Secure Work on Turkey's Giant Offshore Gas Find

Oct 15, 2021

Subsea 7 has confirmed the award of a major contract by Turkish Petroleum for the Sakarya field development offshore Turkey in the Black Sea. Subsea 7 defines a major contract as being one where Subsea 7’s share of revenue is over USD 750 million…

BSOG Installs Ana Platform in Black Sea, Offshore Romania

Sep 22, 2021

Romanian oil and gas company Black Sea Oil & Gas has said it has installed the Ana offshore production platform in the Black Sea. According to BSOG, this is the first offshore platform built and installed in Romania in the past 30 years.Following…

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