- ExxonMobil Corp (NYSE: XOM) reached an agreement to sell its Romanian upstream affiliate ExxonMobil Exploration and Production Romania to Romgaz for over $1 billion. These are the details.
ExxonMobil Corp (NYSE: XOM) has reached a deal to sell its Romanian upstream affiliate ExxonMobil Exploration and Production Romania to Romgaz for over $1 billion, subject to Romanian government approvals.
ExxonMobil has been present in Romania’s upstream sector since November 2008 when it acquired an interest in the deepwater Neptun Deep block in the Black Sea. And this deal includes all shares in ExxonMobil Exploration and Production Romania along with interest in the XIX Neptun Block offshore Romania. And the operatorship on the block will transfer to its other titleholder OMV Petrom. The employees of the Romanian affiliate will transfer as part of the sale.
The deal is expected to close in the second quarter of 2022.
KEY QUOTE:
“ExxonMobil continues to evaluate our portfolio of opportunities, focusing our investments in advantaged assets with a low cost of supply. 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.”
– Liam Mallon, president of ExxonMobil Upstream Company
