Exxon Mobil to sell Romanian affiliate for over $1 billion to Romgaz

-Exxon Mobil Corp said on Tuesday it will sell its Romanian upstream unit to gas producer Romgaz for over $1 billion as the oil major focuses its investment on assets with a low cost of supply.

Exxon has been present in Romania’s upstream sector since November 2008, when it acquired an interest in the deepwater Neptun Deep block in the Black Sea.

The deal with Romgaz includes all shares in Exxon Mobil Exploration and Production Romania along with interest in the XIX Neptun Block offshore Romania.

The company said the deal is expected to close in the second quarter of 2022.