GSP one step closer to start works for the MGD Project

GSP is now one step closer to the commencement of works under the MGD Project following the recent approval of the Final Investment Decision (“FID”) by Black Sea Oil & Gas SRL (“BSOG”) tand its co-venture partners, Petro Ventures Resources SRL (“Petro Ventures”) and Gas Plus International B.V. (“Gas Plus”).

In November 2018, GSP Offshore SRL has been awarded the EPCIC contract for the MGD Project. The scope of work includes construction, installation and commissioning of the entire project infrastructure, both onshore and offshore. GSP will also perform the execution of five production wells for which GSP Uranus jack-up rig will be deployed. Project completion is estimated in  Q1 2021.

The MGD Project, which is the 1st new offshore gas development project in the Romanian Black Sea to be built after 1989, consists of 5 offshore production wells, 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 onshore gas treatment plant (“GTP”) in Corbu commune, Constanta county, with a capacity of 1 BCM per year representing 10% of Romania’s consumption.

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