The deal amounts to $1.06 billion, being the largest M&A transaction in the local energy sector over the last years.
Humphrey Douglas (partner, London) together with Claudiu Munteanu-Jipescu (partner, Bucharest) coordinated the international team of mergers and acquisitions (M&A), being assisted by Torquil Law (senior associate, Edinburgh), Olympe Bory (senior associate, London) and Parisa Ahmadian (associate, London), Elena Vlasceanu (counsel), Cristina Staicu (associate) and Renata Ionescu (associate) – Bucharest.
“We are glad that we have successfully closed this benchmark acquisition for Romgaz. It is a strategic transaction for Romania in its effort to gain energy independence and even become a provider of energy security for EU Member States facing supply crunches,” stated Claudiu Munteanu-Jipescu.
Romgaz on Monday (Aug 1) announced the completion of the acquisition transaction and the transfer of all shares representing 100% of the share capital of EMEPRL which holds 50% of the acquired rights and obligations under the Petroleum Agreement for the Deep Water Zone of Neptun XIX offshore Block in the Black Sea.
Romgaz acquired the 50% stake held by EMEPRL in the Neptun Deep gas exploration and drilling project in the Black Sea, with the other part being owned by OMV Petrom. ExxonMobil and OMV Petrom already invested $1.5 billion in the exploration phase.