The Board of Directors of ROMGAZ endorsed on March 22, 2022, the conclusion of the sale-purchase agreement for all shares issued by (representing 100% of the share capital of) ExxonMobil Exploration and Production Romania, which owns 50% of the rights acquired and obligations assumed under the Petroleum Agreement for the Black Sea offshore project XIX Neptun Deep.
The agreement will be signed after approval by the Extraordinary General Meeting of ROMGAZ Shareholders, convened for 28.04.2022, and the completion of the transaction is conditional upon fulfilment of conditions precedent under the agreement.
The acquisition price paid by ROMGAZ will be USD 1,060,000,000, with the possibility of adjustment according to the mechanisms provided in the share sale-purchase agreement.
“Black Sea Neptun Deep project is a strategic opportunity for Romania, representing an important source of gas in order to ensure the energy security of our country. The current geopolitical and energy context gives the project an even greater importance. We set out to complete the transaction in the second quarter this year, so that together with the future partner we can move, as soon as possible, to the development-exploitation phase. In this context, we estimate that the first gas production from XIX Neptun Deep block will be obtained at the end of 2026 or in early 2027. In the 2021-2030 development strategy of S.N.G.N. ROMGAZ S.A. we included as a priority the completion of Neptun Deep transaction, as well as investments in other onshore development projects and from renewable energy sources, in the context of European green energy policies,” said the CEO of S.N.G.N. ROMGAZ S.A. Aristotel Jude.
We mention that the Extraordinary General Meeting of Shareholders of S.N.G.N. ROMGAZ S.A. on December 10, 2021, approved the transaction and the conclusion of the sale-purchase agreement for the shares issued by (representing 100% of the share capital of) ExxonMobil Exploration and Production Romania, which owns 50% of the rights acquired and obligations assumed under the Petroleum Agreement for the Black Sea offshore project XIX Neptun Deep. As there have been subsequent negotiations with the sellers on adjusting some clauses of the sale-purchase agreement, especially in the sense of covering some fiscal risks in favour of S.N.G.N. ROMGAZ S.A., a new convening of the Extraordinary General Meeting of Shareholders is required.