Romgaz aquires right to produce gas in Black Sea from ExxonMobil

The Romanian state company Romgaz has acquired the rights to exploit a gas field in the Neptun Deep perimeter in the Black Sea from the American ExxonMobil. The contract for this, according to TASS with reference to the agency Agerpres, their representatives signed on Tuesday at the government headquarters in Bucharest.

ExxonMobil, which opted to pull out of the project due to unfavorable tax conditions, held a 50% stake in the project, with OMV-Petrom holding the other 50%.

At the ceremony, Prime Minister Nicolae Chuca said that "the signing of the contract marks the start of a process whereby Romgaz and OMV Petrom will start producing gas in the Neptun Deep perimeter in the Black Sea no later than 2026." According to expert estimates, gas reserves in the perimeter of the Neptun Deep are about 100 billion cubic meters. meters.

Energy Minister Virgil Popescu said that "the foundation stone for Romania's energy independence has been laid", stressing that this is the largest energy investment in Romania. Romgaz paid $1.06 billion to participate in the project.