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Bucharest
June 27, 2022
BUSINESS COMPANIES ECONOMY ENERGY

Dentons advised Romgaz in signing USD 1 bln contract with ExxonMobil for Neptune Deep

Dentons, the world’s largest law firm, assisted Romgaz in the signing of the acquisition of the shares of ExxonMobil Exploration and Production Romania Limited (EMEPRL). EMEPRL holds 50% of the rights and obligations under the Petroleum Agreement for the East Area, Deep Water Zone, of the Black Sea XIX Neptune offshore block. This transaction will allow Romgaz to achieve the objectives in its development strategy for the period 2021-2030.

Partner Douglas Humphrey (Dentons UK) coordinated the international M&A team assisted by senior associate Torquil Law and associate Parisa Ahmadian (Dentons UK), and partner Claudiu Munteanu-Jipescu, Counsel Elena Vlasceanu and associates Cristina Staicu and Renata Ionescu (Dentons Bucharest).

Douglas Humphrey commented: “It was a pleasure working with the Romgaz team who navigated the transaction process to deliver a significant addition to its upstream portfolio, with great efficiency and integrity throughout. It was also great to be working again with our fantastic team in Bucharest who really drove this deal and are a pleasure to collaborate with.”

Claudiu Munteanu-Jipescu commented, “We are delighted and very honored that Dentons, by an integrated international team, composed of lawyers of the London and Bucharest offices, had the opportunity to assist Romgaz in such strategic acquisition, allowing Romgaz to consolidate its position as top player on the Romanian and the European oil and gas market.”

The Romgaz – ExxonMobil transaction emphasizes once again Dentons’ cross border capabilities and seamless collaboration between various practices in multiple jurisdictions. Dentons reinforces its commitment to support our clients’ sustainable projects crucial to the green energy transition towards a low-emission economy in Romania.”

 

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