Melrose Resources Begins Work on Bulgarian Gas Deposits

Business » ENERGY | November 4, 2010, Thursday // 08:27
Bulgaria: Melrose Resources Begins Work on Bulgarian Gas Deposits Bulgarian PM Borisov, Econ Minister Traikov and UK Ambassador Williams gave the start of the extraction from the new deposits. Photo by BGNES

British oil and gas explorer Melrose Resources is starting work at its Bulgarian deposits Kaliakra and Kavarna on Thursday, the Bulgarian Economy Ministry has announced.

In the summer, the Bulgarian government granted two weeks ago a ten-year concession for the extraction of natural gas to the UK company.

The stock of both deposits amounts to 2,5 billion cubic meters and is expected to provide at least 255 million cubic meters of natural gas per year by 2015.

The company foresees a production of 500 million cubic meters.

Data from the Economy Ministry shows that the expected revenues for the duration of the concession are over 73 million dollars. However, there is no information from Melrose Resources about the price of the natural gas extracted in Bulgaria and to whom it would be sold.

Until now, the company was exploiting the Galata deposit, which is already depleted.

We need your support so can keep delivering news and information about Bulgaria! Thank you!

Energy » Be a reporter: Write and send your article
Tags: Melrose Resources, natural gas, Economy Ministry, Kaliakra, Kavarna
Advertisement All Are Welcome! Join Now!
Bulgaria news (Sofia News Agency - is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." (Sofia News Agency - and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria