Банкеръ Weekly



The US oil company Hunt Oil asked for a permission to start prospecting for oil and gas in the deep waters of the Bulgarian zone of the Black Sea, said Vassil Belogushev, Head of the Ministry of Environment and Waters National Geofund and Geology Department. Hunt Oil, which is currently represented by KPMG in Bulgaria, submitted its documents to the Ministry on August 30. The Americans applied for investigation of a huge aquatory which spreads on 20,000 sq. km in the central and southern parts of the Bulgarian Black Sea zone. Last week representatives of Hunt Oil visited Sofia to acquire the necessary information from the National Geofund.Although Hunt Oil submitted an application, it will not get an immediate permission. According to the Mineral Resources Act, the Ministry of Environment and Waters should announce a competition for the aquatory, pointed by Hunt Oil. We're going to prepare the documents for the competition in a month, said Mr. Belogushev. An announcement will be published on the website of the Ministry.Geologists comment that the deep part of the Bulgarian economic zone of the Black Sea hides enormous oil and gas potential. The vast geological structures discovered there contain about 400 million tons of oil and oil equivalent, according to the most pessimistic forecasts. They would make Bulgaria energy-independent for at least half a century (considering the current 7-8 million tons of oil annual consumption).Hunt Oil is one of the largest oil companies in the world. It was established in the 20s of the 20th century and made its first oil researches in Arkansas. Today the company discovers oil in territories which others haven't even considered exploring. In 1976 Hunt Oil found one of the biggest fields in the North Sea - The Beatrice Field. Hunt Oil produces oil in Argentina, Chile and Peru.

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