Black Sea Oil and Gas (BSOG), the vehicle controlled by the US fund Carlyle, expressed confidence in sticking with its plans and starting natural gas production at its offshore platform located in Romania's Black Sea territory, Ziarul Financiar reported.

The statement comes at a moment when the Romanian authorities are expected to revise the Offshore Law in line with investors' expectations.

OMV Petrom's management recently expressed disappointment with the delay and said that the investment decision in their case was subsequently deferred to 2023.

Romania's offshore gas tax, which has held up big projects in the Black Sea, is set to be revised by the first half of this year after repeated delays, paving the way for investment, energy minister Virgil Popescu said in a Reuters interview on February 14.

"We strongly believe that through the constructive cooperation of all parties involved in the construction of the MGD project, gas production will begin in the second quarter of 2022," said Mark Beacom, CEO of Black Sea Oil & Gas (BSOG), quoted by Ziarul Financiar.

BSOG is the company behind the first project for the exploration and exploitation of hydrocarbons in the Black Sea launched in Romania after 1989.

The MGD project consists of five production wells (one submarine well at the Doina field and four production wells at the Ana field) and one submarine production complex on the Doina field.

A submarine pipeline of over 120 km ensures the transport of gas from the Ana platform to the shore, to the new gas treatment plant in Corbu commune, Constanţa county.

In total, BSOG has invested USD 600 mln in the Black Sea Midia perimeter, according to the latest information available.

(Photo: Pixabay)

andrei@romania-insider.com