Deal Insight
ExxonMobil exits Romania with US$1.06 billion sale of Neptun Deep stake to Romgaz
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
-
Transaction details
- Overview
- Other key terms
- Transaction background
-
Upstream assets
-
Neptun Deep
- Overview
- FID and production timeline
-
Neptun Deep
-
Deal analysis
- Base case
- Valuation upside
-
Upsides and risks
-
Upsides
- More industry-friendly fiscal terms
- Renewed access to project financing
-
Risks
- Delays to reforms and future domestic price restrictions
- Lack of deepwater operating expertise
- Potential for cost inflation
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Upsides
-
Strategic rationale
- ExxonMobil
- Romgaz (and Romanian state)
- Oil & gas pricing and assumptions
Tables and charts
This report includes 9 images and tables including:
- Executive summary: Table 1
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- Neptun Deep and Romania's Black Sea sector
- Deal analysis: Table 1
- Deal analysis: Table 2
- Deal analysis: Table 3
- Neptun Deep production
- Upstream assets: Table 1
What's included
This report contains:
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