Mazarine taking the helm at Black Sea Oil & Gas as Carlyle and EBRD exit

The Netherlands-headquartered Mazarine Energy, a subsurface-driven private oil and gas exploration and production company, has set the wheels in motion to bring Black Sea Oil & Gas into its fold through a deal with private equity firm Carlyle and the European Bank for Reconstruction and Development (EBRD), expanding its footprint in Romania's energy sector as the country looks to bolster domestic gas supplies.

Mazarine Energy’s deal to acquire Black Sea Oil & Gas from Carlyle and the European Bank for Reconstruction and Development is subject to customary regulatory approvals. BSOG led the investment of more than $400 million in the Midia Gas Development (MGD) project, seen as the first offshore hydrocarbon production hub in the Romanian Black Sea in more than 30 years.

The project encompasses the offshore Ana platform, a 126-kilometer subsea pipeline, and the onshore gas treatment plant at Vadu. Since coming online in June 2022, MGD has become a significant contributor to Romania’s energy supply, producing more than 100 million standard cubic feet of gas per day, accounting for 11.8% of the country’s total natural gas production during the first half of 2026, according to ANRE’s monthly reports.

According to Mazarine, which emphasizes that BSOG will remain the operator of the MGD project to ensure continuity as the business enters its next phase of development, this acquisition builds on the Dutch player's existing operating presence in Romania.

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