One **** RTO18 Feb 2020 12:37
British company specialized in resource investments MetalNRG PLC has announced that it has entered into exclusive negotiations with a London partner, who did not disclose his identity.
ln order to take over a majority stake in a Romanian oil and gas operator, a press release informs. MetalNRG and its London partner are interested in taking over a 75% stake in the Romanian oil and gas company.
MetalNRG did not disclose what the company is about, but made it clear that the Romanian company has a concession that is valid until 2034 and that the talks will be completed by February 2020.
Surprisingly, ANRM recently extended the concession for the Black Sea gas and oil fields for ExxonMobil and Petrom by 15 years, until 2034.
Even more “surprisingly, “Exxon announced that it wants to sell, for $ 250 million, its 50% stake in the Black Sea project. Things seem to be converging towards the fact that these British would like to enter Exxon in the Black Sea, with the majority holding 75%.
The remaining 25% could be taken over by Romgaz, the access of the Romanian state-owned company in the Neptun Deep perimeter (estimated reserves of 200 billion cubic meters) being desired by the Ministry of Energy, through the voice of Minister Virgil Popescu, but also by Romgaz’s management, through the director Adrian Volintiru According to him, Exxon would even send him a Romgaz address by which his interest in taking over a participation in the Black Sea was probed.
“I am delighted that I have set up a robust business for this investment opportunity and that I have entered into the exclusive negotiation period. Due diligence operations have begun and we expect to get into the details of this oil and natural gas concession in the coming months, ”said MetalNRG General Manager Rolf Gerritsen.
Separately, MetalNRG has announced that Pierpaolo Rocco will join the Board of Directors as executive director and will be responsible for the Romanian oil and gas project for which MetalNRG has entered into exclusive negotiations.
Pierpaolo Rocco has over two decades of experience in the oil and gas industry, including large oil companies such as Total SA, Eni SpA and Royal Dutch Shell PLC, but also subcontractors such as Saipem SpA.
Who could extract the Romanian hydrocarbons
There are global oil and gas producers, such as BP or Royal Dutch Shell (English – Dutch), which would have the scope and interest to support the Black Sea resource extraction project.
But, equally well, it is known that the UK is the favourite place to run energy business for all kinds of discrete investors around the world, who do not want to appear in front, such as the Russians, Arabs, Indians, Chinese as well. and a host of other nationalities.
If the name of the very likely buyer of Exxon’s share in the Black Sea business is not a well-known name then we might have the surprise of not knowing the actual beneficiary of the transaction. In fact, in the description on its
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