Mazarine Energy, an independent European oil and gas company, has agreed to acquire Black Sea Oil & Gas (BSOG) from global investment firm Carlyle and the European Bank for Reconstruction and Development (EBRD).
BSOG is Romania’s largest offshore natural gas producer and the operator of the Midia Gas Development (MGD) project, the first offshore hydrocarbon production hub developed in the Romanian Black Sea in more than three decades.
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The deal, which is subject to customary regulatory approvals, will also include BSOG Holding Activity.
Carlyle first backed BSOG in 2015, when it was still an exploration-stage business, with the EBRD joining as an investor two years later. Under their ownership, BSOG led the investment of more than $400m in MGD on behalf of itself and its joint venture partners.
The project encompasses the offshore Ana platform, a 126km subsea pipeline and a new onshore gas treatment plant at Vadu.
Since achieving first gas in June 2022, MGD has produced more than 100 million standard cubic feet per day, accounting for 11.8% of Romania’s total natural gas production during the first half of 2026, according to data from Romanian energy regulator ANRE.
Carlyle International Energy Partners co-head Bob Maguire said: “Over the past decade, BSOG has evolved into Romania’s leading offshore gas producer and an important contributor to domestic energy supply.
“The business demonstrates how patient, disciplined private capital can support complex offshore infrastructure, and we are pleased to transfer ownership to Mazarine, which shares our long-term commitment to Romania and its energy sector.”
Following completion, BSOG will continue to operate MGD, preserving operational continuity as the asset enters its next development phase.
BSOG holds a 70% operating interest in the project and is also pursuing carbon capture and storage opportunities in the Midia block, alongside offshore wind and biomethane initiatives through its subsidiary BSOG Energy.
For Mazarine Energy, the acquisition reinforces an existing Romanian footprint dating back to 2017. The company, founded in 2013 by Edward van Kersbergen, also produces in Tunisia and expanded into the Dutch market in 2026 through a 50% stake in Wintershall Noordzee.
Van Kersbergen said: “Romania has been a core part of Mazarine Energy’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.”
Jefferies acted as financial adviser to Carlyle on the transaction.
