Romgaz signs contract for the acquisition of EMEPRL shares

Prime Minister Nicolae Ciuca, Minister of Energy Virgil Popescu, and David Muniz, Chargé d’Affaires ad-interim – US Embassy in Romania, participated today in the signing of the sale-purchase contract for Romgaz’s takeover of Exxon’s stake in the Neptune Deep perimeter.

Romgaz, the largest natural gas producer in Romania, signed, at the Romanian Government headquarters, the sale-purchase contract of all shares issued (representing 100 percent of the share capital) by ExxonMobil Exploration and Production Romania Limited (EMEPRL) which holds 50 percent of the acquired rights and obligations assumed by the Oil Agreement for the eastern area, the deep water area, of the offshore perimeter XIX Neptune in the Black Sea.

The sale-purchase contract was approved at the Extraordinary General Meeting of Shareholders of ROMGAZ S.A. from 28.04.2022, and the completion of the transaction is conditioned by the fulfillment of the conditions precedent in the contract. The purchase price paid by ROMGAZ will be 1,060,000,000 USD, and can be adjusted according to the mechanisms provided in the share sale-purchase contract.

“The transaction worth over 1 billion dollars is the expression of the Government’s commitment to support vital investments in energy and capitalization of natural gas in the Black Sea for the benefit of Romanians and the Romanian economy. The new offshore law being debated in Parliament is accelerating vital investments to secure natural gas resources. The Romanian Government’s vision for developing the energy sector, based on investment, a pro-business approach and stability, will reposition Romania as an important regional player, able to provide the necessary for the consumption of citizens and the economy and even become an energy security provider in the region,“ said prime minister Nicolae Ciucă.

“Today, by signing the contract between ROMGAZ S.A. and ExxonMobil, Romania has taken a huge step towards ensuring energy security and independence. In the current geopolitical context, we have no time to waste. We will make the necessary efforts to speed up the start of operation, to consume Romanian gas. Yes, as I said, Romanians will have Romanian gas in their homes. And not only! Romania will have a surplus of natural gas, practically doubling its production far beyond the current needs of domestic consumption. And another very important aspect: our country will become a provider of regional energy security,” said the Minister of Energy, Virgil Popescu.