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Report: Exxon considers plans to exit Romanian offshore gas project

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Report: Exxon considers plans to exit Romanian offshore gas project

Exxon Mobil Corp. is considering a possible exit from the Neptun deep offshore gas project in the Black Sea and has started providing information to prospective buyers, Reuters reported Jan. 8, citing a late Jan. 7 confirmation from the U.S. oil major.

The oil major has not identified a buyer and has not reached agreements with outside groups, the report said, citing a statement from Exxon spokesperson Todd Spitler.

Exxon holds a 50% stake in the project alongside OMV AG unit OMV Petrom SA, according to Reuters. People familiar with the matter told Reuters in November 2019 that Exxon's stake in the project could be worth about $250 million. The report also said the venture has been affected by delays over tax regulations.

Romanian Prime Minister Ludovic Orban said earlier this week that SNGN Romgaz SA would in interested in joining in a consortium with OMV Petrom and a third company to develop the project, Reuters reported. Orban also reportedly said Russia's PJSC LUKOIL has asked for information about the sale.