ExxonMobil to sell Romanian affiliate for more than $1bn

ExxonMobil said on Tuesday that it has agreed to sell its Romanian upstream affiliate to Romgaz for more than $1bn.

The agreement includes all shares in ExxonMobil Exploration and Production Romania along with interest in the XIX Neptun Block offshore Romania. Operatorship on the block will transfer to its other titleholder, OMV Petrom and employees of the Romanian affiliate will transfer as part of the sale.

Liam Mallon, president of ExxonMobil Upstream Company, said: "ExxonMobil continues to evaluate our portfolio of opportunities, focusing our investments in advantaged assets with a low cost of supply.

"Our investments to date have positioned the Neptun Deep project for future success with potential to help increase resource production within Romania and the European Union."

ExxonMobil has been present in Romania’s upstream sector since November 2008, when it acquired an interest in the deepwater Neptun Deep block in the Black Sea.

The transaction is expected to close in the second quarter of the year.