Suciu Popa and Dentons have 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. Nestor Nestor Diculescu Kingston Petersen advised the seller.
Wolf Theiss and Dentons advised on Raiffeisen Bank Romania's EUR 325 million credit facility to Romgaz for the acquisition (as reported by CEE Legal Matters on April 15, 2022).
"[The] Black Sea Neptun Deep project is a strategic opportunity for Romania, representing an important source of gas in order to ensure the energy security of our country," commented Romgaz CEO Aristotel Jude. "The current geopolitical and energy context gives the project even greater importance. We set out to complete the transaction in the second quarter of this year, so that together with the future partner we can move, as soon as possible, to the development-exploitation phase. In this context, we estimate that the first gas production from XIX Neptun Deep block will be obtained at the end of 2026 or in early 2027. In the 2021-2030 development strategy of SNGN Romgaz we included, as a priority, the completion of the Neptun Deep transaction, as well as investments in other onshore development projects and from renewable energy sources, in the context of European green energy policies."
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.
The NNDKP team was led by Partner Ruxandra Bologa.
Editorial Note: After this article was published, Dentons announced that teams from both its UK and Romanian offices advised on the deal. The team was coordinated by Partner Douglas Humphrey and included Partner Claudiu Munteanu-Jipsescu, Counsel Elena Vlasceanu, Senior Associate Torquil Law, and Associates Parisa Ahmadian, Cristina Staicu, and Renata Ionescu.