The Strategist

Exxon Mobil sells Exxon Mobil Exploration and Production Romania

05/04/2022 - 10:04

Exxon Mobil has reached an agreement to sell its Romanian subsidiary Exxon Mobil Exploration and Production Romania to local company Romgaz for more than $1 billion, according to a press release from the US oil and gas giant.

Mike Mozart
Mike Mozart
"The agreement includes all shares in Exxon Mobil Exploration and Production Romania, as well as an interest in subsoil area XIX Neptun offshore Romania," the US company said in a statement.

The sale process is expected to be completed by the end of the year. The agreement also requires approval of the Romanian government.

At the same time, last autumn, the media reported that the American company had agreed to sell its half if the Neptun Deep natural gas field development in the Black Sea to Romania for $1 billion.

Exxon Mobil, headquartered in Texas, is one of the largest private oil companies in the world. It has been present in Romania since 2008, when it acquired a stake in the Neptun Deep block in the Black Sea.