Romgaz’ Board of Directors has approved the 1.06 billion dollars deal to take over the Neptune Deep field from ExxonMobil. The US oil major owns 50% of the rights to the Neptune Deep offshore gas concession in the Black Sea.

The contract was agreed in 2021, but the signing was postponed for the adjustment of some clauses that refer to the coverage of some fiscal risks. “Romgaz has negotiated with the sellers the adjustment of some clauses in the sale-purchase contract of all shares issued by (representing 100% of the share capital of) ExxonMobil Exploration and Production Romania Limited, in particular in the sense of covering in favour of SNGN ROMGAZ SA some tax risks,” the communication sent by Romgaz to shareholders states.

Upon signing the Sale and Purchase Agreement, Romgaz will have to pay an advance of 106 million dollars, and after the fulfilment of the suspensive conditions the company will pay the rest. Romgaz management expects the transaction to be completed in the second quarter of this year.