Romgaz Makes Exxon E&P Romania Offer
S.N.G.N. Romgaz S.A. has revealed that its board of directors has endorsed a binding offer to acquire all shares issued by ExxonMobil Exploration and Production Romania Limited, representing 100 percent of the share capital.
In a statement posted on its website, Romgaz outlined that the offer was made on March 30, following a letter sent by ExxonMobil Upstream Business Development on February 15, which notified that the deadline for buyers to submit a binding offer was March 31. The offer and the conclusion of the transaction to acquire all shares are conditional upon approval of the extraordinary general meeting of the shareholders of S.N.G.N. Romgaz SA, in line with the laws and Romgaz articles of incorporation, Romgaz noted.
The Exxon business holds 50 percent of the rights and obligations under the concession agreement for petroleum exploration, development, and production in the XIX Neptun Deep Block. OMV Petrom S.A. holds the other 50 percent participating interest.
Romgaz is the largest natural gas producer and the main supplier in Romania, according to its website, which shows that the business is a joint stock company whose majority shareholder is the Romanian State, which owns a 70 percent stake. The company traces its roots back to 1909 with the discovery of the first commercial gas reservoir in the Transylvanian Basin through the Sarmasel drilling well.
ExxonMobil was the first American oil and gas company to work in Romania, according to its website, which outlines that the business operated in the country from 1903 to 1948 as Standard Oil Co. of New Jersey. ExxonMobil’s site shows that it 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 in the country’s downstream sector since 1992.
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