Deal Insight
ExxonMobil exits Romania with US$1.06 billion sale of Neptun Deep stake to Romgaz
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Romgaz agreed the US$1.06 billion acquisition of ExxonMobil's 50% interest in Romania's giant Neptun Deep gas project. The Black Sea deal was first announced in October 2021, but a string of Romgaz shareholder approvals has been required. The transaction is expected to close in Q2, with existing partner OMV Petrom (50%) replacing ExxonMobil as operator.
Table of contents
- Executive summary
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Transaction details
- Overview
- Other key terms
- Transaction background
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Upstream assets
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Neptun Deep
- Overview
- FID and production timeline
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Neptun Deep
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Deal analysis
- Base case
- Valuation upside
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Upsides and risks
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Upsides
- More industry-friendly fiscal terms
- Renewed access to project financing
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Risks
- Delays to reforms and future domestic price restrictions
- Lack of deepwater operating expertise
- Potential for cost inflation
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Upsides
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Strategic rationale
- ExxonMobil
- Romgaz (and Romanian state)
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
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Executive summary: Table 1Oil & gas pricing and assumptions: Table 1Oil & gas pricing and assumptions: Table 2
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Neptun Deep and Romania's Black Sea sectorDeal analysis: Table 1Deal analysis: Table 2Deal analysis: Table 3Neptun Deep productionUpstream assets: Table 1
What's included
This report contains:
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