November 29, 2017 / 8:45 AM / in a year

EBRD becomes minority shareholder in Romanian firm Black Sea Oil & Gas

Nov 29 (Reuters) - Romanian-based Black Sea Oil & Gas, controlled by private equity firm Carlyle Group LP

* Says the European Bank for Reconstruction and Development has become a minority shareholder in the company and will receive one board seat.

* Says company is close to a final investment decision in its Midia Gas Development (MGD) project.

* Says 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 May, 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.

* Matteo Patrone, EBRD Regional Director for Romania and Bulgaria: “With this landmark equity transaction, our intention is to support the development of the private upstream oil and gas company in Romania. We are also committed to providing assistance to the Romanian government in further improving the country’s legal and regulatory framework for offshore oil and gas operations and building regulatory capacity for the whole industry.” (Reporting by Luiza Ilie)

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