January 31 (SeeNews) - The Bulgarian government said on Wednesday it extended by two years the concession contract of local company Oil and Gas Exploration and Production for onshore block 1-12 Knezha.
Oil and Gas Exploration and Production has requested the extension of the concession contract due to the need to further explore the block's potential, the government said in a statement following its weekly meeting.
The company operates on the territory of the onshore block 1-12 Knezha in northern Bulgaria since 2010.
Thus far, the company has registered a commercial discovery and was granted concession rights for gas and condensate extraction from the Iskar-west field, part of 1-12 Knezha block.