Exxon will not be able to sell stake in the Black Sea to anyone, gov’t go-ahead needed first

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Romanian authorities are entitled to deny, due to national security reasons, any drilling operations on oil and gas deposits in the Black Sea by legal entities controlled by non-EU countries, reads a draft emergency ordinance amending the Oil Law. The draft has been Okayed by the Liberal Cabinet today.

Any transfer made without the Government’s preliminary approval will be declared void, according to the GEO.

In case of the oil agreements in force, the Government will be entitled to terminate the deal, due to national security grounds.

If the holder of the oil agreement faces a ownership change, it has the duty to notify the relevant authority, which can decide if the agreement can be still valid or if it’s terminated.

These new provisions might block a potential unfavourable transaction to the Romania state and come amid ExxonMobil‘s intention to sell its share of 50pc in the Neptun drilling project in the Black Sea.

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