Carlyle and EBRD seek strategic investor for their BSOG offshore project in Romania

The shareholders of Black Sea Oil&GAS (BSOG), which has already started producing natural gas in Romania's offshore area, reportedly seek a strategic partner to join or even take over the project, according to Profit.ro.

Investment fund Carlyle – which owns 70% of BSOG – and the European Bank for Reconstruction and Development (EBRD) requested Romania's authorities, most likely the national mineral resources agency (NAMR), the energy market regulator and ANRE and possibly the Finance Ministry, to create a "data room" for the Midia Natural Gas Development (MGD) project, Profit.ro announced. But they avoided disclosing the nature of the deal envisaged - a partnership or a sale.

At the same time, they reportedly asked its business partners (Engie, Transgaz) to allow third parties controlled access to documents otherwise confidential such as bilateral contracts.

BSOG's shareholders are the Carlyle Group and the EBRD. The Carlyle Group, through its Carlyle International Energy Partners (CIEP) fund, acquired the company in August 2015, and the EBRD became a minority shareholder in November 2017.

(Photo source: Curraheeshutter | Dreamstime.com)