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The Bulgarian government has granted British company Melrose Resources a 6-year concession for natural gas extraction at the Kavarna Iztok field, the Bulgarian government press service announced Wednesday.
The concession is granted to Luxembourg-based subsidiary Melrouse Resources OOD.
The gas field in question is located in Bulgaria's Black Sea continental shelf and the exclusive economic zone and has a total area of 3.97 square kilometers.
According to preliminary estimates, the move is expected to bring concession fee revenues of around USD 1.1 M per year.
The Kavarna Iztok field will become the third field developed by Melrose Resources in Bulgarian Black Sea waters.
The company is already extracting natural gas from the Kaliakra and Kavarna fields, the production covering around 15% of the country's natural gas consumption.
On Wednesday, Bulgaria's Cabinet also granted mineral resource extraction concessions to two other companies.
Terex & Co and Patishta I Mostove EOOD ("Roads and Bridges") have been awarded limestone concessions in the village of Koprivets, Byala Municipality, and the town of Suvorovo, for a period of 35 years. They are expected to invest a total of BGN 1.365 M, and the government expects to get BGN 5.5 M in concession fee revenues for the entire period.
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