Bulgaria has extended a gas and oil exploration permit for Galata offshore
block granted to Petroceltic until early September 2016, the government said on
Wednesday.
The 411-day extension will enable Petroceltic to carry out exploration and drilling
activities in the Galata Block according to itsapproved work schedule,
the cabinet said in a statement following a weekly meeting.
Dublin-headquartered Petroceltic has a 100% operated interest in three
producing gas fields and one future development in the Galata Block, which is
located in the continental shelf and Bulgaria’s exclusive economic zone in the
Black Sea.
The combined production rate from the Galata, Kaliakra and Kavarna fields
averaged about 18.6 million standard cubic fet per day(22,000 cubic
meters per hour) last year, with a cumulative production volume of 6.8 billion
cubic feet (193 million cubic meters). The gas was sold to state-owned
Bulgargaz gas company and the chemical fertiliser plant Agropolychim,
generating total revenues of USD 51M, Petroceltic said on its website.
(www.novinite.com)