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ExxonMobil agrees to sell its Romanian affiliate to Romgaz for €949m

ExxonMobil has agreed to sell its Romanian upstream affiliate, ExxonMobil Exploration and Production Romania, to the Romanian gas producer Romgaz (70.01% state-owned) for more than US$1bn (€949m), subject to government approvals. The deal includes all shares in ExxonMobil Exploration and Production Romania along with interest in the XIX Neptun Block in the Romanian Black Sea. Operatorship on the block will transfer to its other titleholder, the Romanian oil and gas company OMV Petrom (51.01% owned by the Austrian energy group OMV). The block covers an area of approximately 7,500 km2 in water depths ranging from 100 to 1,700 meters. In 2012, Domino-1, the first deepwater exploration well in the country, confirmed the existence of a natural gas reservoir. The final investment decision (FID) is still pending.