Economy

Black Sea Oil & Gas receives gas exploitation rights

3 weeks ago

The Romanian Energy Ministry gave approval to Black Sea Oil & Gas (BSOG) for the exploitation of the offshore gas reserves of the Midia XV field, the company announced on Friday.

BSOG is a joint venture of the Carlyle Group and European Bank for Reconstrucion and Development (EBRD) will build a 126 kilometers underwater gas pipeline to feed the gas from the exploitation platform into the national gas grid. The size of the offshore isgas reserves in the Romanian waters of the Black Sea is estimated to contain at least 100 billion cubic meters (bcm) of natural gas.

BSOG announced last November it has signed a deal with France’s Engie to deliver 0.5 bcm of gas per year and it also signed a 15-year contract with national gas grid operator Transgas to move 1 bcm per year from the Midia development into the national grid.

Romania has proven natural gas reserves of at least 726 bcm, of which 75% are located in Transylvania, primarily in Maros/Mureş and Szeben/Sibiu counties.