US CHEVRON WINS TENDER TO EXPLORE FOR SHALE GAS IN BULGARIA
US oil and gas group Chevron has been awarded a contract to carry out shale gas exploration in northeastern Bulgaria, outbidding Canadian sector player BNK Petroleum, the country's Economy Minister Traicho Traikov said.
The agreement is now subject to approval by the Cabinet, he said.
According to preliminary estimates, the field near the town of Novi Pazar has reserves of about one trillion cu m of shale gas, which would ensure the country's gas consumption in the next 300 years.
Chevron has said it would invest 30 million euro in in exploration works at the field, which covers 600 km.
Alternative natural gas sources in Bulgaria are expected to help the country negotiate more favourable terms for gas deliveries with Russia after 2012, the Economy Ministry said. In addition, the country plans to expand the capacity of its natural gas storage in Chiren by September, which will boost the maximum daily consumption rate to 5.5 million cu m from 4.3 million cu m currently.
The country could also take advantage of the planned roll-out of interconnection gas links with neighbouring countries. The gas inter-connectors with Greece are expected to be completed by the end of 2014, although the country initially intended to build the link by 2013, Traikov said.
The agreement is now subject to approval by the Cabinet, he said.
According to preliminary estimates, the field near the town of Novi Pazar has reserves of about one trillion cu m of shale gas, which would ensure the country's gas consumption in the next 300 years.
Chevron has said it would invest 30 million euro in in exploration works at the field, which covers 600 km.
Alternative natural gas sources in Bulgaria are expected to help the country negotiate more favourable terms for gas deliveries with Russia after 2012, the Economy Ministry said. In addition, the country plans to expand the capacity of its natural gas storage in Chiren by September, which will boost the maximum daily consumption rate to 5.5 million cu m from 4.3 million cu m currently.
The country could also take advantage of the planned roll-out of interconnection gas links with neighbouring countries. The gas inter-connectors with Greece are expected to be completed by the end of 2014, although the country initially intended to build the link by 2013, Traikov said.
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