Chevron wins Bulgaria shale-gas concession
Winning bid of €30 million ($42.9 million) for the 4,400 square km parcel
A LARGE concession for Bulgarian shale-gas exploration has been awarded to Chevron. The supermajor topped UK-based minnow BNK Petroleum with a bid of €30 million ($42.9 million) for the 4,400 square km parcel, estimated to contain as much as 1 trillion cubic metres (cm) of gas. Chevron will submit a development programme worth at least €50 million to the government for approval.
If the reserves estimates are confirmed, it would represent 100 years of supply for Bulgaria, which is reliant on Russian imports for its 2.5 billion cm/y of consumption. The high level of interest underscores a desire by US firms to deploy new advances in drilling technology to Eastern Europe. Chevron is the US’ second-largest major oil producer. Bulgaria is taking bids for two other large gas concessions, which are expected to close this month.