Invest in Bulgaria - The Preferred Partner of Investors Seeking Opportunities in Bulgaria
GUGUSHEV & PARTNERS is among the leaders on the Bulgarian legal market Comprehensive Organization of MBA and EMBA Study Trips in Bulgaria
FDI in Bulgaria (13)
Health (4)
Macroeconomic Data (49)
Business (361)
Investments (155)
Infrastructure (97)
Financial (126)
Economy (350)
Construction (14)
Politics (62)
Real Estate (27)
Interesting Facts (24)
Sports (10)
Software and Information Technology (28)
Real Estate (56)
Tourism (112)
Waste Management (9)
Automotive (23)
Electronics (3)
General (81)
Renewable Energy (66)
Agriculture (22)
Construction (90)
Food and Beverage (20)
Textile (2)

Bulgaria Optimistic about Finding Natural Gas in Black Sea
Date: 20/06/2012
Bulgaria Optimistic about Finding Natural Gas in Black Sea

Three energy giants have submitted bids for exploration and exploitation of natural gas in the so-called "Khan Asparuh" block in Bulgarian Black Sea waters.

According to Bulgaria's Economy and Energy Minister, Delyan Dobrev, the three are the US Exxon Mobil, the French Total, and the Canadian Melrose.

Dobrev spoke Thursday at the conference "Exploration and Production of Oil and Gas –the New Technology Frontier."

The successful bidder will be announced by the end of July, he explained, adding that in addition to natural gas, there was some potential, though not as big, of finding oil.

"Our hopes to discover significant quantities of natural gas are huge. They stem on one side from such energy giants bidding for the tender, but on the other, on the fact that a deposit was discovered just 15 km from our northern border with Romania. Such deposit can very well satisfy demand of gas in Bulgaria for 10-20 years," the Minister stressed, adding he was not talking about a possible joint deposit in the Black Sea with Romania.

In addition to the July deadline to announce the winning bid, others listed by Dobrev are: September to sign the concession contract; the end of the year to start analyzing geological data, and end of 2013 to make the first drill, depending on the bidders' company plans. All exploration works must end in 5 years.

"I am extremely optimistic about the Black Sea because our block is much larger than the Romanian one," he concluded all while explaining that there are no territorial issues whatsoever between the two countries.

In addition to the Black Sea, Bulgaria hopes to discover about 3 B cubic meters of gas (about 30% of the total needs of the country) near the village of Deventsi where the US Direct Petroleum Transatlantic is doing the exploration works.

Topic: Economy

Featured District
Invest Bulgaria Charts
Domestic Credit of Bulgaria
Domestic Credit of Bulgaria

Employed People in Bulgaria
Employed People in Bulgaria

See all charts
Did You Know?
Bulgarian Weddings
Bulgarian Weddings
In Bulgaria, wedding bands on worn on the right hand, not the left as in the West. ... More

Sozopol is one of the oldest towns on the Bulgarian Black Sea coast. The oldest artifacts found in Sozopol, date from IV-III millenium B.C.

Intelligence Pathways - Outsource your Business, Competitive Intelligence or Back Office to Bulgaria

Bulgaria Translation - Full service Bulgarian Translation company

© Copyright 2004-2021 Invest Bulgaria Group Ltd, Sofia, Bulgaria. All rights reserved.

Please read Conditions of Use, Copyright Statement and Privacy Policy for this web page and web site.

SEO оптимизация Bulgaria Translation Bulgarian Agriculture Bulgarian Textile Sofia Web Works Bulgarian Coins Intelligence Pathways Bulgarian Outsourcing

Crafted by Sofia Web Works. Maintained by Website Maintenance, the kings of Website Migration.

Our Featured Members