A technique facilitates controlling barrier fluid via a mechanical pressure regulation system which may be coupled with a rotating machine at a subsea location. The mechanical pressure regulation system enables controlled supply of the barrier fluid to the rotating machine and comprises a mechanical valve mechanism. The mechanical valve mechanism automatically maintains a pressure differential between the barrier fluid and a process fluid within a desired range. According to an embodiment, the mechanical valve mechanism is mechanically actuated via pressures applied to a pilot piston so as to provide barrier fluid to the rotating machine when the pressure differential reaches a lower limit and to dump barrier fluid when the pressure differential reaches an upper limit.