Банкеръ Weekly

Briefs

THE BRITISH PETRECO TO EXTRACT GAS FROM GALATA DEPOSIT

The British compdny Petreco expects to extract some 400 million cubic meters of natural gas annually from Galata deposit. This would be 8% of the gas consumption in Bulgaria, said Petreco Managing Director David Archer.
Archer, Dorieta Angelova of Petreco Bulgaria and State Energy and Energy Resources Agency Chairman Ivan Shilyashki signed a concession agreement for the exploitation of Galata deposit in the course of 25 years. This is the first concession for extracting subsoil resources which is granted in accordance with the requirements stated in the subsoil resources act.
Under the agreement, Petreco must invest at least USD49M, but actual investment are expected to exceed USD65M.
The company will probably start extracting natural gas next winter. Petreco signed a memorandum of understanding with Bulgargaz, but it is considering other options for the sale of the gas as well, said Archer.
We allow a company extracting natural gas to sign contracts with either Bulgargaz or other companies, said Shilyashki. Neither side would reveal the price at which Bulgargaz will buy the gas from Petreco but they stressed that it will be mutually beneficial.
Environment Minister Evdokia Maneva and the British company are to sign an agreement on drilling for natural gas in Kaliakra 99 sector, according to Archer. This would double the area in Bulgaria which Petreco is prospecting for gas.

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