Watson Farley & Williams (“WFW”) is advising Trafigura regarding bridging facilities it is providing to Mazarine Energy to finance its acquisition of Black Sea Oil & Gas SA (“BSOG”) from Carlyle and the European Bank for Reconstruction and Development (EBRD). The deal is subject to customary regulatory approvals and expected to close in Q1 2027.
BSOG is Romania’s largest offshore natural gas producer. As operator and majority owner, it developed the Midia Gas Development (“MGD”) project comprising the offshore Ana platform, a 126-kilometre subsea pipeline and the onshore gas treatment plant at Vadu. The first offshore hydrocarbon production hub in the Romanian Black Sea in more than 30 years, MDG has produced 100m+ standard cubic feet of gas per day wince coming onstream in June 2022. BSOG will continue to operate MGD, ensuring continuity as the project enters its next phase of development.
Founded in 2013 in the Netherlands, Mazarine Energy is an independent oil and gas company focussed on exploration, development and production across Europe and the MENA region. This acquisition builds on its existing operating presence in Romania.
Singapore-based Trafigura is a multinational commodities company owned by its employees. It is the world’s largest private metal trader and second‑largest oil trader, having built or purchased stakes in pipelines, mines, smelters, ports, and storage terminals worldwide.
With US$485bn AUM, Carlyle is a leading US-based global investment firm with deep industry expertise and operations in private equity, alternative asset management and financial services. The EBRD is a multilateral developmental investment bank dedicated to promoting and building market economies.
The WFW London Energy team that is advising Trafigura is led by London Projects Partner Joe Levin, supported by Senior Associate George Garthwaite, Associate George Iles and Trainee Kyri Kyriacou. Corporate Partner Chris Kilburn and Senior Associate Shaun Young are advising on legal due diligence matters, with Partner Claire Miles and Associate Pip Moss providing tax advice.
Joe commented: “We’re delighted to be advising Trafigura as lender on this strategic acquisition for Mazarine Energy that will support and enhance both Romania’s and Europe’s energy supply and security for years to come. Being instructed on this matter highlights WFW’s growing footprint and reputation for excellence advising on important financings in the oil and gas space”.
