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.

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.”