American energy giant ExxonMobil agreed to sell a 50% stake in the Neptun Deep natural gas project in the Black Sea for $1.06 billion to Romgaz, the largest natural gas producer and main supplier in Romania, according to international reports on Thursday.
The owner of the remaining 50% stake, OMV Petrom, the largest energy company in southeastern Europe, will take over the operatorship of the project.
Since Exxon's initial project investment in 2008, the two firms have spent more than $1.5 billion exploring and evaluating its potential.
Transaction completion will be in the first quarter of 2022.
By Sibel Morrow