Petroceltic to invest $36 mln in exploration and production of oil and gas in Bulgaria this year

Petroceltic, which has acquired Melrose, will invest a total of $36 mln in exploration and production of oil and natural gas in Bulgaria this year, the plans for the company’s development, made public on Tuesday, specify. The investments for exploration will amount to $9 mln. According to the plans, exploration for oil and gas should begin in April in the Kamchia – 1 field in the Bulgarian aquatory of the Black Sea. Three-dimensional studies have shown that there are seven possible deposits of natural gas in the field.

If gas is discovered, extraction may begin immediately thanks to the infrastructure and equipment near the cape of Galata, said the company in its statement.

Extraction is expected to start from the deposits near the cape of Kaliakra as well by the middle of 2013.

The company has already signed a contract with the state-run Bulgargaz and the company Agropolychim for the sale of the entire quantity of gas obtained in 2013.

The price agreed is 50% lower than that of the presently supplied Russian natural gas, although there is a slight increase, compared to 2012.

Petroceltic focuses its activities in North Africa, the Mediterranean and the Black Sea. The company is exploring for oil and gas and extracts these fuels in Bulgaria, Romania, Iraq, Egypt and Italy. It plans to invest $150 mln in exploration and production of natural gas.

Petroceltic will develop three natural gas fields in the Bulgarian aquatory of the Black Sea - Varna-East, Kavarna and Kaliakra, located in the Galata filed near Varna. The British company stepped onto the market in Bulgaria through its acquisition of Petreco.

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