DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/382519/bulgaria_oil_and_g) has announced the addition of the "Bulgaria Oil and Gas Report Q1 2012" report to their offering.
Infighting between local authorities and key refinery operator Lukoil hardly bodes well for the downstream oil segment, while upstream prospects rest on early and significant success at Black Sea drilling operations. Shale gas prospects could stimulate long-term supply. Meanwhile, energy import dependency creeps steadily higher.
The main trends and developments BMI highlight for Bulgaria's Oil and Gas sector are:
- Canada's TransAtlantic Petroleum may start gas production from a Bulgarian field in 2012, the economy and energy ministry said in July 2011. The maximum prospective resources in the Koinare field, some 130km north of Sofia, are estimated at over 34bn cubic metres (bcm) and production could start in 2012 at Deventsi, one of the field's four sections, the ministry said. The annual gas production from Deventsi may reach 1bcm depending on the number of wells and sales contracts. In addition, Melrose Resources brought the Kaliakra and Kavarna gas fields onstream in late-2010.
- Bulgarian gas consumption is rising well ahead of domestic supply. Although gas output may reach 1.4bcm by 2016, demand will hit 5.5bcm, requiring imports of 4.1bcm. In November 2009, Bulgaria and Azerbaijan signed a memorandum under which Bulgaria plans to import about 1bcm of natural gas from the Central Asian country from 2012/2013.
- Bulgaria is set to import an annual average of 112,000-124,000b/d of crude over the next five years, implying costs of around US$4.2bn in 2011, which will remain unchanged to 2016. Gas imports of 3.1bcm-4.1bcm per annum during the forecast period mean total petroleum costs will be US$6.1bn by 2016.
Companies Mentioned:
- Lukoil Neftekhim
- Petrol
- OMV Bulgaria
- Shell Bulgaria
- EKO Bulgaria
- Melrose Resources
- Bulgargaz
- TransAtlantic/Direct Petroleum
- JKX Oil & Gas/Aurelian Oil & Gas
- Prista Oil
- Gazprom
For more information visit http://www.researchandmarkets.com/research/382519/bulgaria_oil_and_g.