Less than 5% of Bulgaria's Gas Needs Covered by Local Production

Business » ENERGY | September 1, 2014, Monday // 09:40
Bulgaria: Less than 5% of Bulgaria's Gas Needs Covered by Local Production

Less than 5% of natural gas consumption in Bulgaria is provided through domestic production, according to data of state-owned gas company Bulgargaz for H1, 2014.

Bulgargaz informs that local supply amounted to only 64 million cubic meters in the first six months of the year, down by around 1/3 compares to the level in H1, 2013.

Import of Russian gas had a share of 88.2%. Although the share of gas imports from Russia shrank, the quantities of gas supplied increased by 3% to 1.228 billion cubic meters in H1, 2014.

The remaining share, a total of 100 million cubic meters, was supplied by WIEE Bulgaria, a subsidiary of Wintershall, and all of it was injected into the Chiren underground gas storage.

This share of gas supplies also counts as local production because it was bought by WIEE Bulgaria from the gas fields of Petroceltic Bulgaria (formerly Melrose).

They were obtained under a contract of Bulgargaz with WIEE Bulgaria aimed at securing the gas quantities necessary for the winter of 2013/2014 with a buyback option in Q1, 2014.

According to the report of Bulgargaz, the state-owned gas company has another contract with WIEE Bulgaria, which is said to have helped it financially, but no details about the second agreement are disclosed.

In H1, 2014, Bulgargaz bought a total of 1.392 billion cubic meters of gas, up by slightly over 10% y/y.

In H1, 2014, Bulgargaz bought imported gas and gas from local sources at an average price of BGN 555.59 and sold it at an average price of BGN 618.63 per 1000 cubic meters, registering a price difference of BGN 63.04, or a price difference of BGN 43.1 per 1000 cubic meters, taking into account the transit fee.

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

Energy » Be a reporter: Write and send your article
Tags: Bulgargaz, gas supplies, natural gas, gas field, Russian gas

Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) 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." Novinite.com (Sofia News Agency - www.sofianewsagency.com) 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