• Natural Gas News

    OMV Petrom to operate Neptun Deep if Exxon exits

Summary

ExxonMobil has been seeking a buyer for its stake in the Romanian offshore project for nearly two years.

by: Joseph Murphy

Posted in:

Complimentary, NGW News Alert, Natural Gas & LNG News, Europe, Corporate, Mergers & Acquisitions, Exploration & Production, News By Country, Romania

OMV Petrom to operate Neptun Deep if Exxon exits

Austro-Romanian oil firm OMV Petrom reported on April 23 that it would serve as operator of the Neptun Deep gas discovery off Romania if the country's state-owned Romgaz replaces ExxonMobil as the other partner in the project. 

ExxonMobil currently operates the 84bn-m3 undeveloped gas field with a 50% interest, while OMV Petrom controls the remaining 50%. But the US major is scaling back its upstream activities in Europe and has been seeking a buyer for its stake in Neptun Deep for almost two years. Romgaz filed a binding offer to acquire Exxon's stake at the start of this month.

A final investment decision on Neptun Deep's development is yet to be taken. But it has been estimated before that the field could flow 6.3bn m3/year of gas at plateau.