Global investment firm Carlyle and the European Bank for Reconstruction and Development (EBRD) announced on Thursday, October 29, that they have agreed to sell Black Sea Oil & Gas (BSOG) and BSOG Holding Activity to Mazarine Energy. The transaction value was not disclosed, and completion remains subject to regulatory approvals.
Mazarine Energy is an independent oil and gas company already operating in Romania.
Following completion of the deal, BSOG will remain the operator of the Midia Gas Development (MGD) project, maintaining continuity across its operations.
“Romania has been a core part of Mazarine’s business since 2017, and we are proud to build on that presence with BSOG,” said Mazarine CEO Edward van Kersbergen. “MGD is a major achievement for the country’s energy security, and we want to build on what the BSOG team has accomplished and contribute to Romania’s energy security for years to come.”
Carlyle invested in BSOG in 2015, when the company was still focused on exploration, while the EBRD became an investor in 2017.
During Carlyle’s ownership, BSOG, acting on behalf of itself and its joint venture partners, led an investment of more than USD 400 million in the Midia Gas Development project. It was the first offshore hydrocarbon production hub developed in the Romanian Black Sea in more than 30 years.
The project involved the construction of the Ana offshore production platform, a 126 km subsea pipeline, and an onshore gas treatment plant at Vadu.
Production began in June 2022. Since then, BSOG has supplied approximately 12% of Romania’s domestic natural gas demand.
“When Carlyle invested in BSOG in 2015, the company was an exploration-stage business,” said Bob Maguire, co-head of Carlyle International Energy Partners. “Over the past decade, BSOG has evolved into Romania’s leading offshore gas producer and an important contributor to domestic energy supply.”
BSOG owns a 70% stake in the Midia project and serves as its operator. It continues to assess the development of additional offshore gas resources in the block.
The company is also pursuing carbon capture and storage projects that could use its existing onshore and offshore infrastructure. Other development plans include biomethane plants and the potential use of the existing offshore energy corridor and land assets for offshore wind projects.
“With significant remaining resources, as well as the carbon capture and storage development potential in the Midia block and a pipeline of biomethane projects, we believe BSOG has a strong platform for long-term growth,” said Guido Funes Nova, co-head of Carlyle International Energy Partners.
BSOG CEO Mark Beacom stated that the company expected to continue its operations and development efforts under its new shareholder.
“Reaching first gas at MGD in 2022 was the result of the willingness and perseverance of the BSOG team and long-term commitment, significant investment, and strong support from Carlyle and EBRD,” Beacom said.
Meanwhile, EBRD regional head for Romania, Bulgaria, and Greece Victoria Zinchuk stated the project had contributed to diversifying Romania’s energy supply.
“Since the EBRD invested in 2017, the company has brought an important offshore resource into production, contributing to the diversification and security of Romania’s energy supply,” she said.
Mazarine Energy was founded in 2013 and produces oil and gas in Romania and Tunisia. In 2026, it entered the Dutch energy market by acquiring a 50% stake in Wintershall Noordzee.
Jefferies acted as Carlyle’s financial adviser on the transaction.
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