Cabinet allows Chevron to explore for gas in northeast Bulgaria.

By bne IntelliNews June 16, 2011
At its meeting on Wednesday (Jun 15, 2011), the government allowed the US oil company Chevron to explore for shale gas deposits on a 5,000 sqm land plot near Novi Pazar in the northeast part of the country, economy and energy minister Traycho Traykov informed quoted by investor.bg. The 5-year contract is to be signed in the next few days. Chevron will invest EUR 50mn in the project. The state will receive EUR 30mn for the permit. Last month, minister Traykov said also that the shale gas deposits in the country are ranging between 300bn and 1trn cubic metres, according to preliminary estimates of interested in exploration companies. Bulgarias total annual consumption amounts to 3bn cubic metres, 90% of which are imported from Russia. The authorities have opened two more tenders for shale gas exploration in the same region and the offers should be submitted by the end of June 2011.
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