Romania: EBRD became minority shareholder in Black Sea Oil & Gas

, SEE Energy News

Black Sea Oil & Gas (BSOG) announced that the European Bank for Reconstruction and Development (EBRD) became a minority shareholder in the company.

Head of Carlyle International Energy Partners, the owner of BSOG, Marcel Van Poecke said that the company welcomes EBRD as a partner who shares its view of the importance of the Midia Gas Development project to the development of the Romanian Black Sea in particular and European energy and infrastructure activities more broadly. EBRD Regional Director for Romania and Bulgaria Matteo Patrone said that with this landmark equity transaction, the bank’s intention is to support the development of the private upstream oil and gas companies in Romania.

The EBRD also reaffirmed its committed to providing assistance to the Romanian government in further improving the country’s legal and regulatory framework for offshore oil and gas operations and building regulatory capacity for the whole industry.

BSOG is currently obtaining all the approvals required to develop the Midia Gas Development Project. These approvals include ANMR and ANRE approvals, environmental and construction approvals and authorizations from local and national authorities, Transgaz approval as well as shareholder and partner approvals. Although there are many regulatory challenges ahead the partner group is targeting obtaining these approvals in 2017. Once this has been achieved then it will take a further 2 years to build the offshore platform, drill the development wells, lay the offshore and onshore pipelines and construct the gas treatment plant. In February 2017, the company announced that it has found in the Romanian Black Sea gas reserves in the amount between 10 and 20 billion cubic meters, while investments before the start of production in 2019 could reach up to 500 million dollars.

Black Sea Oil & Gas (BSOG), wholly owned by Carlyle International Energy Partners, is a Romanian independent oil and gas company, which targets exploration and development of conventional oil and gas resources. The company’s portfolio consists of XV Midia Shallow Block and XIII Pelican Block in the Romanian Black Sea, where the company is the operator and holds 65 % stake.