ExxonMobil to sell Romanian upstream affiliate
US major ExxonMobil said May 3 it had reached an agreement to sell its Romanian upstream affiliate, ExxonMobil Exploration and Production Romania, to Romgaz, the country’s largest natural gas producer, for more than $1bn.
The agreement includes all shares in the Romanian affiliate along with ExxonMobil’s interest in the XIX Neptun Block offshore Romania. Operatorship on the block will transfer to its other titleholder, OMV Petrom. Employees of the Romanian affiliate will transfer as part of the sale.
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“ExxonMobil continues to evaluate our portfolio of opportunities, focusing our investments in advantaged assets with a low cost of supply,” said Liam Mallon, president of ExxonMobil Upstream Company. “Our investments to date have positioned the Neptun Deep project for future success with potential to help increase resource production within Romania and the European Union.”
ExxonMobil has been active in Romania’s upstream sector since 2008, when it acquired an interest in the Neptun Deep block in the Black Sea. Pending government approvals, the transaction is expected to close in Q2 2022.