OMV Petrom and ExxonMobil acquire 85% in Romania's Black Sea deep water block Midia XV

By bne IntelliNews January 30, 2014

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

 

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Uzbekistan announces $500mn in backing for projects in rare earths

Uzbekistan is to invest $500mn in backing promising projects in the mining of rare earth elements (REE), the presidential press service has announced. The country’s ... more

Russia for first time overtakes Turkmenistan in gas exports to China

Russia in February for the first time overtook Turkmenistan on a monthly basis to become the largest pipeline supplier of natural gas to China, according to General Administration of Customs of China ... more

Ukraine's DTEK seeks $350mn to restore energy capacity after Russian attacks

Ukraine's leading private energy company, DTEK, has sounded the alarm, indicating an urgent need for $350mn to recuperate lost capacity resulting from Russia's relentless assaults on thermal power ... more

Follow Us On

Most Read

  1. The models are wrong, climate change is accelerating faster than predicted
    7 days ago
  2. Cheap Russian drones overwhelm US-made Abrams tanks, taken out of action
    6 days ago
  3. Russia already treating Bosnia’s Republika Srpska as an independent state
    7 days ago
  4. Putinomics: Russia’s oil and gas revenue to double in April
    7 days ago
  5. Kuwait reacts angrily to being cut out of Iraq and Turkey’s transport project
    7 days ago
  1. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  2. Saudi Arabia to scale back plans for Neom city
    22 days ago
  3. Iran vs Israel: Who is better equipped for war?
    19 days ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    1 month ago
  5. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    6 months ago

Reports

Dismiss