CEO of Black Sea Oil & Gas (BSOG) Mark Beacom said that the company is producing 3 million cubic meters of gas per day at its Midia perimeter offshore Romania, the equivalent of one billion cubic meters per year.
However, Beacom said that BSOG has not abandoned the arbitration procedure initiated earlier this year, despite the amendments to the Offshore Law. He said that taxes on windfall revenues were reduced, but not enough. On 16 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.
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).
