Black Sea Oil & Gas SRL (“BSOG”), currently backed by The Carlyle Group, announces that the European Bank for Reconstruction and Development (“EBRD”) has become a minority shareholder in the company. EBRD will receive one board seat as part of the investment, a release posted on Wednesday by blackseaog.com reads.
The transaction marks a significant milestone for BSOG as it approaches Final Investment Decision in the Midia Gas Development project (“MGD”). 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 EBRD as a fellow shareholder and to working 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 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 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 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.”
BSOG is a Romanian-based independent oil and gas company, targeting exploration and development of conventional oil & gas resources. 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. The company is looking to fulfil its mandate of developing its existing discoveries (Ana and Doina) in the Black Sea, undertaking further exploration and appraisal activities in the Black Sea and pursuing further opportunities in Romania as well as in the region.
The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 37 economies across three continents. The Bank is owned by 66 countries as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive, inclusive, well-governed, green, resilient and integrated.
The Carlyle Group is a global alternative asset manager with $170 billion of assets under management across 299 investment vehicles as of June 30, 2017.