Suciu Popa is delighted to report that it has assisted SNGN ROMGAZ SA, the largest natural gas producer and the main supplier of gas in Romania, on the acquisition of the entity owning an interest of 50% in the Neptun Deep offshore block in the Black Sea from the American oil giant ExxonMobil. The assistance provided by Suciu Popa covered the full spectrum of the Romanian law aspects regarding the transaction, and included, among others, conducting an extensive legal due-diligence exercise on the target company and its assets, as well as key regulatory issues.

The transaction has been managed by Suciu Popa with the help of a multidisciplinary team of lawyers specialized in Mergers & Acquisitions, Energy and Natural Resources (with a particular focus on aspects specific to Oil & Gas projects), environmental and permitting issues, concessions, competition, labour and regulatory issues.

The Suciu Popa team was led by Miruna Suciu and Luminita Popa, the firm's Managing Partners and coordinators of the Mergers & Acquisitions and Energy and Natural Resources practices, and was composed of: Cleopatra Leahu - Partner and co-head of the Oil & Gas, Concessions/PPP and Environment practices, Dan Ciobanu - Partner in the Energy & Natural Resources, Mergers & Acquisitions and Capital Markets practices, Mihai Caragui - Partner in the Mergers & Acquisitions and Corporate/Commercial practices, Daciana Popa - Partner in the Employment practice, together with a team of Senior Associates and Associates of the firm. The English law aspects of the project were managed by Dentons UK, while the assistance on the financial and tax matters was provided by Deloitte.

"We are glad that this project, of great importance both for Romgaz and Romania, is being implemented, and we congratulate the entire Romgaz team for the professionalism and dedication in managing this project, the  implementation of which  shall contribute to ensuring Romania's energy independence. We were delighted to bring our expertise alongside that of the client and other consultants and we hope to see other large-scale transactions performed in the years to come", stated Miruna SUCIU, Managing Partner Suciu Popa.

According to Aristotel JUDE, CEO of ROMGAZ: "The signing of the sale-purchase agreement for all the shares issued by EMEPRL, owner of 50% of the Neptun Deep block, represents a historical milestone in the transformation and corporate development of the company. Throughout the process of acquiring EMEPRL's shares, ROMGAZ benefited from assistance services provided by professionals in this field. Together with them, we were able to sign the most important transaction in the energy sector over the last 30 years. The closing of the transaction will provide the basis for a substantial increase in the ROMGAZ Group's natural gas production once the exploitation operations in the Neptun Deep block start".

Razvan POPESCU, CFO of ROMGAZ, stated: "After financing the acquisition, the signing of the sale and purchase agreement with ExxonMobil represents another important step towards the financial and procedural transition of the company. We will thus ensure that ROMGAZ Group’s business model is aligned with the financing needs for the development of the Neptun Deep Project."

Suciu Popa is one of the most important business law firms in Romania, covering the full spectrum of legal services in key practices including M&A, energy and natural resources, finance and banking, labour law, competition, litigation and international arbitration, with a solid track record confirmed by all international legal directories such as Chambers & Partners, Legal 500 EMEA, IFLR 1000, Who’s Who Legal and Benchmark Litigation, as well as the local and international business community.

According to the 2022 edition of Legal 500, Suciu Popa is highly specialized in the energy and natural resources field. With a team of "outstanding lawyers", Suciu Popa offers "extraordinary availability, flexibility in fee structure and a very pragmatic approach to the client’s business needs." The latest edition of IFLR 1000 also recognises Miruna Suciu, Luminita Popa and Cleopatra Leahu as Women Leaders, a high distinction awarded to the female legal elite with an internationally acknowledged professional performance.

In the segment of large-scale projects, as well as in the energy and natural resources field, Chambers & Partners emphasizes the skills of the Suciu Popa team, stating that in these practice areas, the expertise is extensive, focusing on the implementation of contractual structures and mechanisms, as well as licensing and permitting aspects of large-scale projects.