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Bulgaria Extends Petroceltic’s Oil/Gas Exploration Permit for Galata Block
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Photo source: petroceltic.ie
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 its approved 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.
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