BSOG Progresses Ahead With Midia Gas Development Project

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BSOG progresses ahead with Midia gas development project. Black Sea Oil & Gas SRL (“BSOG”) along with its allies Petro Ventures Resources SRL (“Petro Ventures”) and Gas Plus International B.V. (“Gas Plus”) declared that they have accepted the Final Investment Decision (“FID”), to progress with $400 million Midia Gas Development Project (“MGD Project”), offshore Black Sea.

FID has been considered in good faith and on the supposition that BSOG and its allies will lucratively be able to reinstate their entire prerogative in context to the eviction of any recently inflicted subsidiary taxes and fees as well as eliminating any curtailment in conformity with EU Directives, on the unrestricted movement of gas on a totally liberalized market so that MGD project could be a viable investment but also to motivate further gas evolvements in the Black Sea.

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The MGD Project which is the initial contemporary offshore gas development project in the Romanian Black Sea to be constructed after 1989 comprises of 5 offshore production wells, a subsea gas production system over the Doina well which will be linked through an 18 km pipeline with contemporary unmanned production platform situated over Ana field. A 126 km gas pipeline will connect the Ana platform to the waterside and to a contemporary onshore gas treatment plant in Corbu commune, Constanta County, with a capacity of 1 BCM per year rendering 10% of Romania’s consumption. The managed gas will be furnished into the NTS at the gas metering station to be discovered within the GTP.