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Bulgaria extends Petroceltic's Kavarna East gas field concession

Jan 25, 2023, 4:20:52 PMArticle by Antonia Kokalova-Gray
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January 25 (SeeNews) - Bulgaria's interim government said on Wednesday that it has extended by 15 years the concession for the Black Sea natural gas block Kavarna East held by Luxembourg-based exploration and production company Petroceltic.

Bulgaria extends Petroceltic's Kavarna East gas field concession
Photo: Petroceltic / All rights reserved.

The term of the concession was extended at the request of the company given that there are remaining untapped reserves at the deposit, the government said in a statement following its weekly meeting.

Bulgaria awarded a six-year concession contract for the Kavarna East natural gas extraction block to Petroceltic in 2013. Petroceltic has 100% interest in three producing gas fields and one field under development in the Galata exploration block, which is located in shallow waters off the Bulgarian northern Black Sea coast.

In a separate decision, the government said that it allowed Petroceltic Bulgaria and Luxembourg-based concession holder Petroceltic to deploy the ships GSP Saturn and GSP Licorn, sailing under the flag of Panama, to carry out transportation and activities related to hydro-technical and underwater technical works for the construction of a new exploitation well within the concession area of ​​the Galata block, with a view to increasing natural gas extraction. The permission to use the ships is for a term of six months. Bulgaria awarded a 25-year concession for the Galata exploration block to Petroceltic in 2001.

Ireland-based oil and gas firm Petroceltic International divested its Bulgarian subsidiary Petroceltic Bulgaria to an unnamed buyer in 2019.

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