Global investment firm Carlyle and the European Bank for Reconstruction and Development (EBRD) have agreed to sell Black Sea Oil & Gas (BSOG), Romania's largest offshore natural gas producer, to Mazarine Energy.
The transaction covers Black Sea Oil & Gas and BSOG Holding Activity, with completion subject to customary regulatory approvals.
Following the acquisition, BSOG will remain the operator of the Midia Gas Development (MGD) project in the Romanian Black Sea, which has supplied approximately 12% of the country's domestic gas demand since production began in June 2022.
Under Carlyle's ownership, BSOG led investments of more than $400 million in MGD on behalf of itself and its joint venture partners, developing the first offshore hydrocarbon production hub in the Romanian Black Sea in more than 30 years.
The project includes the offshore Ana platform, a 126-kilometre subsea pipeline and an onshore gas treatment plant at Vadu.
BSOG holds a 70% ownership interest in MGD and continues to pursue further offshore gas development opportunities, alongside potential carbon capture and storage (CCS), offshore wind and biomethane projects.
“Romania has been a core part of Mazarine’s business since 2017, and we are proud to build on that presence with BSOG. MGD is a major achievement for the country’s energy security, and we are committed to carrying forward what the BSOG team has accomplished and to supporting Romania’s energy supply for years to come. We thank Carlyle and the EBRD for their trust and look forward to working with the BSOG team, our partners and the Romanian authorities,” said Edward van Kersbergen, CEO of Mazarine Energy.
Carlyle invested in BSOG in 2015, when the company was still an exploration-stage business, while EBRD has supported its development since 2017.
Mazarine, which already produces oil and gas in Romania and Tunisia, expanded into the Dutch energy market in 2026 through the acquisition of a 50% stake in Wintershall Noordzee.
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