Shortage of gas possible in the winter due to small stocks

“The potential of the gas deposit in Chiren will be used in Q4 2012 at maximum. The projected production of gas from that area is around 210 million cu m. Currently, the deposit has 380 million cu m of gas in stock. Thus, 170 million cu m will remain for Q1 2013 and there is a risk of a gas shortage because of the increased consumption during the winter. An unprecedented low quantity of gas in Chiren is available. At its closed-door meeting on September 26, the State Energy and Water Regulatory Commission (SEWRC) will approve the proposal of Bulgargaz for reducing the price of gas by 0.67% as of October 1,” said SEWRC’s Chairman Angel Semerdjiev. The decrease will be in force in Q4 2012. Bulgargaz announced that the company has overdue proceeds of BGN 300 mln. According to estimates of SEWRC, however, this amount is around BGN 250 mln.

“There may be a shortage of natural gas in Q1 2013,” said Alexander Petrov from the management of Bulgargaz. The company is in a difficult financial state. Therefore, it will mainly use the stocks from the deposit in Chiren in Q4 2012. If the new contracts with Russia are not signed by the middle of November, there is a real danger of a natural gas deficit.

“The liabilities of Bulgargaz are around BGN 300 mln. The company has also borrowed a credit for the purchase of gas,” added Alexander Petrov.

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