Energy & Natural Resources

Our Energy & Natural Resources practice is one of the largest and most experienced in the country, spanning across Energy, Oil & Gas and Mining sectors.

It's widely known that, over the years, our team has effectively carried out some of the largest Romanian energy deals, and advised on the top energy privatizations in Romania, corporate reorganizations and private transactions, building both sound legal expertise and a thorough understanding of the local energy market.

Our advice covers the whole Energy-related spectrum, including energy trading, generation, distribution, transmission & supply licensing, as well as emissions trading and renewable energy. We also advise major utilities suppliers active in Romania in relation to their day-to-day energy related business, structuring complex transactions, market liberalization adjustments, including legal and functional unbundling and intricate regulatory compliance.

Our team of lawyers has gained a household name for excellence in the Oil & Gas sector. We advise on upstream and downstream projects, including concessions and licensing, exploration, drilling, storage, transport, distribution, refining, pipeline construction and downstream marketing.

We are also a leading legal advisor to the Mining industry, advising both on restructuring in the state-owned mining sector and on new investments in the mining field, able to tackle complex mandates regarding the usage of the best available and environmentally friendly technologies and the assistance of local communities in order to achieve sustainable development.

Below you will find some of our Energy & Natural Resources practice highlights, together with a set of other representative mandates of our team.

Practice Highlights.

A selection of our deal highlights includes advising:

A US company in the oil field services industry, in connection with a USD 400 million worldwide transaction (in over 25 jurisdictions), which involves the exploitation of businesses as a global provider of tubular profile services for drilling, cables for pipeline works, equipment and accessories rentals and Recovery and Repair services for drilling, operations and abandonment in the oil services industry. Our mandate involved an extensive due diligence, structuring and implementation of the transaction at local level, authorizations and registration, transfer of employees, transfer of assets and key commercial contracts, including the transfer of the Recovery and Repair activities / DRILCO.
A company part of a group producing industrial equipment, in connection with the EUR 38 million contract for the development of a 120 km natural gas pipeline between Romania and Moldova (the Moldova Project). We provided legal assistance to the Client in connection with its activities on the Romanian market, including regarding Client’s relationship with the National Gas Transmission Company Transgaz S.A. Mediaș.
A worldwide company engaged in the exploration, development and production of crude oil and natural gas in selected areas of the world, on signing a sale-purchase agreement for the sale of its 65% interest in the deep water area of Block 15 Midia in the Romanian Black Sea. We also advised the client on regulatory and permitting issues related to drilling contracts and seismic data acquisition programs, as well as on the acquisition of surface rights and permits for the gas pipeline for certain off-shore discoveries and onshore gas processing facilities.
The Ministry of Economy in connection with the sale of 10% of the share capital in the Romanian national nuclear power producer on the Bucharest Stock Exchange. We acted as lead local counsel during all stages of the sale process, including the drafting of the legal due diligence report and the offering prospectus, as well as the provision of ECM regulatory support throughout the offering process. The sale was successfully closed with a transaction value in excess of EUR 70 million.
A leading European utility company, on the EUR 820 million successful acquisition of the largest electricity distribution company in Romania, including the preparation of the position papers, binding offer and final binding offer, as well as negotiation of the transaction documents.
A major electricity distribution company, in connection with its initial public sale offering of 105% and its admission to trading on the Bucharest Stock Exchange. Our mandate covered conducting an extensive due-diligence exercise on the target, drafting the prospectus and assisting the underwriters throughout the IPO and listing process. A particularity of the project was the issuance of GDRs on newly issued shares. The issuance has been successfully listed on the Bucharest Stock Exchange and GDRs are listed and traded on the London Stock Exchange (transaction value: EUR 440 million).
The Romanian Government (the Ministry of Economy and Finance), on drafting and implementing the strategy for restructuring the EUR 1.2 billion debts of one of the largest State-owned electricity producers. Our legal work included an extensive due diligence on the target, as well as in-depth analysis of the regulatory- related matters, drafting the bills of law necessary to implement the prepared strategy and getting securing clearance from the Competition Council and the European Commission (DG Comp.) in connection thereto.
The Ministry of Economy and the Office for State Ownership and Privatization In Industry (OPSPI), in connection with the sale, by the Romanian State, of 15% of the shares held in the national gas transmission company. The firm has been assisting the Romanian State throughout the process, including structuring and implementing the sale process, which was successfully closed with a transaction value of EUR 72 million.

One of the largest gas and refining businesses in Romania, in connection with the EUR 90 million acquisition of the remaining free float of a refinery company (one of the most successful mandatory public offering ever conducted on the Bucharest Stock Exchange to date), as well as providing legal advice in all matters pertaining to the mandatory public offering of an oil services company.
A major utilities company based in Italy, on the successful EUR 112 million acquisition of two subsidiaries of of two subsidiaries of a Romanian electricity distribution company, in all stages of the process.
A Canadian oil and gas company, in relation to the sale of its entire Romanian oil business to an affiliate of aglobal alternative asset manager.
A consortium led by a British petroleum company, regarding the regulatory, permitting and tax analysis of the development of the Nabucco West gas pipeline. Our legal work included drafting an overview of the entire relevant regulatory framework in Romania, including a description of the centralized gas market trading mechanism and advising the client with respect to the entire range of licensing, energy, and environmental matters pertaining to the project.
A major European energy company, with respect to the acquisition, development and construction of a wind power plant in Romania with an installed capacity of 50 MW, including aspects related to structuring and negotiating the acquisition of relevant equipment, sale-purchase agreements, EPC and O&M contracts.
The Romanian branch of a global player in the area of electrical energy and utilities operator from key areas of electrical energy and natural gases, in connection to restructuring the portfolio of sale-purchase agreements of electrical energy and green certificates, in view of optimizing them.
A leading Australian-based mining company with a focus on copper, in connection with its EUR 200 million offer for the acquisition of the company which holds the rights to mine the largest copper deposit in Romania, accounting for approximately 60% of the total national copper reserves.
A major Canadian mining group, in relation to the exploration and exploitation of a large mining site in Romania, including advising on the legal management of the company’s mining rights (mining exploration and exploitation licenses issued by the National Agency for Mineral Resources), on all environment-related legal matters arising from the project, including permitting and past pollution issues and the most extensive Environmental Impact Assessment process ever performed in Romania. The firm has also been involved in providing legal assistance with respect to the local community resettlement plan, permitting, environment, corporate, labor and litigation matters.
A major green energy company, during the full-scope acquisition of a green energy project in the field of wind generation, Salbatica 2, with an installed capacity of 72 MW.
One of the leading Spanish photovoltaic providers, on the acquisition of two solar power plants in Romania, with an installed capacity of 130 MW, the total value of the project exceeding EUR 200 million.

Other representative mandates of our Energy & Natural Resources practice includes advising:

A global energy management company, on legal requirements for the sale and purchase of gas on the bilateral market, in line with market transparency rules in Romania. Our advice covered trading in natural gas, import and export requirements, drafting the required documentation, notifying the competent Romanian authorities and generally assisting the client in all matters related to the authority of regulation in the field of natural resources.
Two Romanian renewable energy producers, in connection with the performance of certain long-term green certificates SPAs entered into with natural gas market leader. Our team advised on multiple regulatory issues stemming from the changes to the support scheme for renewable energy production, after the conclusion of contracts.
A Romanian company with a 60-year tradition in the field of prospecting, geology and drilling services, in the implementation of a mining project which involves prospecting and exploitation of the sapropel sludge used for therapeutic purposes. The advice included regulatory and compliance matters, mining licenses, as well as identification of concession and partnership structures with the Municipality of Techirghiol and the local health and recovery sanatorium operating under the supervision of the Ministry of Health.
A world-leading manufacturer in the industry of industrial minerals, in connection with the acquisition of one of the most important players on the Romanian market active in the industry of import and distribution of raw materials for the food and chemical industry. Our team was involved in all the stages of the acquisition, including the due diligence report, the negotiation and preparation of the transaction documents, the notification of the Romanian competent authorities and all regulatory aspects.
A subsidiary of one of the largest construction companies in the People’s Republic of China, during the award organized by the National Administration “Romanian Waters” – Dobrogea Coast regarding the project “Design and implementation of coastal protection works to reduce coastal erosion”. The project is considered to be one of the most important projects carried out in Romania in recent years, having a significant impact on the various areas, including natural and environmental resources. We have provided assistance to the Client on various contractual matters, as well as on compliance issues regarding the procedures and steps to be followed in relation with the Romanian competent authorities at the local level (National Agency for Mineral Resources, Environmental Protection Agency, Ministry of Culture) in order to obtain the necessary permits for mining and environmental protection purposes, for the implementation of the project (mandate value: EUR 150 million).
A Romanian energy supplier, in connection with the contesting of the changes made by the Romanian Energy Regulatory Authority to the regulatory framework that sets out the key rules and operating principles applicable to electricity transactions on the centralized gas market in Romania.
A top Romanian engineering company, in connection with a framework agreement for general surface and transport services, basic and extended engineering, technical assistance, supervision and training services for a oil processing plant, concluded by the client with an Iranian entity.
A company active on the compressor stations construction market in Romania, regarding various contractual and public procurement aspects, as well as regulatory aspects regarding the project “Strengthening the transport system in Romania, between Onești-Isaccea and reversing the flow to Isaccea”, started by the Romanian Transport Company for Natural Gas Transgaz S.A. Mediaș. The project is on the European Union list of projects of common interest, adopted by Regulation (EU) 2018/540 of November 23, 2017 (mandate value: EUR 56 million).
A major industrial company, in the process of renewing the environmental authorization for the exploitation area from the “Valea lui Aric Quarry – Drumul Iazului Valley – Tefic’s Hill” and obtaining a new environmental authorization for a wider exploitation area, considering the peculiarities of the protected natural areas part of the European ecological network “Natura 2000” and the lack of an agreed management and regulation plan for the site “Natura 2000” which overlaps with the location where the Quarry is. Our team has been involved in all the preauthorization stages, including the preparation of the analysis and reports based on extensive research on the existence of habitats of community interest and of the priority habitats existing in protected natural areas. Our team assisted / represented the Client in the relationship with the environmental authorities during the discussions on specific issues regarding aspects of compliance with the regulations.
A global Chinese construction company, in connection with the public tender organized by the Romanian State, for the construction and operation of the Tarnița-Lăpuștești reverse pumped hydro power plant, including legal assistance for preparing the documents for participating in the public tender, as well as in the negotiations with the contracting Authority.
The most important electricity supplier in Romania, regarding the assessment of the possible regulatory risks arising in connection with the conclusion of certain contracts for the sale and purchase of electricity and contracts for the sale of green certificates with companies in the EDP Renewable group.
A leading European investment company specialized in the renewable sector, regarding the sale of a wind power plant developed in Romania, with a total installed capacity of 400 MW, involving structuring the transaction and negotiations with two top Chinese and Polish based players in the energy sector.
A company that trades electricity and has a tradition and reputation in Romania in the field of electronic equipment production, in connection with appealing the fines applied by the Romanian Competition Council for allegedly engaging in an anticompetitive agreement for the sale and purchase of electricity with Hidroelectrica, the largest electricity producer in Romania.
The Romanian subsidiary of a global energy player and utilities operator in the key sectors of electricity and natural gas, in connection with the renegotiation and termination of a long term gas supply contract entered with one of the leading international producers and suppliers of oil & gas.
The Romanian subsidiary of a Canadian energy company, in connection with the transfer of interests in offshore Blocks EX-27 Muridava and EX-28 Est Cobalcescu to its co-venturer, and subsequent sale of the entire share capital of its Romanian subsidiary to a private limited company.
A leading international provider of facilities solutions to the oil & gas production and processing industry, in connection with the structuring and negotiation of the exit from its Romanian operations and the production enhancement contract concluded in 2010 with a major oil & gas company for the re-development of nine mature oilfields in Romania.
A leading German company, engaged in areas of automatization and engineering for the extractive industry and electrical energy, in relation to a vast project for the development of a copper processing and extraction unit in Romania.
A top renewable energy company, in connection with the acquisition of five photovoltaic renewable energy projects and one hydropower plant. Legal work included undertaking a full legal due diligence exercise on the projects’ assets and permits, negotiating the structure of the transaction, as well as preparing and negotiating all requisite transaction documents.
State Department of Energy and an energy complex as part of a consortium, in relation to the increase of social capital of an important Romanian state- owned energy producer, by the issuance of new shares and the sale of 51% to a foreign investor.

A consortium made up of financial institutions, in relation to the initial public offer for the sale of 12%- 15.29% of the social capital of one of the most important state-owned power producers from conventional sources of energy, which shall be conducted on the Bucharest Stock Exchange.
A large energy trading company, in connection with the negotiation of various green certificates purchase agreements to be concluded with renewable power producers.
A major Chinese development bank, in connection with financing two photovoltaic parks with an overall capacity of over 50 MW, including an extensive due diligence on the company developing the photovoltaic projects and legal assistance throughout the financing process.
The Ministry of Economy, as part of an international consortium, in connection with the selection of investors for the construction of Tarnifa- Lapustesti Hydropower Plant, a green field hydroelectric pumped-storage project, with a forecasted installed capacity of 1,000 MW which is estimated to require a considerable investment exceeding EUR 1.3 billion.
Two subsidiaries of a European renewable energy company, in connection with the implementation and operation of a wind power plant and the refurbishment of micro hydro power plants.
The largest offshore drilling contractor in the world, in relation to its prospective drilling operations in the Romanian exclusive economic zone of the Black Sea, on customs proceedings for the rig to be used for drilling operations in the Black Sea, as well as permitting matters related to the project.
A major European energy company, on the acquisition of several energy companies owned by the Romanian State, among which an 800 MW hard coal facility located in Brăila, raising investments in excess of EUR 1 billion.
The National Agency for Mineral Resources of Romania (ANRM), the national body regulating natural resources, on various natural resources and mining regulatory matters.
The Romanian Regulatory Authority in the gas sector (ANRGN) – as lead legal counsel in connection with drafting and developing the secondary legislation in the gas market, aimed at achieving, inter alia, full liberalization and unbundling of the national gas market.
An important Spanish developer of renewable energy projects, with respect to the development and sale of a wind farm with an installed capacity of approximately 250 MW, located in Dobrogea.
One of the top Epc services providers in the energy sector in completing the sale of a minority stake through an outright sale, combined with a share capital increase, with a total value of EUR 70 million.
The world’s largest gold producer, in relation to the potential implementation and development of a mining project in Romania.
A member of an international resource exploration group, in connection with all legal matters applicable to the proposed acquisition of a privately held mineral exploration company developing projects in Romania and Turkey.
A European utility company, in relation to structuring and implementing one of the biggest PPP projects in the energy sector, via the development of Units 3 and 4 of Cernavoda NPP in a EUR 4 billion proposed joint venture with the national nuclear energy producer and other main players in the European utilities sector.
A major regional investment fund, in connection with the acquisition of one of the main local private gas distributors and suppliers, in a complex transaction valued at EUR 50 million.
A leading European energy company, in connection with the acquisition of a company for the purpose of implementing and operating a wind farm of up to 200 MW.
A major Portuguese renewable energy company, in connection with the implementation of a large-scale wind power project in Romania, with an aggregate generation power of 750 MW.
A renewable energy company, in connection with the implementation and operation of a wind power plant of up to 40 MW, including a due diligence report and advising on regulatory and permitting issues.
An international electricity company, with respect to the acquisition of 80 percent of the shares in an important local private energy trader, focusing on selling electricity to commercial consumers in the SME segment.
A world leader in the iron ore market and a global mining company, in connection with its trade operations through Constanța
A major oilfield services company, in connection with its prospective transactions on certain business opportunities in the Romanian oil & gas industry.
One of the largest electricity producers, on the project regarding the modernization and development of several co-generation heating plants through joint ventures with private investors and the extension project of CET București Vest, by new cogeneration capacities.
A major international energy company, in connection with the regulatory issues, tariffs, public property and concession regulations during the due diligence and negotiations for the privatization of two electricity distribution and supply companies.
A European utility company, in connection with regulatory issues, tariffs, public property and concession regulations during the privatization process of two gas distribution companies, Distrigaz Sud S.A. and Distrigaz Nord S.A.
A subsidiary of a French financial institution, in relation to the implementation of the first transactions in Romania under the European Union Emissions Trading Scheme concerning greenhouse gas emission allowances for 2008-2012, including advice on relevant national and EU legislation in connection with the EU- ETS trading scheme.
A fast-growing local player active in the renewable energy sector, in relation to the financing scheme for the EUR 50 million joint venture with a large utilities company, aimed at developing a green energy project.
A national oil company, in connection with various legal matters regarding its activities of exploration, drilling, refinery, transportation, and distribution of oil and gas, as well as negotiations for the establishment of joint ventures with foreign investors in related fields of activity, including advice on debt liability exposure and international sales contracts.
The Ministry of Economy and Commerce, in relation to restructuring of the leading State-owned company in the oil products transport sector, as a first step toward privatization with a strategic investor.
One of the largest independent oil and gas producers in the world, for providing legal assistance in relation to a potential joint-venture with a major oil company, advising on regulatory issues, tariffs, public property and concession regulations.
A global oil and gas company, in connection with the implementation of the oil agreement concluded with the Romanian Government, including drafting the necessary transaction documentation for the concession of certain oil resource blocks, negotiating and obtaining all necessary licenses, authorizations, approvals, and permits.
The Romanian Government, in connection with the review of the laws related to public ownership over oil & gas properties.
One of the leading oil refineries in Romania, and various oil equipment suppliers, on corporate and business matters, including drafting and negotiating various oil processing agreements.

“This firm remains highly regarded for its superb energy and natural resources work.” Interviewees say they are drawn to the firm for its “responsiveness and client-focused approach”.

Chambers & Partners

Clients of Mușat & Asociații say that for energy work, the firm’s “level of service is very high”.

Legal 500

Clients about the Energy team: “They are experts in the energy field.”

Chambers & Partners

Clients admire the firm’s exceptional track record in the energy sector, especially highlighting the lawyers’ expertise in financing and restructuring, regulatory work and sizeable energy projects.

Chambers & Partners

“Easily compete with any international firm in terms of presence, expertise and vision.”

Legal 500

The prestigious British publications Chambers Europe and Legal 500 place Mușat & Asociații as a leading law firm in Energy & Natural Resources.

“My impression of the firm is excellent; response times have been very good and the lawyers' use of English is first-class.”

Chambers Europe

“A very solid firm that is able to cover a wide range of subjects, and litigation is also a strength.”

Chambers Europe

Clients are quick to praise the firm’s flexible service: “They are there when we need them, even at very short notice”.

Chambers & Partners

Sources acclaim Mușat & Asociații’s “top-notch advice and impeccable drafting under the tightest time pressure”.

Chambers & Partners

“Transactional work is at the heart of Mușat & Asociații’s well regarded corporate practice, with particular focus on large scale energy work.”

Legal 500

Praised as “the strongest energy and natural resources practice locally” by one client, Muşat & Asociaţii is “prompt, knowledgeable” and possesses “a wealth of highly skilled individuals”.

Legal 500

Clients believe the firm to be “professional, with a great team of lawyers displaying depth of knowledge”.

Legal 500

Mușat & Asociații has “a dominant share of the country's business” and “garners much respect from its competitors and clients”.

IFLR 1000

“Mușat & Asociații - indefatigable Romanian giant [which] retains an impressive list of corporate clients and virtually unparalleled contacts with government agencies.”

Chambers & Partners

“Mușat & Asociații is one of the best Romanian law firms we have had the chance to collaborate with. They possess an impressive knowledge of the legal sector, being very practical and dedicated.”

IFLR 1000

“Clients of Mușat & Asociaţii appreciate the firm’s ‘ability to provide efficient legal services but also proactively meet the client’s needs.”

Legal 500

Muşat & Asociaţii: “A firm with international standards and an important local player.”

Chambers & Partners

“The lawyers provide solutions, undertake proactive initiatives, provide ongoing support, are quick to answer and are very efficient and knowledgeable.”

Chambers & Partners

Clients appreciate the firm's “competence and timely manner”, acknowledging that the “service they provide is excellent and we always feel confident that what we ask from them will be delivered”.

Legal 500

“Muşat & Asociaţii delivers great service in a very tough environment.”

Chambers & Partners

“This firm is involved in some of the biggest cases, which are often the first of their kind” say peers.

Chambers & Partners

Muşat & Asociaţii`s “highly competent, serious and reliable” lawyers provide “client-oriented advice and have extensive experience”.

Chambers & Partners

Muşat & Asociaţii’s “engaged and thoughtful” team “understands” and “accommodates” the client’s needs “whenever possible”.

Legal 500

“Excellent on all fronts”, Muşat & Asociații is “highly rated, has a lengthy track record” and “well-trained and professional lawyers”.

Legal 500

The firm is highly appreciated for being “very competent and helpful in extremely time- sensitive and stressful situations”.

IFLR 1000

An international client says: “There is a seven-hour time difference and they were always willing to speak on the phone”, adding that “we worked with other law firms, but we felt that Mușat were the best.”

IFLR 1000

“Clients say the projects team at Mușat & Asociații possesses an excellent ability to identify legal risk and find innovative legal solutions.”

Legal 500

“Clients say they feel confident in the hands of this results-oriented team: We are always on the right track and well looked after. We are regularly updated and consulted on all questions.”

Chambers & Partners

Clients report that the firm offered “very good legal support”, underlining that the lawyers are “very helpful and very responsive”.

Chambers & Partners