Romanian firm secures investment ahead of gas development FID

European Bank for Reconstruction and Development (EBRD) has become a minority shareholder in Romanian oil and gas company Black Sea Oil & Gas (BSOG) ahead of Final Investment Decision for its Midia offshore gas development. 

BSOG, currently backed by the Carlyle Group, said on Wednesday that the bank will receive one board seat as part of the investment.

The company’s current portfolio is made up of XV Midia Shallow Block and XIII Pelican Block concession in the Romanian Black Sea where it is the operator and holds a 65% interest.

According to BSOG, the transaction marks a significant milestone for the company as it approaches Final Investment Decision in the Midia Gas Development project (MGD).

The project 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 EBRD as a fellow shareholder and to working together to address the challenges of taking BSOG to first gas in the coming years.”

Matteo Patrone, EBRD Regional Director for Romania and Bulgaria, added: “With this landmark equity transaction, our intention is to support the development of the private upstream oil and gas company in Romania.

“We are also 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.”

Share this article

Follow Offshore Energy Today

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

Offshore Energy Exhibition and Conference (OEEC)

The three-day event features an exhibition where over 600 companies will showcase their products and services…

read more >

Argentina Oil and Gas Expo 2019

The Argentine Oil and Gas Institute (IAPG) organizes the Argentina Oil & Gas Expo bringing together the most…

read more >

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >

Africa Oil & Power 2019

The Africa Oil & Power conference will bring together an elite class of ministers and senior-level government…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply