Bulgaria to Grant 6-Year Concession for Kavarna Iztok Gas Field
- Tweet
Send to Kindle
Photo by Sofia Photo Agency
The Bulgarian government will grant British Melrose Resources a 6-year concession for natural gas extraction at the Kavarna Iztok field, according to the Council Of Ministers' press office.
The decision is to be taken at a Cabinet meeting on Wednesday.
The gas field 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.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
- » IEA: Gas Consumption will Shrink because of Russia
- » Bulgaria: The Profit of Turkish Stream is BGN 83.5 million (EUR 42.7)
- » In the first Six Months of 2022, St. Nikola Wind Farm Generates 22% more Wind Power y/y
- » Bulgaria: One of our Reactors is expected to use a different Nuclear Fuel than the Russian one
- » Bulgaria: Petrol and Diesel Prices are still Rising
- » Bulgaria: Higher Electricity Prices from Today
