While Russia’s invasion of Ukraine four years ago has complicated energy and trade plans in the Black Sea, investors’ interest in gas has remained strong.
Black Sea Oil Gas, controlled by private equity firm Carlyle Group, launched Romania’s first offshore Black Sea development in three decades in 2022, after winning an exploration tender in 2010, producing about 10 per cent of Romania’s annual consumption.
The company is also working on renewable energy projects.
“We would very much like to continue to explore and produce in the Black Sea because this is a fabulous place,” BSOG chief executive Mark Beacom told a conference held by The Economist.