Carlyle and the European Bank for Reconstruction and Development have agreed to sell Black Sea Oil & Gas (BSOG) and BSOG Holding to Mazarine Energy B.V. The deal covers Romania’s largest offshore natural gas producer and remains subject to regulatory approvals.

With Carlyle as shareholder, BSOG coordinated as operator — for itself and concession partners — more than $400 million of investment in the Midia Gas Development (MGD) project, the first offshore hydrocarbon production project developed in Romania’s Black Sea sector in over 30 years.

The project includes the Ana offshore production platform, a 126 km subsea pipeline and the gas treatment plant at Vadu. Since production started in June 2022, BSOG has supplied about 12% of Romania’s domestic gas needs, according to the statement cited by e-nergia.

On completion, Mazarine Energy — a European company already active in Romania — will become the new shareholder. BSOG will keep operating MGD. The company holds a 70% interest and plans, beyond offshore resources, to use MGD infrastructure for green energy, CCS and biomethane via subsidiary BSOG Energy.

BSOG CEO Mark Beacom tied the 2022 start-up to long-term support from Carlyle and the EBRD and said the firm looks ahead confidently with Mazarine. Carlyle executives noted that when they took BSOG in 2015 it was still in exploration; it is now Romania’s leading offshore gas producer.

Mazarine CEO Edward van Kersbergen said Romania has been central to the company since 2017 and that acquiring BSOG strengthens that footprint. EBRD’s Victoria Zinchuk called BSOG’s transformation a major achievement for supply diversification. Jefferies advised Carlyle on the transaction.

Image: offshore gas platform (Wikimedia Commons / geograph.org.uk).

Sources consulted: Carlyle sold Black Sea Oil and Gas to Mazarine Energy - e-nergia.