Mazarine Energy to acquire Black Sea Oil & Gas from Carlyle and EBRD

The Carlyle Group and the European Bank for Reconstruction and Development (EBRD) have reached an agreement to sell Black Sea Oil & Gas (BSOG) to the Dutch energy company Mazarine Energy. The transaction, which is subject to regulatory approvals, includes BSOG Holding Activity S.A. and covers the Midia Gas Development (MGD) project in the Romanian Black Sea.

BSOG is Romania’s largest offshore natural gas producer. Since production began in June 2022, the Midia project has supplied approximately 12% of Romania’s domestic natural gas demand. The project infrastructure includes the Ana offshore production platform, a 126-kilometre subsea pipeline, and a gas treatment plant at Vadu. Total investments in the project have exceeded $400 million.

Mazarine Energy, which has operated in Romania since 2017, will become the new owner, though BSOG will continue to operate the Midia project. Carlyle originally invested in BSOG in 2015 during its exploration stage, with the EBRD joining as a shareholder in 2017.