November 20, 2018 / 7:25 AM / a month ago

Black Sea Oil & Gas signs Romanian gas sales agreement with Engie

Nov 20 (Reuters) - Romanian-based Black Sea Oil & Gas, controlled by private equity firm Carlyle Group LP

* Says signs gas sales agreement with ENGIE through its subsidiary Engie Energy Management Romania for natural gas supply from the Midia Gas Development Project (MGD).

* Says ENGIE will purchase gas from the Ana and Doina gas reservoirs over a minimum of 10 years.

* Says expected contractual volumes at project completion represent 0,5 bcm per year.

* Says agreement is subject to a final investment decision regarding the project.

* Black Sea Oil & Gas CEO Mark Beacom says an assessment of an offshore bill recently approved by parliament on the project’s economic viability remains “a key part” in determining whether a final investment decision will be made.

* MGD will consist of five offshore production wells, a subsea gas production system, an offshore production platform, a 126 km offshore and onshore gas transmission pipeline and an onshore gas treatment plant.

* In 2017, Black Sea Oil & Gas said it aimed to start production at two gas fields off Romania by 2019, becoming the first company to tap the country’s offshore resources. (Reporting by Luiza Ilie)

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