The agreement between Romgaz and ExxonMobil regarding the acquisition of the American company’s participation in the Black Sea gas reserves project is an important step for these natural gas deposits to reach Romanian homes in the near future, the interim Energy minister Virgil Popescu wrote on Facebook.

“Good news! I would like to make a long-awaited announcement: Romgaz has completed exclusive negotiations and reached an agreement with ExxonMobil on the terms and conditions for acquiring a stake in the Neptun Deep project, and the transaction could be completed in the first quarter of 2022. I am confident that in the near future Romgaz and OMV Petrom will be equal partners in the deep-sea Neptun Deep project. Important steps have been taken for the gas from the Black Sea to reach Romanian homes in the near future,” Virgil Popescu noted.

Romgaz sent a report to the Bucharest Stock Exchange on Tuesday informing that it has completed the exclusive negotiations and reached an agreement with ExxonMobil Exploration and Production Romania Holdings Ltd on the terms and conditions for acquiring the stake in the Neptun Deep project, and the transaction could be completed in the first quarter of 2022.

The agreement will materialize after the approval by the Board of Directors and the approval by the Extraordinary General Meeting of Shareholders of SNGN Romgaz S.A., in the signing of the share sale-purchase contract. Conditioned by obtaining these approvals as well as by fulfilling the suspensive conditions provided by the sale-purchase contract, it is estimated that the transaction will be completed in the first quarter of 2022.