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September 27, 2020

Exxon and OMV took over the license for Midia XV, in the Black Sea

Romgaz could buy 10 pc share.

ExxonMobil and OMV Petrom became the owners of the license for the deep sea zone of the Midia XV perimeter, after the government approved the transfer of the hydrocarbon exploration and extraction rights from Sterling, with Romgaz having the option of 10 pc participation in case of a commercial find. “Following the Government Decision 43 of 22 January 2014, published in the Official Gazette on 28 January 2014, it has come into force the transfer contract signed in October 2012 by ExxonMobil and OMV Petrom, and Sterling Resources Ltd. and Petro Ventures Europe BV for the hydrocarbon exploration and extraction rights from the deep sea zone of the Midia XV perimeter (“Midia Deep”). Gas Plus opted for keeping its 15 pc participation in both zones, of deep and shallow sea, of the Midia XV perimeter”, OMV Petrom announces in a communique, Medifax informs.
After the conclusion of the transfer contract, the participation quotas in the Midia Deep perimeter are: ExxonMobil 42.5 pc, OMV Petrom 42.5 pc and Gas Plus 15 pc.
The Government Decision approves an additional document to the Accord of concession for oil exploration, development and extraction in the perimeters XIII Pelican and XV Midia, included in an annex that is classified under the law. “The entry option of Romgaz was sparked by the announcement about a commercial find in the deep sea zone of the Midia perimeter,” reads the release of the company controlled by the Austrian group OMV.
ExxonMobil and OMV Petrom signed in February last year an option contract with Romgaz for the participation in options in the offshore perimeter Midia, with exerting the option being on condition of the completion of the transfer contract for the exploration and production rights for a portion of the Midia perimeter from the existing owners of licenses.
In October 2012, ExxonMobil Exploration and Production Romania Limited and OMV Petrom signed a transfer contract with Sterling Resources and Petro Ventures Europe for the acquisition of an 85 pc stake of the hydrocarbon exploration and extraction rights related to a portion of the Midia XV perimeter in the Romanian zone of the Black Sea. ExxonMobil will be the operator of oil operations in the deep sea zone of the Midia perimeter adjacent to the deep sea zone of the Neptun perimeter, where ExxonMobil and OMV Petrom announced a gas find in 2012.

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