Black Sea Oil & Gas successfully completes the first planned turnaround of the MGD Project facilities

Bucharest, Romania, 30 October 2023

Black Sea Oil & Gas’ Gas Treatment Plant near Vadu, Constanta county

Bucharest, Romania, 30 October 2023: Black Sea Oil & Gas SA (BSOG) and its Midia Gas Development (MGD) partners, Petro Ventures Resources and Gas Plus Dacia, announce the successful completion of the first planned turnaround of the MGD Project facilities. Gas production from Midia fields was brought back at plateau on stream on 26th October 2023.

After 16 months of gas production with an outstanding 100% delivery to our gas buyer achieved (with very low CO2 emissions of 0.8 kg/boe), the MGD Project facilities, namely the onshore Gas Treatment Plant (GTP) and the Ana Wellhead platform located 110 km off the Romanian coast, went through a three day period of inspections, cleaning and maintainance of major equipment to ensure another 100% gas delivery achieved up to the next turnaround in 12 months.

At the same time, a number of site modifications at several locations were performed to improve the robustness and reliability of the MGD Production assets.

The turnaround works took place in the last week of October, during which time the gas production from the Ana and Doina reservoirs had been stopped. BSOG mobilized all its onshore resources at the GTP site near Vadu (around 150 people/day working on 24hrs basis) and offshore at Ana Wellhead platform (25 people) to ensure a safe and efficient operation,

Mark Beacom, BSOG CEO, commented: “Congratulations to all the staff involved for an efficient and effective turnaround while, most importantly, maintaining MGD’s unblemished zero LTIs record right from day 1 of construction.”

The MGD Project is the first new offshore gas development in Romania in over 30 years. The current production is of just over 1 BCM per year, accounting for 12% of Romania’s gas needs.

About BSOG and its joint venture partners

BSOG, owned by Carlyle International Energy Partners and the European Bank for Reconstruction and Development, is a Romanian based independent energy company, targeting offshore development of gas resources in line with the European Union’s Zero Emissions Goal by 2050 by offering natural gas production as a transition fuel and providing vital infrastructure for the ability to develop green energy projects. The company’s portfolio is currently made up by the MGD Project and two production licenses at Ana and Doina gas fields in XV Midia Shallow Concession, Romanian Black Sea, where it is the operator and holds a 70% interest. BSOG operates the Concession on behalf of its partners Petro Ventures Resources SRL (20% interest) and Gas Plus Dacia SRL (10% interest).

Gas Plus is the fourth largest producer of natural gas in Italy active in the main sectors of natural gas industry, particularly in exploration, production, purchase, distribution and sale to retail customers. At 31 December 2022, the Group had 42 exploitation concessions located throughout Italy, a total of approximately 1,800 kilometres of regional distribution and transportation network in 40 municipalities, serving a total of approximately 57,000 end users, with a staff of 145 employees. Gas Plus holds 10% interest of the MGD Project and two production licenses at Ana and Doina gas fields in XV Midia Shallow Concession.

Petro Ventures, a private investment group, holds 20% of the MGD Project and two production licenses at Ana and Doina gas fields in XV Midia Shallow Concession.

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Ana-Maria Pericleanu