According to the National Regulatory Authority for Energy (ANRE) 2022 report, Black Sea Oil & Gas (BSOG) and its two partners Petro Ventures Resources and Gas Plus Dacia received fines in the amount of some 690,000 euros each.
ANRE did not provide the reason for the fine, but, according to sources, the fine was most likely given due to the companies’ failure to deliver certain amount of natural gas at capped price.
According to Government’s decision, natural gas producers in Romania are required to provide at regulated prices certain amounts of gas, which are set by ANRE. BSOG, which launched production in Romania’s par of the Black Sea in mid-2022, could not comply with the requirements as it had previously contracted its entire production to Engie Romania in order to secure bank loans for the project. BSOG was also unable to deliver the extra gas it would have produced because of insufficient transport infrastructure or regulations related to the infrastructure.
In June, BSOG, together with its partners, started natural gas production at the Midia Gas Development Project, delivering first volumes to the national gas transmission system. The Midia project is the first new natural gas development project in the Romanian continental shelf of the Black Sea in the last 30 years and the only project in development currently underway. It consists of five production wells (one submarine well at the Doina field and four production wells at the Ana field), a production platform monitored and operated from the shore, located on the Ana field and a 126 kilometers submarine pipeline that provides gas transport to the new gas treatment plant in Corbu.
BSOG, owned by Carlyle International Energy Partners and the European Bank for Reconstruction and Development, is a Romania- based independent energy company, targeting offshore development of gas resources. The company’s portfolio is currently made up by the Midia Gas Development 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 (20 % stake) and Gas Plus Dacia (10 % stake).
