The EBRD acquires stake in Romania`s Black Sea Oil & Gas SRL

The European Bank for Reconstruction and Development has announced the acquisition of an equity stake in the Romanian independent oil and gas company Black Sea Oil & Gas SRL (BSOG). The bank’s participation is expected to support the company activities in the Black Sea. The project envisages the construction of five offshore production wells, a submarine gas production system, an offshore production platform, 126 km offshore and terrestrial gas pipeline, and a shore-side processing facility. According to BSOG, the deal marks a significant milestone for the company as it approaches the final investment decision in the Midia Gas Development (MGD) project.

Black Sea Oil & Gas SRL is an independent oil and gas company focused on research and development of conventional oil and gas resources. The ongoing portfolio of BSOG consists of the XV Midia Shallow Block concession and the XIII Pelican Block on the Romanian Black Sea coast, where it is an operator and holds 65% interest. Currently, the company seeks to develop its existing discoveries through Midia Gas Development (MGD) to undertake additional activities in the Black Sea, and to seek further opportunities both in Romania and in the region.

“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,” expressed Marcel van Poecke, Head of Carlyle International Energy Partners.

“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,” added Matteo Patrone, EBRD Regional Director for Romania and Bulgaria.
EBRD is a leading investor in Romania and has now invested EUR 7,5 billion in about 400 projects in the country. In 2017, the Bank has more than 20 projects worth more than EUR 400 million.