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Musat & Asociatii Assists Sterling Resources in Share Sale of Midia XV

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Musat & Asociatii has advised Sterling Resources in its sale of 65% of it shares in the offshore Midia XV deep water perimeter.  

Midia XV is an area in the Romanian waters of the Black Sea with a surface of 46,539 hectares. It represents 11% of the total area under concession to the Midia and Pelican companies, and is adjacent to the "Neptun" perimeter, of Exxon and OMV Petrom, which already hosts the first deep sea exploration rig in the Romanian Black Sea.

The buyers of the shares were ExxonMobil Exploration and Production Romania and OMV Petrom. In the same transaction, Petro Ventures Europe transferred its 20% shares in the Midia XV perimeter, also to ExxonMobil and OMV. Gas Plus, which owns the final 15% of shares, opted not to sell. 

Musat & Asociatii advised on the entire transaction. The team was led by Musat Partner Miruna Suciu.

Romanian Knowledge Partner

Țuca Zbârcea & Asociații is a full-service independent law firm, employing cross-disciplinary teams of lawyers, insolvency practitioners, tax consultants, IP counsellors, economists and staff members. It also operates a secondary law office in Cluj-Napoca (Romania), and has a ‘best-friend’ agreement with a leading law firm in the Republic of Moldova. In addition, thanks to the firm’s dedicated Foreign Desks, the team provides the full range of services to international investors seeking to gain a foothold or expand their existing operations in Romania. Since 2019, the firm and its tax arm are collaborating with Andersen Global in Romania.

Țuca Zbârcea & Asociaţii is providing legal services in every aspect of business, covering all major areas of practice: corporate and M&A; litigation and international arbitration; corporate tax; public procurement; TMT; employment; insurance; banking and finance; capital markets; competition; healthcare and pharmaceutical; energy and natural resources; environmental; intellectual property; real estate; regulatory legal services.

Țuca Zbârcea & Asociaţii is a First-Tier law firm in all international legal directories and a multiple award-winning law firm both locally and internationally. It received the CEE Deal of the Year Award (DOTY Awards 2021) and the Law Firm of the Year Award: Romania (IFLR Europe Awards 2021). 

Firm's website.

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