The deal amounts to $1.06 billion, being the largest M&A transaction in the local energy sector over the last years.
With the sale being materialized, this is one of most important M&A transactions in the energy sector ever rolled out on the local market that reshaped the oil & gas industry in Romania.
NNDKP advised ExxonMobil on all stages of the transaction, covering the full range of legal aspects entailed by the exit project, such as conducting the due diligence analysis, assisting on regulatory matters, as well as reviewing the transaction documentation.
Also, the NNDKP team has assisted ExxonMobil throughout its strategic investment in Romania, and during all the stages of this historic offshore petroleum project on the local market. In a collaboration that has spanned over more than twelve years, NNDKP assisted ExxonMobil with virtually all legal matters related to the project, from the exploration stage and subsequently throughout the development stage, including in relation to the relationship with the regulatory authorities, permitting process, public procurement procedures, connection of the project to the gas transportation network and marketing of the natural gas. During these years NNDKP team has also supported the oil & gas industry and contributed to the development of the specific legal framework related to offshore gas projects.
“For us it has been a pioneering project in many ways, given the novelty of the legal works entailed by the project, as the first development of a deep offshore discovery, which raised numerous challenges both from a regulatory and legal framework perspective, requiring innovative solutions and an insightful understanding of this sector. I would also like to thank my team for their dedication and valuable contribution to this project”, said Ruxandra Bologa, Partner and Co-head of NNDKP’s Energy and Natural Resources practice.
The NNDKP team advising ExxonMobil during the entire project was led by Ruxandra Bologa, Partner and Co-head of the Energy and Natural Resources and Corporate/M&A practices and included Mirela Preda (Counsel, Energy and Natural Resources practice), Emanuel Flechea (Senior Associate, Energy and Natural Resources practice), Adina Chilim-Dumitriu (Partner, Co-head of the PPP and Public Procurement practice), Alexandru Aman (Counsel, PPP and Public Procurement practice), Georgeta Dinu (Partner, Competition, State Aid and EU Law practices), Anca Diaconu (Partner, Competition, State Aid and EU Law practices), Roxana Ionescu (Partner, Head of the Environment practice).
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 US’ ExxonMobil Exploration and Production Romania Limited (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.