ExxonMobil reached an agreement to sell its Romanian upstream affiliate, ExxonMobil Exploration and Production Romania, to natural gas producer Romgaz for more than $1 billion, company said on Tuesday.
The agreement includes all shares in ExxonMobil Exploration and Production Romania along with interest in the Neptun Block, located offshore Romania in the Black Sea.
As ExxonMobil's shares will transfer to Romgaz, operatorship on the Neptun Block will transfer to its other titleholder, OMV Petrom.
The block is estimated to contain natural gas resources of up to 84 billion cubic meters.
The decision to divest comes as ExxonMobil focuses investments in 'advantaged assets with a low cost of supply,' said Liam Mallon, president of ExxonMobil Upstream Company.
The transaction is expected to close in the second quarter of 2022.
By Zeynep Beyza Kilic
Anadolu Agency
energy@aa.com.tr