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September 21, 2021
BUSINESS BUSINESS COMPANIES ECONOMY ENERGY

EnergyMin, ExxonMobil officials discuss collaboration with Romgaz in carbon storage area

Energy Minister Virgil Popescu met on Wednesday with the representatives of the US company ExxonMobil, and one of the topics of discussion was the collaboration with Romgaz in the field of carbon storage, according to a post on the minister’s Facebook page.

“Today we had a meeting with the new management of ExxonMobil Romania, a meeting in which we discussed possible investments and collaborations in the field of Energy. At the same time, we discussed a possible collaboration with Romgaz in the field of carbon storage in underground storage facilities, considering ExxonMobil is a leader in carbon capture technology. We also had an exchange of views on Black Sea gas and the legislative framework in the field of energy,” Popescu said.

Romgaz is currently negotiating with Exxon to take over the US company’s 50% stake in the Black Sea Neptun Deep gas project.

Currently, ExxonMobil and OMV Petrom are equal partners in the deepwater Neptun Deep project, where exploration has revealed deposits estimated at 42-84 billion cubic meters. For comparison, Romania produced 9.2 billion cubic meters last year, according to the National Agency for Mineral Resources.

ExxonMobil announced its intention to leave Romania, and OMV Petrom stated that it is possible to make the decision to invest in the Neptun Deep project next year, depending on the legislative changes in Romania and the market situation.

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