Black Sea Oil & Gas SRL (BSOG), owned by Carlyle International Energy Partners and the European Bank for Reconstruction and Development, is a Romanian based independent oil and gas company, targeting offshore exploration and development of conventional oil & gas resources. The company’s current portfolio is made up of one licence comprised of XIII Pelican block and XV Midia Shallow block in the Romanian Black Sea where it is the operator and holds a 65% interest. BSOG operates the blocks on behalf of its partners Petro Ventures Resources SRL (20% interest) and Gas Plus International BV (15% interest). BSOG is targeting to fulfil its mandate of developing its existing assets in the Black Sea and pursue further opportunities in Romania as well as in the region. The Midia Gas Development Project (MGD Project), which is the 1st new offshore gas development project in the Romanian Black Sea to be built after 1989, has the ability to produce 10% of Romania’s gas needs during 1st phase. Currently there is about 10 Bcm of resources to be produced at a rate of about 1 Bcm per annum.