According to Romanian media, Black Sea Oil & Gas (BSOG), the operator of the Midia gas project in the Black Sea, initiated a process of strategic evaluation of the project to prepare the company for a new stage of growth. This means that the company is either looking for a buyer or trying to attract new investors in the project.
In June, BSOG, together with its partners Petro Ventures Resources and Gas Plus Dacia, started natural gas production at the Midia Gas Development Project, delivering first volumes to the national gas transmission system.
The Midia project is the first new natural gas development project in the Romanian continental shelf of the Black Sea in the last 30 years and the only project in development currently underway. It consists of five production wells (one submarine well at the Doina field and four production wells at the Ana field), a production platform monitored and operated from the shore, located on the Ana field and a 126 kilometers submarine pipeline that provides gas transport to the new gas treatment plant in Corbu.
The company paid 42.5 million dollars for the concession in 2015 and invested over 400 million dollars in the project before the launch of gas production. Gas reserves at the perimeter are estimated to 10 billion cubic meters, worth some 12 billion dollars at current prices.
BSOG, owned by Carlyle International Energy Partners and the European Bank for Reconstruction and Development, is a Romania- based independent energy company, targeting offshore development of gas resources. The company’s portfolio is currently made up by the Midia Gas Development Project and two production licenses at Ana and Doina gas fields in XV Midia Shallow Concession, Romanian Black Sea, where it is the operator and holds a 70 % interest.
BSOG operates the concession on behalf of its partners Petro Ventures Resources (20 % stake) and Gas Plus Dacia (10 % stake).
