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Dec 06, 2007 15:11 EEST
December 6 (SeeNews) - Scottish-based oil and gas company Melrose Resources will invest $120 million (82.5 million euro) in petroleum and gas exploration of an offshore field in Bulgaria's Black Sea over three years, the Sofia government said on Thursday.
The government has approved Melrose Resource's exploration of the Galata Block, covering a total area of 1,910 square kilometres, for a three-year period, it said in a statement.
Last month, Melrose said it would withdraw from its deep water acreage position and refocus its activities in the shallow water areas of Bulgaria. The Galata Exploration Block surrounds the Melrose-operated Galata field and contains some attractive prospectivity, the company said. It added it was planning to resume operations with the Atwood Southern Cross semi-submersible drilling rig, with the rig initially used to complete an appraisal well, Galata East No. 2, in the eastern block of the Galata field.
Melrose, jointly with Bulgarian state-owned gas monopoly Bulgargaz, plans to carry out a feasibility study to evaluate the conversion of the Galata field into a gas storage facility.
The new well, Galata East No. 2, will provide reservoir pressure and deliverability data required for the Galata gas storage feasibility studies. The well is planned to be suspended for potential use as part of the gas storage scheme.
In Bulgaria, Melrose Resources drills also the offshore blocks Emine and Kaliakra 99 and holds the natural gas and petroleum exploration rights in the offshore block Burgas - Deep Sea, near the southern Black Sea port city of Burgas after acquiring last year Cayman Islands-registered Vintage Petroleum Bulgaria, which previously held the rights.
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