November 17 (SeeNews) - Romania-based Black Sea Oil & Gas (BSOG) said on Thursday it expects to reach a final investment decision on the development of two gas discoveries on XV Midia Shallow Block offshore Romania next year.
BSOG, formerly known as Midia Resources, also said that it awarded the contract for the front-end engineering and design (FEED) of its offshore and onshore facilities for the development of the gas discoveries to integrated services company Xodus Group.
“With this award we take a major step forward in delivering this offshore gas development in Romania’s Black Sea with expectations that we will reach final investment decision in 2017. We look forward to once again working with Xodus Group,” BSOG CEO Mark Beacom said in a statement.
FEED is the project development phase in which plans for the onshore and offshore facilities are defined, engineered, designed and evaluated in more detail by a contracted engineering company.
“The development of the XV Midia Shallow Block is of strategic importance to gas production in the region and we are pleased to be continuing to support BSOG on its plans to develop the Ana and Doina discoveries," Xodus Group CEO Wim van der Zande said in the statement.
Xodus Group is an integrated services company that spans numerous disciplines involved in delivering complex projects including subsurface, process and facilities, subsea and pipelines, flow assurance, wells, integrity, vibration, safety, risk, environment and commercial advice.
Black Sea Oil & Gas SRL, wholly owned by multinational private equity Carlyle International Energy Partners, is a Bucharest-headquartered independent oil and gas company, targeting exploration and development of conventional oil and gas resources. The company’s current portfolio is made up of XV Midia Shallow Block and XIII Pelican Block concession in the Romanian Black Sea where it is the operator and holds a 65% interest.
In August 2015, Canada's Sterling Resources sold Midia Resources to The Carlyle Group for a headline consideration of $42.5 million (39.6 million euro).
($=0.932 euro)