Romania’s government has endorsed the deal under which ExxonMobil* and OMV Petrom take over the 85% stake in the deep water portion of the Midia XV Black Sea block [Midia Deep] from Canada’s Sterling Resources and Petro Ventures Europe. The remaining 15% is owned by Italy’s Gas Plus.
Romania’s Romgaz has the option to buy a 10% participation in the block from ExxonMobil and OMV Petrom, following an agreement reached last year. The option will be triggered by the discovery of gas reserves.
The Midia Deep block is adjacent to the Neptun Deep block, in which ExxonMobil and OMV Petrom announced gas discoveries in 2012. The deal on Midia Deep was reached in February 2013 but the completion required the government’s approval of the transfer of the concession contract.
Following the completion of the transfer agreement, the participating interests in Midia Deep are: ExxonMobil 42.5%, OMV Petrom 42.5%, and Gas Plus 15%. Gas Plus is the fourth largest producer of natural gas in Italy as estimated by the Authority for Electricity and Gas.
Sterling Resources confirmed that it will receive within seven days USD 29.25mn for its 65% stake in Midia Deep. Another USD 29.25mn will be paid upon a commercial discovery and an additional USD 19.5mn upon first production.
* through ExxonMobil Exploration and Production Romania Ltd
Related Articles
Turkish LPG carrier set on fire during Russian drone attack
A Turkish LPG carrier docked at the port of Izmail, Ukraine, was hit by a Russian drone during an attack, sparking a fire on the vessel, which has now been extinguished. According to the Maritime ... more
Russia in talks to buy 1,000t of Niger uranium amid Sahel realignment, fading French influence
Russia is in talks to purchase around 1,000 tonnes of uranium from Niger in a deal valued at approximately $170mn, according to French security assessments cited by Le Monde. The reported ... more
Russia inks Power of Siberia 2 pipeline memorandum with China and Mongolia
Russia has signed a "legally binding memorandum" on the construction of a second gas pipeline to China, Power of Siberia 2, including a transit branch, Soyuz Vostok, that will run across Mongolian ... more
Most Read
-
US expands oil sanctions on Russia
1 month ago
-
India’s smart metering push gains momentum
4 months ago