Popescu: Romgaz must to be part of the consortium that will start exploiting gas in the Black Sea

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The Minister of Economy, Energy and Business Environment, Virgil Popescu, said that he wants Romgaz to be part of the consortium that will start the exploitation of gas in the Black Sea, because only this way the natural gas distribution network can be extended.

“Romgaz is negotiating to start investments in the exploitation of the Black Sea gas and I want it to be part of that consortium that will start the exploitation of the Black Sea gas, because only in this way can we have gas to expand the natural gas distribution network and for Romanians to can benefit from Romanian gas for heating,” said Popescu, according to Agerpres.

Romgaz is in talks to take over a part of ExxonMobil’s participation in the Neptun Deep project, so far being signed a consortium entry agreement with OMV Petrom and PGNiG, according to the National Investment and Relaunch Plan, presented on Wednesday.

“Given that Exxon intends to give up its 50% stake in the Black Sea Neptune project, along with OMV Petrom, Romgaz is in talks to take over part of Exxon’s stake. So far, an agreement has been signed for entering a joint venture together with OMV Petrom SA and PGNiG SA, in order to take over ExxonMobil’s shareholding in the perimeter, and the joint operating agreement (JOA) is currently being discussed. At the same time, there are talks and negotiations for the evaluation and establishment of a final offer to ExxonMobil,” the document states.

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