Банкеръ Weekly

Briefs

RAMCO WISHES TO INVESTIGATE BULGARIAN PETROL FIELDS

Ramco Bulgaria has placed at the Ministry of Ecology and Waters an application for licencing the investigation of oil and gas fields in the North Eastern parts of Bulgaria, said Evgeniy Georgiev, Ramco Bulgaria Manager, specially to the Banker weekly. The company registered in Bulgaria is 100% owned by the British Ramco Energy.
The Bulgarian subsidiary of the company has indicated a large territory, covering part of the Balkan and the Misian platform. The area exceeds 5 sq. kilometers. According to the experts Ramco Bulgaria has made the right choice. Ten years ago, at the first East European tender for investigation of oil and gas fields, handled by the former Geology and Mineral Resources Committee, at the territory presently selected by Ramco, were indicated two areas. One of them did not stir any interest, while British Gas applied for the second and won. The company, however, put all its efforts in studying the shelf, investing USD35MN for three drillings. The results were unsatisfactory and British Gas disused them.
Besides some incidental seismic studies and drillings made by Bulgarian and Russian experts, the territory Ramco has selected practically is not studied at all. The reason is that from the point of view of geology that area is difficult for investigation. Yet it is considered extremely promising. The results of the incidental seismic studies show that it is justified to expect considerable deposits. According to the experts, should the investigations prove the existence of oil or gas fields that would satisfy the needs Bulgaria has for many years.
Another fact in support of the opinion that Ramco Bulgaria has made the right choice is the exitende of the exhausted gas field near Staro Orjahovo in the eastern part of the area. According to geologists this is a presumption for the existence of similar or larger gas fields in this region.

Although Ramco Bulgaria has defined the limits and was the first to apply with the Ministry, there is no guarantee that the company will be selected to work at it, said Evgeiy Georgiev. According to the requirements of the Natural Resources Act, the Ministry of Ecology will have within soonest to announce an international tender for the territory defined by Ramco Bulgaria. If there are no other candidates, the Ministry will have to negotiate with the British company the terms for issuing them a licence. Naturally, the most difficult part is expected to be the defining of the mandatory working schedule, including a set volume of investigations carried out within a respective timeframe. The non-fulfilment of the working schedule is seriously sanctioned by the Ministry of Ecology. It is expected the tender to be called shortly, and the winner will be announced in the autumn latest.

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