Ijdelea Mihăilescu provided legal assistance to Black Sea Oil & Gas in relation to the Engineering, Procurement, Construction, Installation & Commissioning (“EPCIC”) Contract for all offshore and onshore facilities and Development Drilling Contract with GSP Offshore for the Midia Gas Development Project (“MGD Project”), offshore Romania.
The value of the contracts make-up the majority of the totaled installed MGD Project cost of $400mm.
The MGD Project consists of 5 production wells (1 subsea well at Doina field and 4 platform wells at Ana field) a subsea gas production system over the Doina well which will be connected through an 18 km pipeline with a new unmanned production platform located over Ana field. A 126 km gas pipeline will link the Ana platform to the shore and to a new gas treatment plant (GTP). The processed gas will be delivered into the National Transmission System operated by Transgaz at the gas metering station to be found within the GTP.
The contract was granted to GSP Offshore, controlled by Gabriel Comănescu.
"Black Sea Oil & Gas SRL, together with its concession partners, Petro Ventures Resources SRL and Gas Plus International BV (" Gas Plus "), announced that they awarded GSP Offshore SRL (" GSP ") the general business contract for all works offshore and onshore design, procurement, construction, installation and commissioning services ("EPCIC") as well as the drilling drill for development wells in order to realize the Midia Gas Natural Gas Development Project ("MGD Project") located in the platform continental shelf of the Black Sea belonging to Romania, "reads a release of Black Sea Oil & Gas.
Oana Ijdelea, Partner at Ijdelea Mihăilescu stated: “We are delighted for being once more the choice of Black Sea Oil & Gas regarding the signing of such unprecedented contracts in the last 28 years to be carried-out in Romania. Moreover, we are proud to be part of a project which will contribute to the energy security of Romania and Europe by enhancing and ensuring the diversity of supply and will largely benefit the Romanian economy, 70% of the costs related to these contracting activities being estimated to be of Romanian content.”
Mark Beacom, CEO of Black Sea Oil & Gas stated: “Oana Ijdelea and her team continue to be our trusted advisors on all our efforts in relation to the Midia Pelican Concession. For the development of MGD Project in particular we have been relying on Oana’s advice and leadership with respect to all regulatory matters on this pioneering project, legal advice on a range of diverse issues and the advocacy efforts on the Offshore Law with the Romanian State.“
Black Sea Oil & Gas is a Romanian based independent oil and gas company, targeting offshore exploration and development of conventional oil & gas resources, owned by The Carlyle Group and the European Bank for Reconstruction and Development.