Romania: EBRD could join Black Sea exploration project

The European Bank for Reconstruction and Development (EBRD) is in discussions with the company Black Sea Oil and Gas (BSOG) to take over a stake in its gas exploration project in the Black Sea, the bank’s deputy director Mihnea Craciun said on Friday, reports local Agerpres.

The project is still in the exploration stage and hasn’t yet been approved.

Black Sea Oil and Gas has discovered between 10 and 20 billion cubic meters of natural gas in the Romanian Black Sea.

The investments until the start of production in 2019 could reach USD 500 million, said the company’s general manager Mark Beacom in February. He estimates that the project will produce about 10% of Romania’s consumption for five years.

If BSOG gets the permits by the end of this year, the actual production could start in 2019, Beacom added.