The Americans from Black Sea Oil & Gas are launching a new company in Romania in the field of biogas

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Bucharest, May 29, 2024RBJ – Black Sea Oil & Gas SA (“BSOG”), together with its shareholders, the global investment firm Carlyle (NASDAQ: CG) and the European Bank for Reconstruction and Development (“EBRD”), announces the launch BSOG Energy SRL, a new company focused on the development of biogas plants throughout Romania.

Headquartered in Bucharest, Romania, BSOG Energy will develop biogas plants throughout Romania, with each site estimated to have a minimum capacity of 15 MW. Carlyle and EBRD have committed to support the development activities of BSOG Energy and work together for the expansion of this new company.

BSOG’s initial mission was to contribute to Romania’s energy security and accessibility by delivering domestically produced gas to Romanian consumers. By launching BSOG Energy, BSOG intends to play a significant role in the European energy transition, as well as to accelerate the development of the Romanian renewable energy sector.

Biogas results from the industrial processing through anaerobic digestion of agricultural residues and other organic waste such as manure, straw and food waste. The net carbon dioxide emissions generated are significantly lower, or in some cases negative, compared to fossil methane.

For these reasons, it is expected that biogas will play a critical role in achieving the climate objectives of the European Union. Demand for biogas is expected to grow by 20% per year this decade, driven by support policies and stimulus packages from the European Union.

Considering the size of its agricultural sector, Romania has substantial amounts of agricultural waste that remain unused. By capitalizing on this natural resource and by promoting public support policies that facilitate private investments and accessing subsidies from the European Union’s Modernization Fund, Romania has the potential to become a leader in biogas in Europe.

Mark Beacom, CEO of BSOG and General Director of BSOG Energy, said: “In partnership with our shareholders, Carlyle and EBRD, by establishing BSOG Energy we are expanding our business portfolio in Romania with a new company active in the development of renewable energy projects. Biogas plays an important role in the energy transition, eliminating the significant impact of pollution represented by the discharge of organic waste on land and landfills, and, at the same time, ensures substantial reductions in greenhouse gas emissions by transforming naturally produced methane in a usable fuel, produced in the country.”

He also added: “Romania has a significant potential in the biogas industry, but few developments in the field so far. By joining expertise in raw materials, design, procurement and accessing green credits and combining them with BSOG’s expertise in implementing projects in Romania, we believe that BSOG Energy is uniquely positioned to create a strong and large-scale biogas delivery platform in region. A strong biogas industry in Romania has the potential to increase local gas production with zero CO2 emissions, turning agricultural waste into new sources of income for the agricultural sector as well as contributing to the creation of new jobs.”

The biogas market in Romania is in a growing phase, and in the context of the global energy transition, Romania has the opportunity to become an important player in the biogas sector, thus contributing to a greener and more sustainable economy.

At the moment, biogas demand is expected to grow by 20% this decade and is aggressively supported by tighter EU restrictions, including higher minimum quotas, reduced fossil fuel emission quotas, higher penalties for waste feedstock disposal on land, higher penalties and generally stricter environmental regulations.

Romania has significant untapped biomethane potential, which is estimated at over 2 billion cubic metres by 2030, second only to Poland in the CEE region*. However, there are currently only a few very small biogas plants generating electricity in Romania, as legislation does not currently allow grid injection and the government has so far not provided any financial support for biogas projects.

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BSOG, owned by Carlyle and EBRD, is an independent energy company based in Romania, which, as Owner (70%) and Operator, put into production the Midia Natural Gas Development (MGD) project, the first development project of of natural gas from the Romanian continental plateau of the Black Sea built in the last 30 years. BSOG continues the development of gas resources in the Black Sea and, in parallel, using the vital infrastructure of the MGD project, pursues the development of renewable energy projects such as a photovoltaic park on its land, an offshore wind farm by using the energy corridor and existing land and also green hydrogen and/or CCS by using its existing onshore and offshore Black Sea infrastructure.

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