Black Sea Oil & Gas to receive additional investment from EBRD

Black Sea Oil & Gas announces that the European Bank for Reconstruction and Development has become a minority shareholder in the company. EBRD will receive one board seat as part of the investment.

2017-11-29 10:27:22

The transaction marks a significant milestone for BSOG as it approaches Final Investment Decision in the Midia Gas Development project. 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.

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