On Monday, Romgaz completed the acquisition of Exxon’s stake in the Neptun Deep project in the Black Sea, according to a report submitted to the Bucharest Stock Exchange.

Thus, Romgaz announced the completion of the acquisition transaction and the transfer of all shares issued by (representing 100% of the share capital of) ExxonMobil Exploration and Production Romania Limited, which holds 50% of the rights acquired and of the obligations assumed through the Petroleum Agreement for the deep water area of XIX Neptun offshore perimeter in the Black Sea.

“The transaction completed today, August 1, 2022, was conditional on the fulfillment of the suspensive conditions provided for in the sale-purchase agreement concluded on May 3, 2022 between S.N.G.N Romgaz S.A. and the sellers. All suspensive conditions have been successfully fulfilled, in relation to the provisions of the contract.”

According to the Minister of Energy, Virgil Popescu, the completion of the transaction is an important step in obtaining Romania’s energy independence, in a difficult moment not only for our country, but for the whole of Europe.

“Given that the Romanian state has also adopted the Offshore Law, and gas has been introduced into the EU taxonomy, I hope that Petrom and Romgaz will make the final investment decision for the Neptun Deep project as soon as possible, so that Romanians can benefit from the gas from The Black Sea,” the Minister of Energy wrote on Facebook, according to Agerpres.

Also the general manager of Romgaz, Aristotel Jude, believes that the Neptun Deep project is of strategic importance for Romania in order to ensure the energy security of the country.

“The successful completion of the transaction is a special achievement in Romgaz’s business portfolio. The Neptun Deep project has an important and strategic significance for Romania in order to ensure the energy security of our country, especially in the current geopolitical context. We are determined to move to the next stage of development-exploitation in the shortest time, together with our partner,” said Jude.