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18.03.2010 15:34
Overgas will explore for oil and natural gas near Provadia
The company is partnering with the British-based JKX Oil & Gas and with the Bulgarian one Balkan Explorers

  • Provadia municipality is in the Northeastern part of Bulgaria
    © Provadia municipality

Overgas announced today, that the company is exploring for oil and natural gas together with the British company JKX Oil & Gas and with the Bulgarian one Balkan Explorers. The three companies will search for oil and gas in a 1787 sq. km block near the Northeastern Bulgarian town of Provadia. The contract between the consortium and the Bulgarian Ministry of environment and water is for 7 years, the gas company announced. The expected quantities are with industrial significance, the pressrelease says. “If our prognoses are right, this could give fresh air to our country in terms of energy sources diversification”, deputy CEO of Overgas Svetoslav Ivanov commented. He also said that the risk is very large, as the company can never be sure whether there really is oil or gas. However, he added, the expert opinions of the company’s partners give hope, that production may start there in the future.

The exploration investments near Provadia are for 4 million BGN (about 2 million EUR) and with the wells they can amount up to 14 million EUR, Overgas calculated. If a production has to start, additional investments will be needed.

Overgas reminds in the news release, that the annual consumption of Bulgaria is about 3 bcm of natural gas.

TAGS: natural gas | exploration | Overgas | Svetoslav Ivanov 

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