Romania’s Romgaz has formally put an offer on the table to buy out ExxonMobil’s 50% stake in the Neptun Deep joint venture.

ExxonMobil and Romgaz have worked together in the Neptun gas field in the Black Sea since 2008. The play is estimated to have reserves of between 42 to 84 billion cubic metres.

ExxonMobil has been responsible for exploration in the deep-water areas of the play, while Romgaz explored in shallower waters.

In 2019, however, ExxonMobil announced its intention to depart from the project.