Romgaz has a larger financial capacity than Petrom and can take over the entire participation of ExxonMobil in the Neptun Deep gas project in the Black Sea, said the Minister of Economy, Energy and Business Environment, Virgil Popescu.

“We will unblock investments in the Black Sea. We repealed GEO 114 (for 2018 – no.), we partially amended the Offshore Law – we eliminated that obligation to sell part of the production on the centralized market and we introduced the gas release program. After December 6, if necessary, the Parliament will continue to amend the Offshore Law, so that there is a win-win situation, both for the state and for investors,” Popescu said.

He reminded that Romgaz wants to acquire the entire 50% stake in the Neptun Deep project, currently owned by ExxonMobil, which has announced its intention to withdraw from Romania.

“Romgaz is currently negotiating to take over the entire Exxon package. I believe that Romgaz is a strong company that can, together with Petrom, exploit the Black Sea gas on an equal footing,” the minister continued, according to Agerpres.

Asked by journalists if Romgaz has the financial capacity to support such an investment, Popescu said: “Romgaz is solvent enough at the moment to be able to acquire and continue to participate in this investment. I think Romgaz has a financial capacity bigger than Petrom’s. Let’s not underestimate Romgaz. It is a company with a very big future.”