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Closing: Romgaz Acquisition of Stake in Neptun Deep Project from ExxonMobil Now Closed

Closing: Romgaz Acquisition of Stake in Neptun Deep Project from ExxonMobil Now Closed

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Nestor Nestor Diculescu Kingston Petersen and Dentons announced that Romgaz' acquisition of ExxonMobil subsidiary ExxonMobil Exploration and Production Romania Limited (reported by CEE Legal Matters on May 12, 2022) has now closed.

NNDKP assisted ExxonMobil with finalizing the last steps in selling its 50% participation in the Neptun Deep offshore block in the Black Sea to Romgaz. "With the sale being materialized, this is one of the most important M&A transactions in the energy sector ever rolled out on the local market, that reshaped the oil & gas industry in Romania," the firm informed. 

According to Dentons, "this transaction will allow Romgaz to achieve the objectives in its development strategy for the period 2021-2030."

As previously reported, Suciu Popa and Dentons advised SNGN Romgaz on its acquisition of the ExxonMobil subsidiary that owns 50% of the rights and obligations for the Neptun Deep project in the Black Sea.

NNDKP’s updated team was led by Partner Ruxandra Bologa and included Partners Adina Chilim-Dumitriu, Georgeta Dinu, Anca Diaconu, and Roxana Ionescu, Counsels Mirela Preda and Alexandru Aman, and Senior Associate Emanuel Flechea.

The Dentons updated team included Bucharest-based Partner Claudiu Munteanu-Jipescu, Counsel Elena Vlasceanu, and Associates Cristina Staicu and Renata Ionescu, London-based Partner Douglas Humphrey, Senior Associate Olympe Bory, and Associate Parisa Ahmadian, and Edinburgh-based Senior Associate Torquil Law.

The Suciu Popa team was led by Managing Partners Miruna Suciu and Luminita Popa and included Partners Cleopatra Leahu, Dan Ciobanu, Mihai Caragui, and Daciana Popa.

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