Exxon will not be able to sell its stake in Neptun Deep without Government approval


Bogdan Tudorache

Exxon will not be able to sell its stake in Neptun Deep without the consent of the Romanian Government, according to a draft ordinance subject to public debate starting yesterday.

“The competent authority may refuse, for reasons of national security, the concession and execution of oil operations for the exploration, development and exploitation of an oil field by legal persons who are effectively controlled by third countries of the European Union or by nationals of third countries of the European Union,” writes the draft Ordinance.

“The normative act also stipulates that, in the event of an operation taking over the control of the holder of an oil agreement or a change in the structure of the shareholder with the right of control over the holder, it has the obligation to notify the competent authority, and the oil agreement may maintain its validity, may be revised under the new conditions, or be terminated, as the case may be, by Government decision, at the proposal of the competent authority,” is shown in the explanatory note of the ordinance that complements the Petroleum Law 238/2004.

“Failure to comply with these provisions has the effect of losing the title of oil agreement holder of the Romanian or foreign legal person concerned, in case the oil agreement has more holders, and in the case where the oil agreement has a single holder, it ceases by law,” states the note.


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