The block covers an area of approximately 7,500 sq. km in water depths ranging from 100-1,700 m.
The oil major’s subsidiary, ExxonMobil Exploration & Production Romania Limited, holds a 50% stake in the XIX Neptun Deep Block.
The other 50% stake in the block is held by Austrian OMV Petrom.Romgaz has been negotiating for several months for taking over Exxon’s stake in Neptun Deep project, where it has invested so far about $536 million during 2012-2016.
Romgaz has the Government’s backing for this acquisition, as the local authorities want to start the extraction of natural gas from the Black Sea as part of the country’s strategy to transition to less-polluting energy sources and close coal power plants.
Romgaz is the largest gas producer and the main supplier in Romania, the majority shareholder is the Romanian State, which owns a 70% stake.
The company traces its roots back to 1909 with the discovery of the 1st commercial gas reservoir in the Transylvanian Basin through the Sarmasel drilling well.
ExxonMobil was the 1st American oil & gas company to work in Romania, the business operated in the country from 1903 to 1948 as Standard Oil Co. of New Jersey.
Exxon’s site shows that it has been present in Romania’s upstream sector since November 2008, when it acquired an interest in the deepwater Neptun Deep block, and in the country’s downstream sector since 1992.
