Black Sea - Midia Gas Development Project (EBRD-50774)

Countries
  • Romania
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 19, 2019
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Black Sea Oil and Gas SRL
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Mining
  • Water and Sanitation
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
Not Disclosed
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jul 5, 2019

Disclosed by Bank May 15, 2019

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank's website, this project will provide financing for the development of the Midia Gas Development Project that comprises the Ana and Doina gas fields located 120km offshore in the XV Midia Shallow Area.

The project will consist of 5 production wells, a sub-sea gas production system over the Doina well which will be connected through an 18km pipeline with a new unmanned production platform loacated over Ana field. A 121km pipeline will deliver the gas from Ana platform to the shore, where a 4.3km underground pipeline will connect to the new gas treatment plant. 

According to the Bank, through the implementation of the Environmental and Social Action Plan and the Environmental and Social Management Plan, this project will be compliant with the European Bank for Reconstruction and Development's performance requests. 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The European Bank for Reconstruction and Development's loan will be issued alongside a mix of international and local banks in favour of the private actors involved in the project. 

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Black Sea Oil & Gas SRL is a Romanian-based independent oil and gas company, targeting exploration and development of conventional oil & gas resources. Its current portfolio is made up of XV Midia Shallow Block and XIII Pelican Block concession in the Romanian Black Sea where it is the operator and holds a 70% interest. Gas Plus is a natural gas producer in Italy active in the main sectors of natural gas industry (e.g. exploration, production, purchase, distribution, sale to retail customers); it holds 10% interest in the Concession. Petro Ventures, a private investment group, holds 20% interest in the Concession.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Black Sea Oil & Gas Client -
- - - - Gas Plus Dacia Client -
- - - - Petro Ventures Resources Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Ms. Ana-Maria Pericleanu
ana-maria.pericleanu@blackseaog.com
+40 21 231 32 56
https://www.blackseaog.com/projects/mdg/
Black Sea Oil & Gas SRL 175 Calea Floreasca, 10th floor, district #1, 014459, Bucharest, Romania,

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.

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