Fast facts of the offshore industry published by the Romanian Black Sea Titleholders Association (RBSTA)

The fast facts provide clarifications on why the offshore petroleum agreements should be treated separately from a fiscal viewpoint, why stability is essential for investor confidence considering that the life cycle of an offshore concession agreement is of approximately 30 years and what would be Romania’s gain from having the offshore hydrocarbons projects developed.

For further details access this link.

Black Sea Oil & Gas is the “Oil & Gas Company of the year” at the Romanian Energy Awards Gala 2018

Black Sea Oil & Gas was awarded the „Oil & Gas Company of the year” at the Romanian Energy Awards Gala 2018 organized by The Diplomat magazine on May 24th, 2018, to recognise, reward and celebrate the success of the most prominent firms acting in the energy and natural resources field in Romania.

The judging panel formed of prominent names in business, government and academic society, rewarded BSOG’s perseverance and tenacity in its activities performed back in 2017. At the same category, the “Oil & Gas Company of the Year”, two more companies with tradition with oil & gas sector competed and a new player on the Romanian market.

Romanian Black Sea Oil & Gas Potential Supplier Portal

A new resource has been developed to support developments of potential suppliers for Romanian offshore industry. The Romanian Black Sea Oil & Gas Potential Suppliers Portal serves as a repository where potential suppliers can describe the goods and services they can supply to the industry.

This database has been created as a reference for economic operators looking to undertake current and future oil & gas development efforts in the Romanian Black Sea. However, registration will have no impact on any tender, existing contract, or suppliers’ ability to compete for opportunities to work on behalf of any current or potential project.

For further details access this link.

 

Deloitte Report: Investments in Black Sea oil and gas sector will bring over 26 billion USD to the state budget

The study covers a period of 40 years, starting with 2000 and data used for the analysis was collected from publically available sources (European Commission, ENTSO-G, ANRM, ANRE, etc.) and Deloitte’s own data and panel of experts. The forecast is based on Deloitte Central Europe assumptions regarding the evolution of the Romanian economy, in general, and of the offshore industry, in particular.

The report also presents the strategic value of the Black Sea projects; these will enhance Romania’s position in ensuring the regional energy security, after firstly securing the domestic natural gas consumption (35% of the production from the analyzed period could be exported, while the difference would cover the decline in the onshore production, in the context of increasing domestic consumption).

The impact of the offshore production on the Romanian economy was assessed using the Input-Output model conceived by US Nobel Prize winner Wassily Leontief.

To read the full report please access this link.

Black Sea Oil & Gas to receive additional investment from the European Bank for Reconstruction and Development

Bucharest, Romania, 29 November 2017: Black Sea Oil & Gas SRL (“BSOG”), currently backed by The Carlyle Group, announces that the European Bank for Reconstruction and Development (“EBRD”) has become a minority shareholder in the company. EBRD will receive one board seat as part of the investment.

The transaction marks a significant milestone for BSOG as it approaches Final Investment Decision in the Midia Gas Development project (“MGD”). 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.

Marcel van Poecke, Head of Carlyle International Energy Partners, said: “We are excited to welcome EBRD as a fellow shareholder and to working together to address the challenges of taking BSOG to first gas in the coming years. With its strong market standing and long experience in the region, we welcome EBRD as a partner who shares our view of the importance of the MGD to the development of the Romanian Black Sea in particular and European energy and infrastructure activities more broadly.”

Matteo Patrone, EBRD Regional Director for Romania and Bulgaria, added: “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.”

For further information visit www.blackseaog.com or contact:

office@blackseaog.com

Tel: +40 21 231 32 56

Mark Beacom, CEO Black Sea Oil & Gas SRL

BSOG is a Romanian-based independent oil and gas company, targeting exploration and development of conventional oil & gas resources. The company’s current portfolio is made up of XV Midia Shallow Block and XIII Pelican Block concession in the Romanian Black Sea where it is the operator and holds a 65% interest. The company is looking to fulfil its mandate of developing its existing discoveries (Ana and Doina) in the Black Sea, undertaking further exploration and appraisal activities in the Black Sea and pursuing further opportunities in Romania as well as in the region.

The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 37 economies across three continents. The Bank is owned by 66 countries as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive, inclusive, well-governed, green, resilient and integrated.

The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $170 billion of assets under management across 299 investment vehicles as of June 30, 2017. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,550 people in 31 offices across six continents.

Black Sea Oil & Gas SRL awards drilling rig contract for two offshore wells in the Black Sea

Bucharest Romania, 11th April 2017: Black Sea Oil & Gas SRL (“BSOG”) together with its co-venture partners announces the awarding of a contract for the drilling of two offshore exploration wells located in the XV Midia Shallow Block, Romanian Black Sea continental shelf, to the local offshore drilling services provider GSP Offshore SRL (“GSP”).

The cantilever-type jack-up drilling rig “GSP Uranus” has been contracted by BSOG for the drilling of the two exploration wells in water depths up to 100m scheduled to commence in Q4 2017. Auxiliary services such as aviation, logistics and offshore service vessels to support the drilling operations have also been contracted with GSP.

Mark Beacom, BSOG Chief Executive Officer, commented: “The Midia Block Concession Holders are targeting prospects that not only could add to the resource base of the Concession Holders but, more importantly, could feed the Midia Gas Development Project currently consisting of the Ana and Doina discoveries that is currently heading towards development approval”.

BSOG is currently obtaining all the approvals required to develop the Midia Gas Development Project. These approvals include NAMR and ANRE approvals, environmental and construction approvals and authorizations from local and national authorities, Transgaz approval as well as shareholder and partner approvals. Although there are many regulatory challenges ahead the partner group is targeting obtaining these approvals in 2017. Once this has been achieved then it will take a further 2 years to build the offshore platform, drill the development wells, lay the offshore and onshore pipelines and construct the Gas treatment plant.

Black Sea Oil & Gas SRL, wholly owned by Carlyle International Energy Partners, is a Romanian based independent oil and gas company, targeting exploration and development of conventional oil & gas resources. The company’s current portfolio is made up of XV Midia Shallow Block and XIII Pelican Block concession in the Romanian Black Sea where it is the operator and holds a 65% interest.

For further information: visit www.blackseaog.com or contact:

office@blackseaog.com

Tel: +40 21 231 32 56

Mark Beacom, CEO Black Sea Oil & Gas SRL

Black Sea Oil & Gas SRL announces award of Midia Gas Development FEED contract

Bucharest Romania, 17 November 2016: Black Sea Oil & Gas SRL (“BSOG”) is pleased to announce that it has awarded, together with its co-venture partners, the contract for the Front End Engineering and Design (FEED) of its Offshore and Onshore facilities for the development of Ana and Doina Gas Discoveries on XV Midia Shallow Block, offshore Romania (the “Midia Gas Development Project”).

The successful contractor for the FEED contract is Xodus Group, an integrated services company, that spans numerous disciplines involved in delivering complex projects including subsurface, process and facilities, subsea and pipelines, flow assurance, wells, integrity, vibration, safety, risk, environment and commercial advice.

Mark Beacom, BSOG Chief Executive Officer, commented: “With this award we take a major step forward in delivering this offshore gas development in Romania’s Black Sea with expectations that we will reach Final Investment Decision in 2017. We look forward to once again working with Xodus Group”.

FEED is the project development phase in which plans for the Onshore and Offshore facilities are defined, engineered, designed and evaluated in more detail by a contracted engineering company.

Offshore and Onshore FEED services to be provided by Xodus include engineering and design for the Midia Gas Development which consists of:

  • Well-head Platform (Jacket) at Ana (water depth ~69,5m) receiving and supporting production from a subsea tie-back from Doina subsea well controlled through umbilical;
  • In-field pipeline from Doina subsea well to Ana Well-head Platform (~18km) and offshore export pipeline from Ana Well-head Platform to shore (~121km);
  • Onshore pipeline to Gas Treatment Plant (~5km) and also the Gas Treatment Plant (“GTP”) itself;

Wim van der Zande CEO of Xodus Group said: “The development of the XV Midia Shallow Block is of strategic importance to gas production in the region and we are pleased to be continuing to support BSOG on its plans to develop the Ana and Doina discoveries. Xodus Group continues to grow experience in the Black Sea and the new contract allows us to draw on our global expertise of delivering fully integrated engineering projects.”

Black Sea Oil & Gas SRL, wholly owned by Carlyle International Energy Partners, is a Romanian based independent oil and gas company, targeting exploration and development of conventional oil & gas resources. The company’s current portfolio is made up of XV Midia Shallow Block and XIII Pelican Block concession in the Romanian Black Sea where it is the operator and holds a 65% interest.

For further information: visit www.blackseaog.com or contact:

office@blackseaog.com

Tel: +40 21 231 32 56

Mark Beacom, CEO Black Sea Oil & Gas SRL

Black Sea Oil & Gas SRL completes 3D seismic survey in the Black Sea, Midia Shallow Block

Bucharest, Romania, Friday, 24 June 2016: Black Sea Oil & Gas SRL (“BSOG)” and its coventure partners are pleased to announce that they have successfully completed the acquisition of a 3D seismic survey on the Midia Shallow Block in the Romanian sector of the Black Sea, covering 1,042 km2. BSOG was the operator of the seismic program.

The 34-day seismic acquisition program has been performed aboard Dolphin Geophysical LTD’s Polar Marquis equipped with 10 streamers 6 kilometers long to collect the detailed 3D seismic data. No environmental or safety incidents were recorded during the survey.

The data will now be processed with an initial fast track processed data set expected to be delivered in September and a PreSDM processed volume in Q2 2017.

BSOG will use data collected from this seismic program to determine the best prospects for the 2017/2018 exploration drilling in the Midia Shallow block, on the same trend as Ana and Doina gas discoveries.

Mark Beacom, BSOG Chief Executive Officer, commented: “Very good progress continues to be made with our exploration activities with the acquisition of this new Midia 3D seismic survey, in a very short period of time since BSOG took over operatorship of the Midia and Pelican Blocks. The survey was completed without incident which is testament to BSOG’s planning and operating capability. The Midia 3D dataset is expected to provide an excellent definition subsurface image of Dacian and Pontian (Miocene) structures and provide a number of prospects from which to select for drilling in 2017/2018. The company is looking forward to receiving the fast track data.”

Black Sea Oil & Gas SRL is a Romanian based independent oil and gas company, targeting exploration and development of conventional oil & gas resources. The company’s current portfolio is made up of Midia Shallow concession (XIII Pelican & XV Midia blocks) in the Romanian Black Sea containing the Ana, Doina and Eugenia gas discoveries as well as a portfolio of prospects and leads in the Midia block. Black Sea Oil & Gas holds a 65% interest and is the operator of the concession.

 

For further information: visit www.blackseaog.com or contact:

office@blackseaog.com

Tel: 021 231 32 56

Mark Beacom, CEO Black Sea Oil & Gas SRL

Black Sea Oil & Gas SRL and its co-venture partners have entered into an agreement with GC Rieber Shipping ASA for seismic acquisition

GC Rieber Shipping secures 45 day job for Polar Marquis in the Black Sea

GC Rieber Shipping ASA, through its wholly owned subsidiary Dolphin Geophysical LTD, has entered into an agreement for seismic acquisition and processing services, including the delivery of a fast track 3D volume for Black Sea Oil & Gas S.R.L and its co-venture partners. The job will utilize the 16 streamer vessel Polar Marquis, towing a high resolution multistreamer configuration. Commencement is shortly and the vessel acquisition will take place offshore the Romanian coast of the Black Sea.

“In this challenging market we’re pleased to see that clients value our highly advanced assets and our ability to adapt to specific needs, together with the high quality acquisition and processing services delivered by Dolphin Geophysical LTD.”, says CEO Irene Waage Basili.

For further information, please contact:

CEO Irene Waage Basili, tel.: +47 55 60 68 67, or +47 900 98 688

CFO Einar Ytredal, tel.: +47 55 60 68 54, or +47 975 20 184

About GC Rieber Shipping:

GC Rieber Shipping’s business within offshore/shipping includes ownership in specialized vessels, high quality marine ship management and project development within the segments subsea, ice/support and marine seismic. The group has a specialized competence in offshore operations in harsh environments as well as design, development and maritime operation of offshore vessels.

GC Rieber Shipping currently operates 13 advanced special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments, of which the company owns 11.

The company has its headquarter and a ship management office in Bergen, and an additional ship management company in Yuzhno-Sakhalinsk (Russia). The company is listed on Oslo Børs with ticker RISH.

Further information is available on the company’s website www.gcrieber-shipping.com.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)