Black Sea Oil & Gas SRL set to explore new gas discoveries in the Black Sea
The EBRD has acquired an equity stake in Black Sea Oil & Gas SRL (BSOG), an independent oil and gas company based in Romania that is targeting exploration and development of conventional oil and gas resources.
The news funds will support the company’s activities in the Black Sea.
Backed by the global alternative asset manager Carlyle Group, BSOG’s current portfolio consists of the XV Midia Shallow Block and XIII Pelican Block concession in the Romanian Black Sea where it is the operator and holds a 65 per cent interest.
The company is looking to develop its existing discoveries through the Midia Gas Development (MGD) project, undertake further activities in the Black Sea and pursue further opportunities in Romania as well as in the region. The MGD will consist of five offshore production wells, a subsea gas-production system, an offshore production platform, a 126 km offshore and onshore gas-transmission pipeline and an onshore gas-treatment plant.
Marcel van Poecke, Head of Carlyle International Energy Partners, said: “We are excited to welcome the EBRD as a fellow shareholder and to work together to address the challenges of taking BSOG to first gas in the coming years. With its strong market standing and long experience in the region, we welcome the EBRD as a partner who shares our view of the importance of the MGD to the development of the Romanian Black Sea in particular and to European energy and infrastructure activities more broadly.”
Matteo Patrone, EBRD Regional Director for Romania and Bulgaria, added: “With this landmark equity transaction, our intention is to support the development of this private upstream oil and gas company in Romania. We are also committed to providing assistance to Romania in further improving the country’s legal and regulatory framework for offshore oil and gas operations and building regulatory capacity for the whole industry.”
The EBRD is a leading investor in Romania and to date has invested €7.5 billion in some 400 projects in the country. In 2017, the Bank has more than 20 projects worth over €400 million.