Black Sea Oil & Gas will launch offshore gas production in 2019

29/05/2017 08:37 Natural Gas

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Black Sea Oil & Gas declared it plans to launch production at two gas fields off Romania by 2019, becoming the first company to tap the country's vast offshore resources.

The Romanian company, run by private equity firm Carlyle Group LP, found two wells possessing around 10 billion cubic metres of gas in 2008 some 120 kilometres offshore, where it has rights over the XIII Pelican and XV Midia Shallow blocks.


The company is working on engineering works, discussions with state gas pipeline operator Transgaz, sales deals and other activities required to obtain shareholders' final investment agreement.


The company targets to secure shareholder agreement in October, but Beacom mentioned that could potentially be pushed back because of ambiguous regulations.


The Romanian government intends to renew royalty levies for oil and gas production this year and Beacom stated that could influence shareholders' decision on whether the project is feasible.


The company’s other objective is to drill two more exploration wells at year-end, aiming similar discoveries to the Ana and Doina fields it has already found, which Beacom declared would have a 10-year lifetime and whose existing infrastructure could later be used to connect other fields.


Beacom stated the firm will have to hire a general contractor to construct the whole project before it demands shareholders' final approval later this year.


Output at the two fields would cover 10 percent of Romania's yearly gas requirements, but Beacom said potential buyers would also like the possibility to export.


Unlike other nations in the region, Romania is almost totally energy independent. It normally imports maximum 10 percent of its gas needs from Russia, with the remainder produced locally mainly by state producer Romgaz and OMV Petrom, run by Austria's OMV.


Romgaz declared this month that it will launch production in 2019 at a new onshore gas field, its huge discovery in three decades. 
In the Black Sea, Russia's second-biggest oil company Lukoil and a joint venture of OMV Petrom and ExxonMobil have both made significant deepwater gas finds.

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